Health Intelligent Virtual Assistant Market - By Technology (Speech Recognition, Text-to-Speech, Voice Recognition), By End-use (Payers, Providers) & Forecast, 2021-2027

Health Intelligent Virtual Assistant Market - By Technology (Speech Recognition, Text-to-Speech, Voice Recognition), By End-use (Payers, Providers) & Forecast, 2021-2027

Health Intelligent Virtual Assistant Market Size

Health Intelligent Virtual Assistant Market size was valued at USD 424 million in 2020 and is expected to grow at a CAGR of 36.4% between 2021 and 2027. The market growth is attributed to the increasing popularity of virtual assistance in healthcare. The adoption rate of virtual assistance is noted to rise largely due to the advancement in artificial intelligence (AI) and machine learning. Also, health intelligent virtual assistant technology enables users to have smarter interaction, allowing people to get assistance while being time efficient, thus fundamentally transforming the market space.
 

The COVID-19 pandemic has disrupted all the major markets worldwide. However, the market has witnessed a positive growth amid the pandemic. Various government and public authorities across the globe have amended regulations pertaining to the implementation of digital health technologies for remote monitoring. This has led to a gush in the use of health intelligent virtual assistant technologies, thus stimulating the market progression. Also, the use of interactive virtual assistance has assisted in reducing the burden of the healthcare system, thereby fuelling the demand for health intelligent virtual assistant.
 

Health Intelligent Virtual Assistant Market Trends

Healthcare is one of the fastest developing sectors. Over the last decade, medical science has developed rapidly. As the demand for accessible, efficient and inexpensive healthcare rises, the need for infrastructural development also increases. Technological advancement in building AI-powered virtual assistance is one of the potential candidates to address such challenges in the coming years. Virtual assistance can provide better care outcomes while improving the efficiency and productivity of care delivery.
 

Security concerns regarding patient data may slow down the market value

Security concerns regarding patient data is noted as one of the primary challenges obstructing the industry growth. The storage, management and security of huge amounts of sensitive data stored in the cloud or web-based infrastructure are the main concerns of modern healthcare IT infrastructure. Any healthcare security breach may result in a huge loss of critical information including patient’s location, health records, insurance IDs, and other sensitive details, hence, adversely impacting the trust on healthcare IT. The third-party sharing of personal records, unauthorized attempts to gain access to information technology systems, cyber-attacks at hospitals are few cybersecurity threats.
 

Health Intelligent Virtual Assistant Market Analysis

The speech recognition segment exceeded USD 260 million in 2020. The technological advancement and high acceptance of internet-enabled medical devices will propel the industry progression. Speech recognition enables healthcare professionals to process medical records and documents at a faster rate which improves the quality of service and enhances documentation quality. Further, speech recognition technology aids in identifying certain diseases like Parkinson’s disease at an early stage.
 

The providers segment dominated more than 51% of the market share in 2020. With advancements in technology, the adoption rate of health intelligent virtual assistants has increased considerably. Additionally, the providers segment is set to observe growth, owing to the affordable costs associated with these latest applications. Furthermore, rising awareness among people about several health intelligent virtual assistant technologies and increasing concerns about health and fitness among the population will further increase the industry expansion.
 

North America health intelligent virtual assistant market is estimated to attain a CAGR of over 35.1% through 2027 led by the extensively developed healthcare IT infrastructure, and government initiatives for the implementation of health intelligent virtual assistant technologies. Moreover, growing usage of text-to-speech coupled with rapid acceptance of speech recognition will augment the industry revenue. Also, rising implementation of text-to-speech in hospital settings, increasing awareness levels regarding innovative and advanced health intelligent virtual assistance are some of the factors fostering the regional expansion.
 

Health Intelligent Virtual Assistant Market Share

A few key companies functioning in the market are

• CSS Corporation
• eGain Corporation
• idAvatars
• Kognito
• MedRespond
• Microsoft Corporation
• Nuance Communications
• True Image Interactive, Inc.
• Verint systems and Welltok, Inc

These market leaders are focusing on several strategies such as acquisitions, partnerships, new product launches, mergers and collaborations to increase their customer base and revenue share.
 

Recent industry developments

• In May 2021, Microsoft’s launched its Azure Health Bot product in West U.S. 2, East U.S. 2, South Central U.S., UK South, North Europe, Southeast Asia, Australia East, and India Central with new additional languages. This strategy will benefit the company in strengthening its customers base and gain larger industry share.
   
• In December 2020, eGain corporation announced partnership with Infogain to enhance software platform engineering. This partnership enabled the company to scale-up implementation services to drive customer acquisition.
   

The health intelligent virtual assistant market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments

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Market, By Technology

• Speech recognition
• Text-to-speech
• Voice recognition

Market, By End-use

• Payers
• Providers
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • South Africa
  • Saudi Arabia