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The health intelligent virtual assistant (IVA) market size is forecast to increase by USD 10.68 billion at a CAGR of 54.16% between 2023 and 2028. The healthcare sector is witnessing a surge in digitization, spurred by a growing demand for services and a rise in smartphone users leveraging healthcare applications. This trend underscores an increasing reliance on digital solutions to enhance access and efficiency in healthcare delivery. With a focus on leveraging technology, healthcare providers are streamlining processes and improving patient care. This shift towards digitization not only meets the evolving needs of patients but also optimizes resource utilization within the healthcare ecosystem. As smartphone usage continues to proliferate, the integration of healthcare applications further empowers individuals to actively manage their health, fostering a more connected and informed approach to healthcare delivery.
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In the rapidly evolving relays market, automation fueled by deep neural networks and machine learning is revolutionizing operations. These advancements are particularly evident in contact center, where efficient routing and response systems optimize customer interactions. Additionally, in fields like therapy, technology plays a crucial role in addressing prevalent issues such as loneliness and depression, offering innovative solutions and support. As reliance on digital solutions grows, the integration of cutting-edge technologies reshapes the landscape of relay systems, enhancing efficiency, reliability, and adaptability to meet the diverse needs of modern industries.
The growing demand for healthcare services is notably driving health IVA market growth. The rise in the aging population across the world and the global increase in disposable incomes are two prominent factors accelerating the adoption of modern healthcare services. In addition, the incidence of chronic diseases and the need for improved levels of medical assistance are on the rise. There is a dire need for more healthcare services as well as personnel to deal with the growing number of patients effectively. This has led to the advent of new mobile applications and systems that deploy virtual assistants in the healthcare industry.
The current levels of staffing across the healthcare sector won't be enough to handle the anticipated high patient influx during the forecast period. It is anticipated that the number of patients will be so great that it will be impossible to manually monitor them and offer them effective services. As a result, a major factor promoting the adoption of new and improved technologies in the sector is the lack of skilled workers in the healthcare industry. In an effort to reduce human effort, achieve operational efficiencies, and enhance the overall quality of services across the entire industry, the growing demand for healthcare services will spur an increase in the use of health intelligent virtual assistants in the healthcare sector. Such factors are anticipated to drive the growth of the health IVA market during the forecast period.
Increasing M&A, partnership, and collaboration is an emerging trend in the market. The market for intelligent virtual assistants in global health is highly competitive among the current vendors. As a result, they are selecting strategic alliances and acquisitions with market players like software, technology, and platform providers. Strategic alliances and purchases give vendors access to technological know-how and assist in product development and geographic expansion. The ability to explore new markets for their goods and services and to sell them to a large customer base is another benefit of these collaborations for vendors.
For instance, Ada Health and Pfizer worked together to launch a nationwide COVID-19 Care Journey that was run by Ada in February 2023. It will assist in connecting patients with timely COVID-19 treatment. Similarly, to improve software platform engineering, eGain and Infogain announced their partnership in December 2020. Through this partnership, the business was able to expand its implementation services and increase customer growth. Hence, the growing number of strategic partnerships and acquisitions between vendors and market participants will drive the growth of the health IVA market during the forecast period.
The lack of a skilled workforce is a major challenge impeding the health IVA market growth. The majority of healthcare organizations and providers are expanding their use of AI-powered health intelligent virtual assistants to boost operational effectiveness and patient satisfaction. However, healthcare businesses have faced significant difficulties due to a lack of AI expertise. The demand for AI specialists, specialized infrastructure, and processing power is being driven by the need for high computing power and technical expertise for the analysis of large data sets as well as ML and DL applications.
Large-scale AI and DL algorithm deployment necessitate significant financial outlays, an understanding of AI, and qualified decision-makers. In order to investigate the viability of implementing AI on a large scale, healthcare organizations are expanding their partnerships and collaborations with tech organizations. The management of current technologies and learning new AI technologies are challenges for traditional IT teams and developers working in the healthcare industry. Such factors are expected to negatively impact the adoption of health intelligent virtual assistants, which, in turn, will hamper the Health IVA Market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Infermedica - The company focuses on developing technologies that make healthcare accessible for everyone worldwide. The key offerings of the company include health-intelligent virtual assistant solutions such as the Medical Guidance Platform.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the speech recognition segment will be significant during the forecast period. The process of recording spoken words using a microphone or telephone and turning them into digital words is known as speech recognition. Accuracy and speed are two key components of speech recognition. Automatic translation, hands-free computing, automated customer service, robotics, and medical transcription are the main applications for these systems.
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The speech recognition segment was valued at USD 197.30 million in 2018. In the upcoming years, speech recognition is anticipated to become a standard in many phone networks all over the world. Speaker-dependent and speaker-independent speech recognition systems are the two categories of systems. While speaker independent is frequently used in telephonic applications, speaker-dependent is frequently used for dictation purposes. Due to sophisticated ML and NLP algorithms, speech recognition technology in the healthcare sector helps to transform daily operations for doctors, other staff, and patients and ensure compliance. A few advantages are the increased productivity and flexibility that speech recognition technology offers. Medical professionals can complete paperwork and documentation more quickly and efficiently thanks to speech recognition technology. This raises the standard of care and enables medical professionals to spend more time with each patient. Thus, these advantages will drive the growth of the health intelligent virtual assistant (IVA) market during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Due to increased spending on healthcare facilities, the market for health intelligent virtual assistants in North America is anticipated to expand. The Affordable Care Act's creation of health insurance exchange subsidies and the high spending on major federal healthcare programs like Medicare, Medicaid, CHIP, and the Children's Health Insurance Program (CHIP) were the main causes of this. The market is expanding as a result of the increased adoption of digital health technologies like health intelligent virtual assistants and increased investments in the healthcare system, and the introduction of various government policies. To increase the use of digital health services in hospitals, the region's governments are launching initiatives. During the forecast period, it is anticipated that the implementation of new regulations and supporting legislation by regional governments and regulatory authorities will accelerate the adoption of health intelligent virtual assistants, including electronic medical records (EMR), electronic health records (EHR), and other health intelligent virtual assistants. These factors will boost the regional health intelligent virtual assistant (IVA) market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
Intelligent Virtual Assistant Market: Intelligent Virtual Assistant Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, Canada, China, Japan, UK - Size and Forecast
Virtual Assistant Market: Virtual Assistant Market by Type, End-user, and Geography
Voice Assistant Application Market: Voice Assistant Application Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, China, UK, Canada, Germany - Size and Forecast
In the contemporary realm of healthcare, prescription management stands as a critical component, particularly among US adults seeking convenient solutions. The integration of voice assistants in healthcare settings, such as those found in Whole Foods, illustrates the growing reliance on technology to streamline processes. AI-assisted chatbots further facilitate communication between patients and healthcare providers, offering prompt responses and valuable guidance. Behind these innovations stand dedicated healthcare workers who leverage technology to enhance patient care and accessibility to medical counseling.
Moreover, among the technological advancements driving these transformations is deep learning, a subset of artificial intelligence, which powers the capabilities of smartphones and various applications. In the vast landscape of IT and Telecom, companies like Creative Virtual are pioneering the development of sophisticated solutions, including AI-driven relay systems. These relay systems, incorporating elements of voice assistants and AI-assisted chatbots, are reshaping healthcare delivery, improving efficiency and patient outcomes while easing the burden on healthcare professionals.
Industry Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 54.16% |
Market growth 2024-2028 |
USD 10.68 billion |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
41.11 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, Germany, UK, China, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ada Health GmbH, Babylon Healthcare Services Ltd., Buoy Health Inc., CodeBaby LLC, CSS Corp., eGain Corp., HealthTap Inc., Infermedica Sp. z o.o., Kognito Solutions LLC, MedRespond, Microsoft Corp., Orbita Inc., PACT Care BV, Sense.ly Corp., True Image Interactive Inc., Verint Systems Inc., and Virgin Pulse Inc. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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