Health Intelligent Virtual Assistant Market

Health intelligent virtual assistant market to surpass the billion-dollar frontier by 2024, speech recognition technology to gain prominence over 2017-2024

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The plethora of technological advancements plaguing the globe will contribute toward the robust growth of health intelligent virtual assistant market. Implementation of advanced technologies is likely to simplify critical problems in the healthcare sector, which will subsequently increase the productivity and efficiency of the medical space, thereby stimulating health intelligent virtual assistant industry size. As per the market study, Health Intelligent Virtual Assistant Market was valued at USD 180 million in 2016 and will record an annual growth rate of above 31% over the years ahead.

Germany health intelligent virtual assistant market size, by technology, 2013-2024 (USD Million)
Germany health intelligent virtual assistant market size, by technology, 2013-2024 (USD Million)

Japan being a tech-oriented country, has been projected to contribute more than USD 110 million toward regional health intelligent virtual assistant market. With a rapid increase in the occurrence of strokes and hypertension among the aging population across this region, mobile assisted services such as telehealth and mobile health are gaining popularity among consumers, which will augment the regional health intelligent virtual assistant industry share.

Increasing technological revolutions such as the emergence of IoT across the globe is certain to propel the product demand. IoT has been particularly favoring health intelligent virtual assistant industry share across UK. The country is witnessing the utilization of advanced healthcare technologies to increase the speed and accuracy of medical care operations. On that note, UK health intelligent virtual assistant market is slated to collect considerable revenue by the end of 2024. The implementation of favorable government norms will also impel the regional growth.

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Speech recognition, one of the most foremost technologies, led the overall health intelligent virtual assistant industry by covering a share of more than 60% in 2015 and will register an annual growth rate of above 32% over the coming seven years. This technology is gaining popularity among the consumers owing to the deployment of smartphones. The implementation of this technology in HER will undeniably aid physicians to improve their working efficiency and productivity.

Text-to-speech is another lucrative technology segment of health intelligent virtual assistant market that is forecast to generate a revenue of more than USD 460 million by 2024 with a CAGR of above 30% over the years ahead. Cost effectiveness pertaining to the quality of the speech along with effective and efficient medical communication will augment the industry growth. Payers have been mainly using this technology to offer best services to the customers. In this regard, health intelligent virtual assistant market share from payers is slated to exhibit an annual growth rate of more than 30% over 2017 to 2024. Payers have also been making heavy investments to develop healthcare infrastructure, which will help to protect the patient’s data and enhance interoperability.

U.S. dominated North America health intelligent virtual assistant market by accounting for over 90% of revenue contribution in 2016 and will exhibit considerable annual growth rate over the years ahead. Growing adoption of tablets and smart phones have led to the escalating usage of mobile based healthcare services. In addition, the growing emergence of new technological developments will also enhance the industry growth.

In order to bring about an increase in the operational efficiency and deliver effective services to consumers, many of the hospitals have been deploying these virtual assistants on a large scale. Physicians have also been using this product to tackle emergency cases. On that note, health intelligent virtual assistant market size from providers will collect a revenue of USD 820 million by 2024, having held a substantial portion of the revenue share in 2016.

The key players in health intelligent virtual assistant market are Nuance Communications, eGain Communications Pvt Ltd., Next IT Corp., CodeBaby Corp., Google, Inc., Microsoft Corporation, and True Image Interactive.

Author Name : Sunil Hebbalkar

North America intelligent virtual assistant (IVA) market to accrue appreciable returns by 2024, speech recognition technology to gain momentum

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The escalating demand for rapid query resolutions & online customer self-service are expected to propel intelligent virtual assistant (IVA) market alongside the path of progress. IVA has undoubtedly, in recent times, improved the users’ online service experience as well as offered increased sales to e-commerce firms. Indeed, the product is becoming the preferred medium to gain information, make purchase decisions, and resolve issues. Companies like Microsoft and Google are adopting the technology to improve ease of access and streamline activities, and increasingly implementing the technology as well to enhance operational efficiency. For instance, ABIe, a virtual assistant developed by EIS for Allstate Insurance, efficiently helps agents to answer questions regarding business insurance policies.

Germany IVA market size, by application, 2017 & 2024 (USD Million)
Germany IVA market size, by application, 2017 & 2024 (USD Million)

IVA is reportedly becoming more and more commonplace as consumer appetite for the product has been depicting an upsurge. According to an independent survey conducted with 1,500 consumers across Europe, 81% of the respondents said they would prefer interacting with a virtual assistant as it offers enhanced online customer experience. Close to 72% welcomed the product as a key part of every website while a similar proportion claimed that they would spend longer on a website that had one. This response can undeniably be credited to the fact that IVA can take on multiple roles on a website, such as performing various helpful tasks, answering customer queries and connecting to enterprise systems when needed. These features respond according to the marketing requirements of the customers, efficiently improving the site loyalty and experience.

In order to cater to the best plausible global clientele, companies are increasingly investing in IVA to reduce costs from fields such as email response, technical telephonic support, and assistance on call. The implementation of the technology will enable the reduction in the resolution time, call wait times and allowing call transfers when an issue escalates, thereby augmenting IVA market share. The growing deployment of IoT is also expected to supplement the IVA market growth. In fact, IoT is known to have increased the quality and quantity of data being collected by the product. IVAs responding to text or speech queries through apps and smartphones has further enhanced customer engagement, a fact that has further helped impel the IVA industry trends.

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Speech recognition is one of the most vital technologies proliferating IVA market, as the system efficiently improves productivity, eliminating typing time, giving users additional time to focus on other work. Voice recognition software, in addition to being faster in task completion, are increasingly accurate when it comes to vocabulary. Speech recognition technology also makes invaluable contributions to businesses that offer customer services eventually reducing organizational costs. Furthermore, these systems improve interoperability owing to the adoption of IoT, further driving the IVA market size from speech recognition technology.

The Germany IVA market is expected to depict considerable growth in the years ahead, owing to the product’s new-found usage in the region’s thriving automotive market. Technological advancements in IVA have resulted in increased adoption of voice control and gesture control features in next-gen vehicles. IVA can now be integrated within vehicle systems such as automatic parking, lane change assist, adaptive cruise control, and other ADAS controls.

Regional automakers are constantly seeking ways to integrate the product in upcoming car segments to revolutionize driving experience. For instance, the German automotive giant, BMW has recently announced that its upcoming car segment would come with Intelligent Personal Assistant. Like Apple’s Siri or Amazon Alexa, the new AI-based virtual assistant would reply to voice commands and could adjust the temperature, lighting mood and music, among other things in the car efficiently, claims the company.

North America, apart from Germany, is another region that is forecast to accumulate commendable gains by 2024, driven by the expansive technological advancements in the region. Major software companies, like, Microsoft & IBM, have also been investing in IVA, thereby enhancing the growth prospects for North America IVA market.

The competitive spectrum of intelligent virtual assistant market also comprises other players like Amazon, Google, Microsoft, Apple, Inc., Artificial Solutions, eGain Communications, IBM Corporation, Nuance Communications, and Speaktoit, Inc. These companies are known to increasingly invest in product development and innovation to bring in intelligent assistance into the mainstream. Meanwhile, several tech giant firms are adding the product to their portfolio to gain added sales. For instance, on January 7th, 2019, the world’s leading television manufacturers Samsung, LG and Hisense announced that they would open their devices to Google Assistant and Amazon Alexa. As advancements in the fields of automation, machine & deep learning, conversation interfaces, and natural language processing continue to surge, IVA market share is certain to soar in the years to come.

Author NameMateen Dalal