Health Intelligent Virtual Assistant Market Size, Growth, and Trends
Intelligent Virtual Assistants (IVAs) have emerged as specialized software that leverages artificial intelligence (AI) and natural language processing (NLP) to mimic human-like interactions. In the healthcare sector, IVAs are playing a crucial role in supporting and assisting healthcare workers and patients.
Segmentation and Market Dynamics
The Health Intelligent Virtual Assistant Market is categorized by product into chatbots and smart speakers. Chatbots have dominated the market, with widely used applications such as Florence and Sensely assisting healthcare professionals and patients. Smart speakers, with their automated speech recognition capabilities, are expected to experience significant growth, particularly in medical counseling and therapy for issues such as loneliness and depression.
The key end-users of IVAs in healthcare include payers, providers, and other segments. Providers have led in revenue share in 2023, offering services like appointment scheduling and medical diagnosis assistance. Payers, responsible for maintaining and securing patient records, are also anticipated to experience notable growth in the coming years.
Regional Landscape and Competitive Landscape
North America held a substantial revenue share in the Health Intelligent Virtual Assistant Market in 2023, driven by widespread IoT adoption and extensive smartphone use. The increasing demand for robust healthcare infrastructure, especially in the US, further fuels growth in this region.
The global market witnesses intense competition, leading companies to adopt strategies such as introducing innovative products, strategic acquisitions, and partnerships to expand their global reach. Some prominent players in this market include CSS Corp, eGain Corp, Microsoft Corp, Virgin Pulse, Next IT Solutions, and Kognito.
Technology Advancements Driving Growth
The text-to-speech technology has led the market in 2023, enabling computers to comprehend human speech and quickly convert it into text. Automation, deep learning, and AI underpin this technology, which is extensively used in virtual assistant products by industry giants like Amazon, Apple, and Google.
Automatic speech recognition is another segment poised for rapid growth, especially in medical counseling. Therapists are leveraging smart speakers and chatbots to enhance patient interaction. This technology not only recognizes words and alphabets but also verifies individual identities, contributing to its growing adoption in the healthcare market.
