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Health Intelligent Virtual Assistant Market Analysis

Report ID: GMI1823
Published Date: Jul 2021
Report Format: PDF

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Health Intelligent Virtual Assistant Market Analysis

Health Intelligent Virtual Assistant Market Size

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.

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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.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The market size of health intelligent virtual assistant was worth over USD 424 million during 2020 is anticipated to register around 36.4% CAGR through 2027.

Health intelligent virtual assistant market share from speech recognition technology segment was over USD 260 million in 2020 and will expand due to benefits like faster processing of medical records and documents.

Healthcare providers held more than 51% of the market share in 2020 with increasing cost benefits owing to the adoption of these solutions.

North America market will exhibit over 35.1% CAGR up to 2027 owing to highly developed healthcare infrastructure and faster adoption of speech recognition technology.

Global providers of health intelligent virtual assistant technology are Microsoft Corporation, True Image Interactive, Nuance Communications, Verint Systems and CSS Corporation, along with some others.