Artificial Intelligence in Healthcare Market share to see 40% CAGR from 2017 to 2024

As per the medical report “Artificial Intelligence in Healthcare Market Size By Application (Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Brazil, Mexico, South Africa), Growth Potential, Competitive Market Share & Forecast, 2017 - 2024”, by Global Market Insights, Inc. says, artificial intelligence in healthcare market is expected to grow at an explosive CAGR of 40% over the period of 2017-2024.

With the evolving digital capacity, artificial intelligence in healthcare market is turning out to be a major game-changer for the overall healthcare fraternity. Growing usage of big data coupled with rising adoption of precision medicine is further expected to drive artificial intelligence in healthcare industry. AI is widely adopted in the field of medical imaging, genomics, drug discovery to provide relevant insights pertaining to patient data monitoring, research, and risk analysis. The vast healthcare data have resulted into growing demand and need for AI technology.

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Artificial intelligence in healthcare market finds its potential application in drug discovery, as AI plays a vital role in drug identification, discovery, screening, and design. The drug discovery application held 35% of the overall market share and is expected to attain gains at 40% over 2017-2024, collecting revenue worth USD 4 billion by 2024. Moreover, AI is also gaining prominence in medical imaging to improve the cancer diagnosis at an early stage. Artificial intelligence in healthcare market from the medical imaging and diagnosis application is projected to exceed a revenue generation of USD 2.5 billion by 2024.

Browse key industry insights spread across 105 pages with 35 market data tables & 8 figures & charts from this 2017 report Artificial Intelligence in Healthcare Market in detail along with the table of contents at:

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Below are the key geographical insights influencing the industry growth:

US region to grow at 35% driven by Federal authorities are encouraging the use of data analytics to transform US healthcare systems, which in turn is driving the regional artificial intelligence in healthcare industry.

Europe region to grow at 39% driven by Favourable business environment and intensive research activities carried out by the industry players to develop cost effective solutions is fuelling the regional artificial intelligence in healthcare market growth.

China region is driven by growing prevalence of chronic diseases and rising geriatric population have encouraged regional authorities to harness the AI technology and improve healthcare delivery. Rapid adoption of big data is poised to boost the regional growth, witnessing 45% growth in forecast time.

Japan is a technological hub with the presence of several healthcare companies and universities. Growing focus on research & development of healthcare AI is likely to favour the regional market expansion with 40% from 2017 to 2024.

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The Brazil artificial intelligence in healthcare market is fuelled by rising awareness toward the perks of AI technology coupled with favorable regulatory landscape will accelerate the demand for healthcare artificial intelligence industry. To foresee the growth of 40% during the forecast time period.

AI has significantly disrupted the traditional medical approach and is likely to transform the healthcare delivery model over the coming years. The industry is witnessing robust participation of the start-ups which depicts the huge commercialization the market is set to attain.  In addition, the established players such as IBM, Microsoft, Cyrcadia Health, and Google are investing heavily to unleash the potential of artificial intelligence in healthcare industry. As per the estimates, the market is slated to exceed a valuation of USD 10 billion by 2024.

Browse Related Report:

Healthcare Analytics Market Size By Product (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), By Application (Operations Management, Financial Management, Population Health Management, Clinical Management), By End-Use (Hospitals, Clinics, Physicians, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

https://www.gminsights.com/industry-analysis/healthcare-analytics-market

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Intelligent Virtual Assistant Market share to reach $11bn by 2024

The technology research report “Intelligent Virtual Assistant (IVA) Market Size By Technology (Speech Recognition, Text-To-Speech, Voice Recognition), By Service (Customer Service, Marketing Assistant), By Application (Automotive, BFSI, Retail, IT & Telecom, Healthcare, Education), By End-Use (SMBs, Large Enterprises, Individual Users), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024”, by Global Market Insights, Inc. says Intelligent Virtual Assistant Market size is expected to exceed USD 11 billion by 2024; driven by increasing adoption across several industry verticals.

Intelligent virtual assistant market incorporates elements of language recognition, interactive voice response and other modern AI techniques which deliver full-fledged virtual identities that can converse with the users. The expertise in reasoning, learning, and understanding are the three key elements behind the appreciable adoption rate of IVAs. Virtual Assistants are proliferating because of profound neural networks, machine learning, and other such advancements in AI technologies. Rising penetration of IVA systems in retail, BFSI, and healthcare sector is the principal factor proliferating intelligent virtual assistant industry size.

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Apple’s Siri and Microsoft’s Cortana are some of the most famous IVAs, which are provided with the companies’ operating systems. Not only the biggies but the SMBs are also emerging as the key participants in intelligent virtual assistant industry space. Improved business quality and reduced operating cost with the use of these virtual assistants is likely to propel the IVA market size in SMBs, slated to observe gains at over 37% CAGR from 2016-2024. Moreover, reduced need to hire marketing assistants, administrative services, and office spaces is further stimulating intelligent virtual assistant market trends. Based on the services offered by these IVAs, the customer service segment is expected to record stupendous gains at a CAGR of 35% over 2016-2024, owing to the growing customer expectations for seamless service.

North America was the largest contributor to the global intelligent virtual assistant industry share in 2015 and is foreseen to continue its regime over the coming seven years. The region’s growth can be attributed to the rising adoption of smartphones and growing emphasis on implementation of enterprise mobility and BYOD (bring-your-own-device) business models. APAC intelligent virtual assistant industry will also exhibit phenomenal CAGR of 40% from 2016-2024.

Deployment of IVA technology on the mobile platforms has significantly fueled the speech recognition technology, the demand for which is expected to surpass USD 7.5 billion by 2024. Furthermore, growing applications voice recognition technology based IVAs across biometrics market is also likely to boost intelligent virtual assistant industry share in the years to come.

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Rising penetration of IVAs in healthcare segment to perform tasks including scheduling appointment and analyzing lab results is set to expand intelligent virtual assistant market size across this sector. The ever-evolving automotive industry is also set to leverage the full potential of intelligent virtual assistants, driven by the technology’s heavy demand in connected cars.  IVA market size from automotive applications is slated to cross a revenue of USD 2.8 billion by 2024.

Key IVA industry players include Nuance, Clara Labs, Artificial Solutions and Anboto, IBM Corporation, Creative Virtual, CX Company, and 24/7 Customer Inc.

Report Content

Chapter 1    Methodology & Scope

1.1    Research Methodology

1.1.1    Initial data exploration

1.1.2    Statistical model and forecast

1.1.3    Industry insights and validation

1.1.4    Research scope and assumptions

1.2    Data Sources

1.2.1    Primary sources

1.2.2    Secondary sources

Chapter 2    Executive Summary

2.1    IVA industry 360⁰ synopsis, 2013 - 2024

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Technology trends

2.1.4    Service trends

2.1.5    Application trends

2.1.6    End-Use trends

Chapter 3    Intelligent Virtual Assistant Industry Insights

3.1    Industry segmentation

3.2    Industry Size and forecast, 2013 - 2024

3.3    Industry ecosystem analysis

3.4    Technology & innovation landscape

3.4.1    Natural Language Processing

3.4.2    IVA Powered by Artificial Intelligence (AI)

3.5    Regulatory landscape

3.5.1    Health Information Technology for Economic and Clinical Health (HITECH)

3.5.2    EU Data Protection Directive

3.5.3    EU Electronic Communication Directive

3.5.4    Electronic Communication Privacy Act (ECPA)

3.6     Industry impact forces

3.6.1    Growth drivers

3.6.1.1    Rising emphasis to enhance customer satisfaction

3.6.1.2    Increasing adoption across several industry verticals

3.6.1.3    Growing global mobile device adoption

3.6.1.4    High demand for outsourced assistance

3.6.2    Industry pitfalls & challenges

3.6.2.1    Lack of skilled professionals

3.7    Growth potential analysis

3.8    Company market share analysis, 2015

3.8.1    Strategy dashboard

3.9    Porter’s analysis

3.10    PESTEL analysis

Browse key industry insights spread across 180 pages with 130 market data tables & 100 figures & charts from the report Intelligent Virtual Assistant (IVA) Market in detail along with the table of contents:

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Global Intelligent Virtual Assistant Market size worth over $11bn by 2024

Intelligent Virtual Assistant Market size is expected to exceed USD 11 billion by 2024; according to a new research report by Global Market Insights, Inc.

Growing focus on customer engagement to enhance user experience is expected to drive the intelligent virtual assistant market size in the future. Virtual assistants are deployed in mobile devices, enterprise websites, and social media that enable them to have constant communication with clients. For instance, companies install them to provide brand or product information to clients. In addition, it helps in promotions by asking new users to sign in to the company's loyalty account. Customer engagement solutions emphasize on providing enhanced direct experience and help companies to increase revenue and improve customer satisfaction and retention.

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Growing focus on streamlining business activities to lower the overall operating cost will also propel the intelligent virtual assistant market size. IVAs have application across several business processes such as interviewing, employee training and advertising that allow enterprises to minimize the cost.

With the help of smartphones and other mobile devices, tasks such as checking in with staff, location based reminders, searching through emails, and scheduling meetings makes the work life of the employee more efficient. Thus, the increasing penetration of mobile devices is expected to provide a fillip to the intelligent virtual assistant market share.

Browse key industry insights spread across 180 pages with 130 market data tables & 100 figures & charts from the report, “Intelligent Virtual Assistant (IVA) Market Size By Technology (Speech Recognition, Text-To-Speech, Voice Recognition), By Service (Customer Service, Marketing Assistant), By Application (Automotive, BFSI, Retail, IT & Telecom, Healthcare, Education), By End-Use (SMBs, Large Enterprises, Individual Users), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/intelligent-virtual-assistant-iva-market

Key insights from the report include:

• Speech recognition is expected to witness significant growth with a CAGR of over 37% from 2016 to 2024 owing to the high demand for speech recognition technology across the medical and automotive applications.

• Moreover, increasing focus of technology giants including Microsoft and IBM to minimize the error rate is expected to significantly contributes towards high intelligent virtual assistant market share. The ability to covert a person's voice into a recognizable data pattern is projected to propel the demand for voice recognition over the coming years.
   
• IVA market share as service assistant is anticipated to witness high adoption over the future as it is capable of assisting businesses on customer requirements and work flow balance, thereby, delivering immediate productivity. Intelligent virtual assistant market share as customer assistants is projected to grow considerably at nearly 35% CAGR over the forecast timeline.
   
• The technology provides advantages such as enhance support, low operating cost, high customer satisfaction, personalized service to customers, multiple language & device support. Furthermore, it proves to be a key differentiator that increases consumer loyalty, income and sales.

• Intelligent virtual assistant market size is expected to witness significant demand across the retail industry owing to the features they offer such as responding efficiently to consumers queries and issues in a cost-effective manner. IVA offer personalized and expert service to customers irrespective of time, geography and channel without any sale support. This increases consumer satisfaction and lowers cost, which is expected to impel demand over the next few years. 

• Enterprises are witnessing high adoption rate as it provides user friendly self-service feature which is much faster and convenient as compared to talking to a live agent. High IVA market adoption rate is further accredited to increasing focus on customer satisfaction and cost reduction. 

• For instance, Nuance’s Nina is the first virtual integrated assistant in the UK insurance sector. Dominos Pizza’s ‘Dom’, ING Bank’s ‘Inge’, and JetStar Airline’s ‘Jess’ are virtual assistants designed to deliver a convincing, multi-channel, automatic customer service experience for the enterprise and consumer segment. 

• U.S. intelligent virtual assistant market size contributed significantly to the overall revenue in 2015, with CAGR forecast to exceed the global average. 

• Companies contributing to the intelligent virtual assistant market share include IBM Corporation, Nuance, Clara Labs, InteliWISE, eGain Communications, Creative Virtual, CX Company, 24/7 Customer Inc., Artificial Solutions and Anboto among others.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.