Health Intelligent Virtual Assistant Market to grow at 31% CAGR from 2017 to 2024

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. 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.

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.

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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.

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.

Browse key industry insights spread across 105 pages with 52 market data tables & 8 figures & charts from this 2017 report Health Intelligent Virtual Assistant Market in detail along with the table of contents at:

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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.

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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.

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Health Intelligent Virtual Assistant Market to reach $1.5bn by 2024

The medical industry report “Health Intelligent Virtual Assistant Market Size By Technology (Speech Recognition, Text –to-Speech, Voice Recognition) By End-User (Payers, Providers, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, Australia, Brazil, Mexico, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024”, by Global Market Insights, Inc. says Health Intelligent Virtual Assistant Market size is set to exceed USD 1.5 billion by 2024.

Rising smartphone users worldwide coupled with increasing use of health apps and growing popularity of internet of things is set to drive health intelligent virtual assistant market growth. Mobile healthcare technology has gained immense popularity among populations all over the globe. The increased adoption of heath apps demonstrates the shift in trend in patient care; wherein service over mobile devices is being preferred over visiting the physicians.

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Growing popularity of internet of things is likely to further stimulate health intelligent virtual assistant business growth. The use of internet of things in healthcare has increased both the size as well as accuracy of medical data through variety of data collection, and expanded the reach of healthcare professionals beyond their limited facilities.

Increasing lifestyle related disorders coupled with rising health consciousness should also drive the health intelligent virtual assistant market. Lifestyle diseases remain the leading cause of death worldwide. Intelligent virtual assistants respond to the voice or text queries through mobile devices or health apps, thus increasing patient engagement and improving self-management skills for chronic disease. Thus, rising global chronic disease burden across the globe in healthcare industry should further augment health intelligent virtual assistant market growth in coming years.

Growing need to reduce healthcare costs and improve quality of care will fuel health intelligent virtual assistant market growth. Promising improvements in healthcare infrastructure, patient experience will restructure the healthcare delivery over the coming years. To reduce the medical errors and improve the quality of healthcare has been the first preference of Agency for Healthcare Research and Quality (AHRQ).  

Browse key industry insights spread across 105 pages with 52 market data tables & 8 figures & charts from this 2017 report Health Intelligent Virtual Assistant Market in detail along with the table of contents at:

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

Lack of awareness regarding accuracy and personalization in intelligent virtual assistants in certain regions and, lack of skilled people should hinder health intelligent virtual assistant market growth over forecast years.

Speech recognition will witness significant growth over the forecast years due to tremendous rise in demand for documentation with increasing adoption of electronic medical records. The use of speech recognition helps to improve and enhance clinical documentation in various ways by complementing the work of medical transcriptionists, attributing to its growth over the coming years.

Payers should will manifest a robust growth to surpass USD 600 million by 2024. Payers are modernizing the infrastructure, protecting and securing the patients data and improving the interoperability. Payers strive to deliver quality, efficiency, and patient satisfaction in service by using intelligent virtual assistant.  

U.S. health intelligent virtual assistant market accounted for the largest regional industry share in 2016. Wide spread adoption of healthcare IT, technologies for effective healthcare system and increasing smartphone users in the U.S. will stimulate industry growth.

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UK held considerable regional health intelligent virtual assistant market share in 2016 owing to adoption of advanced healthcare technologies. Rising penetration of the internet of things coupled with increasing regulation act related to communication and data should drive business growth in coming years. 

Japan health intelligent virtual assistant market attributed for over 30% of Asia-Pacific share in 2016, witnessing healthy growth over the forecast years. Increasing investment by market players for technological development and improved economic indicators should stimulate business growth. Growing aging population and rising uptake of intelligent virtual assistant solutions associated with healthcare should fuel the industry growth.

Brazil held highest regional market share in 2016 witnessing lucrative growth over the forecast years. Rapidly growing economy and need for better healthcare should promote the adoption of health intelligent virtual assistant across different healthcare organizations.

Some of the prominent industry players offering unique and advanced products include Next IT Corporation, Microsoft Corporation, Nuance Communications and eGain Communication. Other notable industry participants are True Image Interactive, CodeBaby, Kognito, Medrespond, Welltok and CSS Corporation.

Agreement and acquisition are some of the major strategies adopted by industry participants. The players are introducing innovative health technology solutions with enhanced features as a part of their commercialization strategy. For instance, Microsoft Corporation and University of Pittsburg Medical Centre together launched the health solution called Healthcare NeXT aiming at transforming healthcare.

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

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Internet Of Things Market Forecasts And Market Estimates, 2024

The research report “Internet of Things Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2017 – 2024”, Global Internet of Things Market size will witness a significant growth, owing to increasing applications of cloud computing and big data in IT structure by organizations in the forecast period.

Rising demand of the apps and solutions will propel the growth for internet of things market in forecast time frame. Industry focus on innovative technologies providing real time data to improve performance and optimize operations are anticipated to increase substantially which will add to internet of things market size. Increasing demand for sensor based information and analytically rich data sets are most key factor responsible for driving product growth in forecast period.

Rising demand for software solutions, platforms, services and application domains will add to internet of things market in forecast time frame. Predictive analytical tools to manage the data generated from machines and evaluation of the results to improve the decision making are the major driving factors for internet of things market growth.

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Increasing adoption of IOT technologies including RFID, NFC, sensors, gateways and cloud services in manufacturing, transportation, automotive, and logistics are expected to see highest adoption levels in forecast period. Rapid development of networking and digitization will lead to surge in internet of things market size.

Asia Pacific lead by China and Japan is anticipated to witness significant growth for internet of things market in forecast period owing to increasing spending in network infrastructure by organizations to enhance their productivity. Rising manufacturing sector in the region will further support the IOT growth. Manufacturing sector is one of the largest end user of IOT technologies. Increasing demand to track and manage inventories will supplement the rising internet of things market size. Fleet management in transportation sector will propel the demand for IOT technologies. In emerging countries mainly India, government initiative to develop strong IOT infrastructure will propel the internet of things market size.

U.S. is projected to provide various growth opportunities for the product owing to surge in advanced robotics and cloud technology over forecast period. The region will lead to surge in IOT technologies due to advancement in machine to machine communication. At the same time, surge in demand for security and surveillance applications in government inventory will propel the product demand in forecast period. Strong presence of large number of service providers in the region will boost the IOT market size.

Europe will continue to witness substantial growth owing to several government initiatives to promote IOT technologies in the region. European commission launched Alliance for Internet of Things Innovation to support the creation of an innovative industry and implementing new business models. Government intends to work closely with all technology providers towards the establishment of a competitive IOT structure. The recently proposed "European data economy" initiative will also add to internet of things market size in forecast period.

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Some of the key companies are Alcatel-Lucent, Cisco, AT&T, Qualcomm. Other prominent players are Amazon Web Services (AWS), Apple, ARM Holdings, Digi International, Atmel, Atos, Bosch Software Innovations, Broadcom, CTS, Dell, Echelon, Ericsson, Accenture, Freescale Google, Semiconductor, GE, Hitachi, HP, IBM, Huawei Technologies and Infosys. Established IOT players are competing to gain a major share and increase their customer base. Organizations worldwide are investing heavily to develop innovative IOT technologies to gain competitive advantage.

IOT industry is highly fragmented owing to presence of many large and small players. Network and services providers are adopting mergers and acquisition strategies to expand their global presence and increase their customer reach. For instance, Qualcomm acquired NXP to increase its semiconductor product portfolio in automotive industry. Internet of things market is also anticipated to witness the entrance of new players over forecast period, which will further increase the level of competition.

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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.

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Industrial IoT Market 2017 Global Analysis, Opportunities And Forecast To 2024

The research report “Industrial IoT Market Size, Industry Outlook, Regional Analysis (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development, Competitive Landscape & Forecast, 2016 - 2024”, global Industrial IoT Market size is anticipated to propel over the forecast timeline.

Improving productivity, enhancing worker safety, and reducing operating costs are the major drivers propelling the industry growth. During the forecast period, Industrial IoT is expected to accelerate the reinvention and growth of verticals, which are responsible for two-thirds of the world’s output.

The surging demand for technological advancements and innovations to improve operational efficiencies primarily drives the industrial IoT market. The technology is anticipated to reshape several industries by generating various financial opportunities. Countries and companies are likely to be transformed showing competitiveness and financial growth. In the coming years, companies would benefit though Industrial IoT by seeing the technology as a tool to find evolution in unexplored applications.

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Industrial IoT comprises innovative data analytics, machine-to-machine communication, machine learning algorithms, and sensor technologies to advance the companies’ executive abilities. Identifying probable failures in advance in technology to evade unexpected failures using analytical care techniques is a major factor influencing the adoption of the industrial IoT market.

Industrial IoT is the combination of compound physical equipment with data analytics solutions and industrial networks, improving working efficiency and reducing costs. Data and intelligent machines are expected to be revolutionized owing to the Industrial IoT technology thus having a positive impact on operations, productivity, and efficiency. Industrial IoT technology will allow companies to improve their revenues by improving and expanding manufacturing processes through forming new hybrid business models and exploiting intelligent technologies to transform their workforce and fuel innovations. These factors are anticipated to drive the industrial IoT market growth during the forecast timeframe. The adoption of Industrial IoT is possible owing to the development in supporting infrastructures such as cloud computing, progress in wireless technologies, sensing technologies, and standardization of IPv6. For instance, aviation manufacturers are providing complete rental programs on their gears and repairing contracts. The feedback from engine users would help manufacturers improve the engine design and reduce industrial and maintenance costs. Countries have appreciated that sensor data could be used to avoid disastrous catastrophes in key networks such as water, power, and transport. These factors are driving the industrial IoT market revenue.

The growth in the adoption of Industrial-IoT will lead to a shift in employment assemblies. The workforce will be blended and it is expected that humans and machines would work together to achieve results that humans nor machines can produce alone. Businesses will use smart machines and network solutions to atomize responsibilities at low costs and attain high-quality results. This will propel the industrial IoT market demand.

A key factor hindering the growth of the industrial IoT market is the lack of compatibility between the many technologies functioning in the IoT environment. The technology is mainly a union of data processing, industrial equipment, networking infrastructure, sensor technologies, and software solutions for data management and writing.

Semiconductor players have joined forces with hardware, software, networking companies with academic consortiums, and industry associations to develop formal and informal standards for industrial IoT applications. To overcome the factors hindering the industrial IoT market growth AT&T, Cisco, Inc., GE, IBM, and Intel Corporation formed the Industrial Internet Consortium 2014. This consortium has over 150 and more companies as members working together to help define industry requirements & standards, establish interoperability standards across environments and accelerate adoption of Industrial IoT. Other companies have been intensive on regulating the Application Programming Interfaces (APIs), allowing data transfer and basic commands amongst IoT devices.

The industrial IoT market based on industries can be segmented into agriculture, energy & power, healthcare, metals & mining, and manufacturing. These industries are expected to generate various opportunities due to the Industrial IoT technology. The manufacturing sector is currently the largest market holder for Industrial IoT. A change in the implementation of manufacturing processes is likely to benefit various organizations and businesses as it would enable effective collaboration, financial monitoring enhancement, high application of resources, smart decision-making skills, and opportunities to develop and test ground-breaking technologies in the industrial IoT market.

The manufacturing industry is responsible for the generation of high employment opportunities and contributes meaningfully to the GDP of many countries globally. Manufacturing industries include segments such as aerospace & defense, automotive, construction, farm, high tech, and industrial machinery. Manufacturers have various business priorities, which are impacting how they adopt IoT and which department they apply it, such as assets, products, or supply chain, which will further impact the industrial IoT market. Companies having their own production/manufacturing facilities are likely to be early implementers of the industrial IoT to change their services and products while products with long life cycles are expected to use IoT to change their services and products that will drive the industry growth.

Healthcare industry in industrial IoT market is expected to grow at a high rate during the forecast period. The solutions can completely change the healthcare industry through remote monitoring of critical patients. Data gathered through remote monitoring can be used for providing enhanced diagnostics and patient care. Availability of healthcare services and treatments can be enabled through intelligent and complete monitoring systems, propelling the industrial IoT market. Several companies have started providing integrated solutions by using Industrial IoT technology in the healthcare industry.

In Europe, Industry 4.0 is an upcoming trend in Germany which is the fourth industrial revolution and cyber-physical systems concept introduced to segregate new evolution phase from electronic automation phase, driving the industrial IoT market. It is a global movement towards the future of the industry and manufacturing, which will offer growth opportunities for the industrial IoT market in the region.

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Asia Pacific industrial IoT market currently holds the largest share of the IoT market and is anticipated to grow at a high rate during the forecast period. The rise in demand for automated technologies from metals, mining, manufacturing industries, and developments in healthcare solutions are projected to drive the industrial IoT market in the region.

Government regulations and initiatives in the industrial IoT market from countries, such as China, India, France, Germany, and the U.S., are helping them expand their manufacturing sectors with an increase in investments in the automation sector. This is further anticipated to drive the manufacturing industry across major economies globally in the industrial IoT market.

AT&T, Cisco, Inc., GE, IBM, Intel Corporation, Qualcomm, Accenture, Amazon, ARM, Atos, Bosch, Broadcom, Infosys, Google, Microsoft, National Instruments, Siemens, Tech Mahinda, Tata Consultancy Services, Unisys, Verizon, Zebra Technologies, and ZTE are the major companies contributing to the development and research of the industrial IoT market. Companies, such as General Electric (GE), have started providing integrated solutions for diagnostics and remote monitoring of critical patients using sensors and wireless technologies for the industrial IoT market.

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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.

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