Healthcare Virtual Assistants Market for Speech Recognition Segment to Account for Largest Share During 2021-2028

According to our latest study on "Healthcare Virtual Assistants Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component and End-User," the market is projected to reach US$ 5,310.31 million by 2028 from US$ 684.07 million in 2021; it is expected to grow at a CAGR of 34.01% from 2021 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.

The COVID-19 pandemic has accelerated the adoption of virtual care globally due to the implementation of various social distancing policies implemented by federal and state legislators, regulators, and payers. As per the Harvard Business School Publishing report, pre-pandemic, virtual care adoption was slow, representing less than 1% of overall health care volume, and was often uncoordinated with in-person care. However, the pandemic accelerated adoption of virtually enabled care will be seamlessly integrated the mode of care delivery based on clinical appropriateness with factors such as convenience and cost. The factors mentioned above would positively impact the market growth during 2021-2028.

Based on component, the healthcare virtual assistants market is segmented into speech recognition, text-to-speech, and voice recognition. The speech recognition segment held the largest share of the market in 2021 and is projected to register the highest CAGR during the forecast period. On the other hand, the voice recognition segment is estimated to register the second-highest CAGR in the market during the forecast period. The voice recognition technology has been developed for vast applications. In the healthcare sector, it is often used to assist patients with cognitive impairments and those having difficultly in using their hands or fingers due to injury or disability. Additionally, the incorporation of voice recognition technology makes it easy for physicians to listen to patients with hearing impairments or speaking different languages. Therefore, voice recognition in healthcare has been widely used as it offers an opportunity for patients to receive care from home. Also, one of the main benefits of voice recognition technology for healthcare providers is that they can dictate notes to their computers without having much time out from patient care, which allows more time to spend for personal interactions and other tasks for getting work done efficiently.

Nuance Communications, Inc.; Amazon.com, Inc.; Verient Systems, Inc.; Microsoft Corporation; EGAIN CORPORATION; Infermedica; CSS Corp; Kognito; Babylon; and True Image Interactive Inc. are among the leading companies operating in the global healthcare virtual assistants market.

The report segments the healthcare virtual assistants' market as follows:

Based on component, the healthcare virtual assistants market is segmented into speech recognition, text-to-speech, and voice recognition. By end-user, the market is segmented into providers, payers, and others.

- By Geography Based on geography, the healthcare virtual assistants market is primarily segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA) and South and Central America. The market in North America is further segmented into the US, Canada, and Mexico. The European healthcare virtual assistants market is subsegmented into France, Germany, the UK, Spain, Italy, and the Rest of Europe. The market in Asia Pacific is subsegmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The healthcare virtual assistants market in the MEA is further segmented into Saudi Arabia, the UAE, South Africa, and the Rest of MEA. The market in South and Central America is segmented into Brazil, Argentina, and the Rest of South and Central America.

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