Chatbots are Artificial Intelligence systems capable of conducting a conversation by utilizing textual or auditory methods. Today, it has become almost commonplace in e-commerce, but it recently started to disrupt the healthcare sector. According to the reports, the global healthcare Chatbots market is predicted to reach USD470 million by 2025, at a strong CAGR of 21.2 percent. Last year, the market was valued at around USD123 million, as the report noted. The market is largely driven by the augmenting penetration of high-speed internet, growing adoption of smart devices, rising demand for automated health assistance, increasing awareness about technological usage in the healthcare space, and deployment of Cloud computing systems.
Chatbots in healthcare support in reducing the load on physicians in primary care, as well as it can connect patients with doctors for diagnosis or treatment. For the last two decades, a large number of internet users has grown exponentially. In countries like Nigeria and Bangladesh, the growth in internet users is mounting with an enormous rate. However, China has a large number of internet users across the globe, followed by India and the United States. Apart from this, the lack of expertise in Chatbot development, data privacy issues, and misconceptions about Chatbots might restrain the growth of the global Healthcare Chatbots market. The market is segmented by the deployment model, end-user, component, and application. The healthcare chatbots market, by deployment model, is bifurcated into Cloud-based and on-premise. The component segment includes services and software, where the software segment held the highest market share last year.
Based on the end-user, the market report comprises healthcare providers, patients, insurance companies, and others, in which the patient’s segment held a large market share in the year 2018, due to the growing symptom checker adoption and progressively utilization of Chatbots by patients. Having the potentiality to solve a range of issues, healthcare chatbots could potentially offer several diverse services. For instance, it might provide the user health-related information; it can assist schedule appointments and later send reminders for them.