The advent of promising technologies like Artificial Intelligence, Machine Learning and Deep Learning to Natural Language Processing (NLP), the companies across all industries transformed into new business processes and offering services effectively. In the healthcare sector, these emerging technologies have the potential to transform patient interactions, health plans, and remote monitoring for clinical trials. In this regard, Chatbots are making it easier for patients, including distant patients.
As the adoption of smart devices and optimum internet connectivity are on the rise, the market for global healthcare is expected to reach USD 703.2 million by 2025, with a growing CAGR of 25.1 percent. The market is largely driven by advancement in Artificial Intelligence, ability to lower the costs and rising demand for Virtual health assistance. Like a computer program that triggers a human conversation with the assistance of AI, Chatbots currently converse with humans on one side but new breakthroughs in this technology will enable it to converse with another chatbot on the other side as well. In the healthcare space, chatbots are basically answering health-related queries. Apart from this, data privacy concern, lack of expertise in Chatbot development and awareness and misconception regarding the technology can impede the business growth of the global healthcare chatbot market throughout the projected timeframe.
Chatbots in healthcare engage patients with physicians for cure and care. The market is segmented into Component, Deployment, Application, End User, and Geography. Based on Geography, European region, last year, accounted for the largest share of the global healthcare chatbots market. Though, the North American market is anticipated to large high revenue with the highest CAGR in the next 5-7 years. This growth will attributable with an increase in the utilization of mobile apps to collect healthcare information, escalating adoption of social network embedded chatbots, and a huge amount of investments by healthcare technology developers to reinforce the use of chatbots market in the region.