The growth
of the healthcare chatbots management market can be attributed to rising
Internet connectivity and adoption of smart devices, and the need for virtual assistance.
Various prominent
players are focusing on adopting inorganic growth strategies such as agreements
and partnerships to ensure sustainability and growth in this highly competitive
market. This helps companies operating in the market enhance their product
portfolio, expand their customer base, and cater to the unmet demands of their
customers.
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Some of the recent developments in this regard
are listed below:
· In June
2018, Bupa, an insurance provider, entered into a partnership with Babylon to
provide artificial intelligence-powered health services to all its corporate
business clients. End-users can access around-the-clock health advice through
Bupa in the UK.
· In May 2018,
Your.
MD entered into a partnership with BMJ
Best Practice. According to the partnership, the medical data used by Your.MD’s AI algorithms will be validated by
BMJ best practices to provide data accuracy to users.
Based on component, the market is segmented into
software and services. The services segment is expected to grow at a higher CAGR
during the forecast period as compared to the software segment, due to the
recurring need for services such as software upgrades and maintenance.
Based
on deployment model, the healthcare
chatbots market is segmented into on-premise
model and cloud-based model. In 2018, the cloud-based model segment is
projected to grow at a higher growth rate during the forecast period as
compared to the cloud-based model segment. Cloud-based healthcare chatbot
solutions are sold on the basis of subscription, ranging from one month to
multiple years, and these solutions do
not require significant setup charges. Moreover, the maintenance and support
service charges are included in the subscription fees, which make these
solutions more affordable for customers. These factors are driving the
cloud-based model segment.
Based
on application, the healthcare chatbots market is segmented into symptom
checking & medication assistance and appointment scheduling & medical guidance.
In 2018, the appointment scheduling & medical guidance segment is expected
to grow at a higher CAGR during the forecast period as compared to the symptom
checking & medication assistance segment, mainly due to the growing usage
of healthcare chatbots by hospitals and clinics.
By
region, the healthcare chatbots market into North America, Europe, Asia, and the
Rest of the World (RoW), the healthcare chatbots market in North America is
expected to grow at the highest CAGR during the forecast period. Factors such as the growing number of therapy
chatbots, increasing adoption of smart devices, rise in venture capital
investments to develop advanced chatbots, availability of technologically
advanced chatbot solutions, presence of a well-developed healthcare IT
infrastructure, and presence of several key market players are driving the
growth of the healthcare chatbots market in North America.
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