Global Healthcare Chatbots Market to reach USD 499 million by 2025. Global Healthcare Chatbots Market valued approximately USD 88.1 million in 2016 is anticipated to grow with a healthy growth rate of more than 21.25% over the forecast period 2018-2025. Increasing Internet connectivity speed and rapidly increasing adaptation of smart device, innovation and various initiatives by the healthcare companies to boost the healthcare chatbots, and increasing demand for virtual assistance, Application Programming Interface (API), mobile platform compatibility, are the major factors driving the growth of the Global Healthcare Chatbots Market.
Furthermore, recent innovations in the field of artificial intelligence and machine learning have improved service quality and added features to the chatbots aiding in the growth of the market. The technological development in the NLP field has smoothened the interactions between computers and human. The chatbot ecosystem has various cross-linking features, for performance enhancement in different applications.
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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries.
According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
For instant customer interaction, most of the companies preferably use in-built chatbots. Slack and Twitter messaging are the most popular form used by majority of businesses. A chatbot refers to an interactive application which utilizes a set of rules and the artificial intelligence for interacting with humans through the textual conversation process, it facilitates assisting users in different sectors.
The regional analysis of Global 360-Degree Camera Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share. Whereas, owing to the countries such as China, Japan, and India, Asia Pacific region is anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component:
§ Software
§ Service
By Deployment Model:
§ Cloud
§ On-Premise
By Application:
§ Symptom Checking & Medication Assistance
§ Appointment Scheduling & Medical Guidance
By End Use:
§ Patients
§ Healthcare Providers
§ Insurance Companies
§ Others
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By Regions:
§ North America
o U.S.
o Canada
§ Europe
o UK
o Germany
§ Asia Pacific
o China
o India
o Japan
§ Latin America
o Brazil
o Mexico
§ Rest of the World
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.”
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