by Chatbots are artificial intelligence-powered virtual assistants that interact with users via text or voice queries about specific topics. They are increasingly being adopted by healthcare organizations due to benefits such as providing round-the-clock medical assistance to patients, streamlining administrative workflows, and analyzing medical records. Healthcare chatbots assist patients with scheduling appointments, answering basic medical questions, providing post-care instructions, and monitoring health vitals. The global chatbot market is estimated to be valued at US$ 6.04 billion in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing adoption of chatbots in the healthcare industry is expected to drive the global chatbot market growth over the forecast period. Chatbots reduce healthcare costs by automating routine tasks and administrative processes such as appointment scheduling and medical record maintenance. They also facilitate 24×7 patient assistance without human intervention, thereby addressing the issues of lack of access to doctors, especially in rural areas. Furthermore, the rising demand for self-help virtual assistants for basic healthcare needs like diet and exercise advice is also fueling the adoption of chatbots worldwide. While chatbots continue gaining popularity across sectors, data privacy and security concerns remain major challenges for their full-scale implementation.
Segment Analysis
The chatbot market is dominated by the service sub segment. Over 60% of chatbot deployments utilize service support through vendors who build and maintain chatbots for enterprises. As chatbots require constant updates, training of new responses and integration with multiple systems, most companies find it more cost effective to rely on external service providers rather than investing in internal teams.
PEST Analysis
Political: Data privacy laws are becoming more stringent across regions. Compliance to regulations around user data collection and storage is a key consideration for chatbot deployments.
Economic: The ongoing trend of cost optimization is driving enterprises to explore chatbots as a way to reduce expensive human support agents. Chatbots can handle basic queries at a lower cost compared to employee support staff.
Social: Mobile-first culture and preferences of the young demographic are propelling the use of conversational interfaces. Chatbots complement how newer users expect to access information through messaging platforms.
Technological: Advancements in AI, natural language processing and machine learning algorithms are improving the conversational abilities of chatbots. This is enhancing their capability to understand complex language and provide more human-like responses.
Key Takeaways
The global Chatbot Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 fueled by expanding application in industries like BFSI, healthcare, e-commerce and travel.
Regional analysis:
North America is projected to be the fastest growing regional market for chatbots through 2030. This can be attributed to ongoing technology focused R&D investments and early adoption by enterprises across sectors in the US and Canada.
Key players:
Jacobs, Atkins, ETA Engineering, WSP and AECOM are the major companies operating in the Global Mechanical Electrical and Plumbing (MEP) Services Market. Jacobs and AECOM have established themselves as leaders by providing end-to-end MEP service capabilities to clients globally. The market is consolidated, with top 5 players holding over 60% of the share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
