Healthcare Chatbot Market to Reach US$ 967.7 Million by 2027, Globally |CAGR 21.56%|UnivDatos Market Insights
NOIDA, India, March 5, 2021 /PRNewswire/ -- A comprehensive overview of the healthcare chatbot market is recently added by UnivDatos Market Insights to its humongous database. The healthcare chatbot market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the healthcare chatbot market. The healthcare chatbot market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the healthcare chatbot market at the global and regional levels. The Global Healthcare Chatbot Market is expected to grow at a CAGR of 21.56% from 2021-2027 to reach US 967.7 million by 2027.
The chatbot finds its key application in the e-commerce industry. But in the healthcare industry, the use of healthcare chatbots is witnessing astronomical growth. The Chatbots in the healthcare industry are depicted as the software developed with machine learning algorithms that offer an engrossing way to connect or communicate with patients and provide them provide real-time assistance. A few of the key factors which are contributing to the escalating market of health are chatbots are:
(1) A rise in internet penetration and smartphone usage owing to the availability at an affordable price and the surging end-users' awareness about the benefits of the use of chatbots. As per GSMA, around 63% of the global population used the internet in 2020. Also, the number of smartphone users worldwide reached 3.5 billion in 2020 from 2.5 billion in 2016.
(2) Moreover, arise in healthcare spending by the government across countries for the improved infrastructure and the ease of operations for the healthcare service providers and patients is acting as a growth catalyst to the industry. In a study, it was found that health care spending as a share of gross domestic product (GDP) globally, would reach around 10.2 % by 2023 from 3.2% in 2019.
(3) The presence of well-established global and local players such as Baidu, Sensely, Ada Digital Health Ltd, Babylon Health, Tencent, Health Tap, Infermedica, Buoy Health, Your.MD (Healthily) operational in the market payment offering latest technology such as AI-enabled healthcare chatbots solution are contributing to the growing market share. Also, a rise in venture capital funding or seed funding to the startups is proliferating the market growth. For instance: Conversa Health, raised more than US$26 million in funding including US$ 12 million in Series B funding in June 2020. Also, 5 companies Babylon health, Ada health, buoy health, Sensely, Woebot Labs, and Youper grabbed a combined of US$ 769.5 funding till Dec 2019.