Report : South and Central America Healthcare Virtual Assistants Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Speech Recognition, Text-to-Speech, and Voice Recognition) and End User (Providers, Payers, and Others)
Speech Recognition Segment has the Largest Share of Component in the South & Central America Healthcare Virtual Assistants Market during 2021–2028
According to our latest study on “South & Central America Healthcare Virtual Assistants Market Forecast to 2028 – COVID-19 Impact and Analysis – by Component and End User,” the market is projected to reach US$ 307.8 million by 2028 from US$ 45.9 million in 2021; it is expected to grow at a CAGR of 31.2% from 2021 to 2028. The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the growing prevalence of chronic diseases, rising awareness regarding healthcare, and growing demand for social networks and smartphone users. However, security and privacy issues and unaddressed regulatory concerns are expected to hamper the market during the forecast period.
Based on component, the healthcare virtual assistants market is segmented into speech recognition, text-to-speech, and voice recognition. In 2021, the speech recognition segment accounted for the largest share in the healthcare virtual assistants market and is expected to retain its dominance during the forecast years. This attributes to the high-volume demand for integrated speech recognition software across various countries. In addition, increasing implementation of mobile devices also contributes to the growth of the market. Furthermore, medical device manufacturers combined with latest AI technologies constantly focused on the improvement in the quality and innovations in these devices are likely to be responsible for the segment to hold a dominant share in the healthcare virtual assistants during the forecast years.
Nuance Communications, Inc., Amazon.com, Inc., Verient Systems, Inc, Microsoft Corporation, eGain Corporation, Infermedica, CSS Corp, Kognito, and Babylon are among the leading companies in the South & Central America healthcare virtual assistants market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The market for healthcare virtual assistants market is segmented into component and end user. Based on component, the South & Central America healthcare virtual assistants market is segmented into speech recognition, text-to-speech, and voice recognition. Based on end user, the healthcare virtual assistants market is segmented into providers, payers, and others. Geographically, the healthcare virtual assistants market is segmented into South & Central America (Brazil, Argentina, Rest of South & Central America).
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