Frost Radar™: Enterprise Conversational AI in Healthcare, 2024
Published on: 05-Dec-2024 | SKU: HC_2024_1164

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This Frost Radar™ benchmarks the companies and their solutions that allow healthcare payers and providers to create next-generation virtual assistants. Conversational AI is primarily used to streamline patient and provider processes and interactions across the care continuum—the pre-care, at-care, and post-care phases. Conversational AI solutions are a growing opportunity for healthcare organizations to improve clinician efficiency, operational and administrative efficiency, healthcare quality and outcomes, and patient and clinical worker satisfaction.

Healthcare consumerism trends will continue pushing payers and providers to implement solutions that improve patient satisfaction, which will bring them to voice AI solutions. During the next few years, providers will increasingly integrate conversational AI into their digital front door, amplifying the positive impact of data sharing. A key solution in the market must help payers and providers improve clinical and operational efficiency while increasing patient engagement and participation.

For this Frost Radar™ analysis, the market has been segmented into chatbots and voice. Chatbots include clinically intelligent and true AI chatbots that assist payers, providers, or patients in their interaction with the healthcare system. The voice segment includes automatic speech recognition with post-meeting human and natural language processing transcription and ambient real-time transcription.

Frost & Sullivan analyzes numerous companies in an industry. Those selected for further analysis based on their leadership or other distinctions are benchmarked across 10 Growth and Innovation criteria to reveal their position on the Frost Radar™. The publication presents competitive profiles of each company on the Frost Radar™ considering their strengths and the opportunities that best fit those strengths.

Strategic Imperative

Strategic Imperative (continued)

Growth Environment

Growth Environment (continued)

Frost Radar™: Enterprise Conversational AI in Healthcare

Frost Radar™ Competitive Environment

Frost Radar™ Competitive Environment (continued)

Abridge

Abridge (continued)

Abridge (continued)

Abridge (continued)

Amazon Web Services

Amazon Web Services (continued)

Amazon Web Services (continued)

Augmedix

Augmedix (continued)

Augmedix (continued)

Augmedix (continued)

Fabric

Fabric (continued)

Fabric (continued)

Fabric (continued)

Fabric (continued)

Fabric (continued)

Hyro

Hyro (continued)

Hyro (continued)

Hyro (continued)

Hyro (continued)

Innovaccer

Innovaccer (continued)

Innovaccer (continued)

Innovaccer (continued)

Kore.ai

Kore.ai (continued)

Kore.ai (continued)

Kore.ai (continued)

Kore.ai (continued)

Luma Health

Luma Health (continued)

Luma Health (continued)

Luma Health (continued)

Luma Health (continued)

Microsoft

Microsoft (continued)

Microsoft (continued)

Microsoft (continued)

Microsoft (continued)

Nabla Technologies

Nabla Technologies (continued)

Nabla Technologies (continued)

Nabla Technologies (continued)

Salesforce

Salesforce (continued)

Salesforce (continued)

Salesforce (continued)

Solventum

Solventum (continued)

Solventum (continued)

Solventum (continued)

SoundHound AI (Amelia Conversational AIPlatform)

SoundHound AI (Amelia Conversational AI Platform)(continued)

SoundHound AI (Amelia Conversational AI Platform)(continued)

SoundHound AI (Amelia Conversational AI Platform)(continued)

Suki AI

Suki AI (continued)

Suki AI (continued)

Suki AI (continued)

Suki AI (continued)

Best Practices

Growth Opportunities

Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform

Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform (continued)

Significance of Being on the Frost Radar™

Frost Radar™ Empowers the CEO’s Growth Team

Frost Radar™ Empowers Investors

Frost Radar™ Empowers Customers

Frost Radar™ Empowers the Board of Directors

Next Steps

Legal Disclaimer

Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform

Growth Index

Growth Index (GI) is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective market, competitor, and end-user focused sales and marketing strategies.

  • Market Share (previous 3 years)
    This is a comparison of a company’s market share relative to its competitors in a given market space for the previous 3 years.
  • Revenue Growth (previous 3 years)
    This is a look at a company’s revenue growth rate for the previous 3 years in the market/industry/category that forms the context for the given Frost Radar™.
  • Growth Pipeline
    This is an evaluation of the strength and leverage of a company’s growth pipeline system to continuously capture, analyze, and prioritize its universe of growth opportunities.
  • Vision and Strategy
    This is an assessment of how well a company’s growth strategy is aligned with its vision. Are the investments that a company is making in new products and markets consistent with the stated vision?
  • Sales and Marketing
    This is a measure of the effectiveness of a company’s sales and marketing efforts in helping it drive demand and achieve its growth objectives.

Innovation Index

Innovation Index (II) is a measure of a company’s ability to develop products/ services/ solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, are able to evolve and expand to serve multiple markets and are aligned to customers’ changing needs.

  • INNOVATION SCALABILITY
    This determines whether an organization’s innovations are globally scalable and applicable in both developing and mature markets, and also in adjacent and non-adjacent industry verticals.
  • RESEARCH AND DEVELOPMENT
    This is a measure of the efficacy of a company’s R&D strategy, as determined by the size of its R&D investment and how it feeds the innovation pipeline.
  • PRODUCT PORTFOLIO
    This is a measure of a company’s product portfolio, focusing on the relative contribution of new products to its annual revenue.
  • MEGATRENDS LEVERAGE
    This is an assessment of a company’s proactive leverage of evolving, long-term opportunities and new business models, as the foundation of its innovation pipeline.
  • CUSTOMER ALIGNMENT
    This evaluates the applicability of a company’s products/services/solutions to current and potential customers, as well as how its innovation strategy is influenced by evolving customer needs.

Significance of Being on the Frost Radar™

Companies plotted on the Frost RadarTM are the leaders in the industry for growth, innovation, or both. They are instrumental in advancing the industry into the future.

  • GROWTH POTENTIAL
    Your organization has significant future growth potential, which makes it a Company to Action.
  • BEST PRACTICES
    Your organization is well positioned to shape Growth Pipeline™ best practices in your industry.
  • COMPETITIVE INTENSITY
    Your organization is one of the key drivers of competitive intensity in the growth environment.
  • CUSTOMER VALUE
    Your organization has demonstrated the ability to significantly enhance its customer value proposition.
  • PARTNER POTENTIAL
    Your organization is top of mind for customers, investors, value chain partners, and future talent as a significant value provider.

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This Frost Radar™ benchmarks the companies and their solutions that allow healthcare payers and providers to create next-generation virtual assistants. Conversational AI is primarily used to streamline patient and provider processes and interactions across the care continuum—the pre-care, at-care, and post-care phases. Conversational AI solutions are a growing opportunity for healthcare organizations to improve clinician efficiency, operational and administrative efficiency, healthcare quality and outcomes, and patient and clinical worker satisfaction. Healthcare consumerism trends will continue pushing payers and providers to implement solutions that improve patient satisfaction, which will bring them to voice AI solutions. During the next few years, providers will increasingly integrate conversational AI into their digital front door, amplifying the positive impact of data sharing. A key solution in the market must help payers and providers improve clinical and operational efficiency while increasing patient engagement and participation. For this Frost Radar™ analysis, the market has been segmented into chatbots and voice. Chatbots include clinically intelligent and true AI chatbots that assist payers, providers, or patients in their interaction with the healthcare system. The voice segment includes automatic speech recognition with post-meeting human and natural language processing transcription and ambient real-time transcription. Frost & Sullivan analyzes numerous companies in an industry. Those selected for further analysis based on their leadership or other distinctions are benchmarked across 10 Growth and Innovation criteria to reveal their position on the Frost Radar™. The publication presents competitive profiles of each company on the Frost Radar™ considering their strengths and the opportunities that best fit those strengths.
More Information
Deliverable Type Frost Radar
Author Nitin Manocha
Industries Healthcare
No Index No
Is Prebook No
Keyword 1 digital health
Keyword 2 Conversational AI
Keyword 3 AI in healthcare
Podcast No
WIP Number KAF7-01-00-00-00

Frost Radar™: Enterprise Conversational AI in Healthcare, 2024

HealthcareFrost Radar™: Enterprise Conversational AI in Healthcare, 2024

A Benchmarking System to Spark Companies to Action - Innovation that Fuels New Deal Flow and Growth Pipelines

RELEASE DATE
05-Dec-2024
REGION
Global
Deliverable Type
Frost Radar
Research Code: KAF7-01-00-00-00
SKU: HC_2024_1164
AvailableYesPDF Download
$4,950.00
In stock
SKU
HC_2024_1164