Chicago, Oct. 28, 2022 (GLOBE NEWSWIRE) -- Call Center AI Market size to grow from USD 1.6 billion in 2022 to USD 4.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 21.3% during the forecast period according to a new report by MarketsandMarkets™. The major factors driving the growth of the Call Center AI Market are the rising development in customer engagement through social media platforms and the advent of AI and Ml technologies by organizations to offer enhanced customer support services. However, unsupervised self-learning of chatbots poses a major restraining factor for the adoption of call center AI in the market.
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Browse in-depth TOC on "Call Center AI Market”
337 – Tables
67 – Figures
307 – Pages
Scope of the Report
| Report Metrics | Details |
| Market size available for years | 2016–2027 |
| Base year considered | 2021 |
| Forecast period | 2022-2027 |
| Forecast units | USD Million |
| Market Value in 2022 | USD 1.6 billion |
| Forecast Value in 2027 | USD 4.1 billion |
| Segments covered | Component (solutions and services), mode of channel, application, deployment mode, organization size, vertical, and region. |
| Regions covered | North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
| Companies covered | IBM (US), Microsoft (US), Oracle (US), AWS (US), SAP (Germany), Google (US), Avaya (US), NICE (Israel), Nuance Communications (US), Genesys (US), 8x8 (US), Artificial Solutions (Sweden), Zendesk (US), Five9 (US), RingCentral (US), Talkdesk (US), Dialpad (US), Twilio (US), Kore.ai (US), Inbenta (US), Creative Virtual (UK), Haptik (India), Rulai (US), Pypestream (US), Avaamo (US), Senseforth.ai (US), Observe.AI (US), Yellow.ai (US), Ultimate.ai (Germany), and Cognigy (Germany). |
Advancements in AI and ML-based technologies to facilitate real-time actionable customer insights and integration of gesture recognition with AI-based chatbots and IVAs to offer opportunities for the growth of Call Center AI Market in upcoming years. Organizations across the globe are dedicatedly investing in AI and ML technologies to improve user experience and stay competitive in the ever-changing market environment. AI-enabled solutions have witnessed wide-scale adoption across various applications, such as bots, predictive and prescriptive models, speech recognition, search engine optimization, image recognition, and text recognition. Furthermore, advanced AI and ML applications are used by call centers across various sectors, such as BFSI, IT & telecom, healthcare & life sciences, and retail & eCommerce, to predict the outcomes and automatically take care of further processes. However, the major challenges for the adoption of call center AI solutions are data privacy and security concerns, lack of skilled employees, preference for an online chat over chatbots, and slow digitalization across emerging economies.
The Call Center AI Market is segmented based on components, which include solutions and services. The AI solutions help in improving the agent performance and use IVR software for a better experience. The software became a key call center tool because it helps route incoming calls to agents who have the right skills to solve the customers’ problems. For instance, AWS provides Amazon Connect, which provides superior customer service at a lower cost with an easy-to-use omnichannel cloud contact center. Organizations are using these solutions to achieve better customer engagements and address critical contact center needs related to the management of agent performance and inbound and outbound operations, such as customer query resolution, selling and prospecting, and information delivery and customer communication management. These AI-based solutions can also be customized according to the business requirements.
The Call Center AI Market, Based on organization sizes, the Call Center AI Market is segmented into SMEs and large enterprises. Currently, the market share of large enterprises is larger; however, the market for SMEs is expected to increase at a higher CAGR during the forecast period. The organization size is identified based on the number of employees working in the organization as per global standards given below: SMEs: Less than 1,000 employees Large Enterprises: More than 1,000 employees To automate various contact center processes, including the management of customer interactions and agent performance, routing of customer requests, inquiries and feedback, and analysis and reporting of contact center performance, organizations deploy contact center solutions. This, in turn, has led to the increased adoption of call center AI solutions among large enterprises and SMEs working across verticals. The large enterprises segment is expected to hold a larger market size during the forecast period, owing to high affordability and the presence of a huge customer base and resources. Both SMEs and large enterprises face the same challenges while managing the performance of call centers; therefore, the demand for call center AI solutions is on the rise.
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The Call Center AI Market by mode of channel can be segmented into the phone, social media, chat, email or text, and website. It is important to offer customers as many contact channels as possible to manage the business effectively. While deploying different communication channels, helps users get insights into how customers interact with the company. It will help reduce the call center wait times and improve overall customer satisfaction. This will lead to customer retention, increasing up-selling, and cross-selling as these are the three highest-ranked priorities in terms of customer management. Customers prefer to contact call centers through several channels. This channel provides customers anonymity if they do not want to provide personal details right at the start of a conversation. It can be embedded within a website or mobile app. The online live chat is the most preferred mode of channel for customer service interactions, followed by phone, email, and in-person customer service.
The Call Center AI Market comprises two major deployment modes: on-premises and cloud. The decision with respect to deploying call center AI solutions on-premises or in the cloud depends on an organization’s structure, such as its size, the number of employees, and most importantly, its financial capabilities. Both deployment types have certain advantages and disadvantages, based on which organizations select the one that suits their needs. The majority of call center AI solutions are being deployed in the cloud as it offers advantages, such as pay-per-use and low installation and maintenance costs. This deployment model is expected to show high growth soon. However, data privacy and security concerns drive the on-premises deployment, especially by large enterprises.
The Call Center AI Market, based on application, has been segmented into workforce optimization, predictive call routing, journey orchestration, agent performance management, sentiment analysis, appointment scheduling, and other applications (task management, lead generation, compliance tracking, inventory & order management). These applications are used to address critical call center needs related to the management of agent performance, and inbound and outbound operations such as customer query resolution, selling and prospecting, and information delivery and customer communication management. Call centers have long used cutting-edge technology, from call routing systems that sent consumers to the first available agents to interactive voice response (IVR) systems that helped millions of customers to interact. Call centers are one of the most demanding environments for artificial intelligence because they need to handle a high volume of requests while adhering to strict rules. Artificial intelligence call center technologies impact customer services as they help customer support agents to work more productively; it has helped in engaging conversations and has reduced the time spent on simple interactions. AI is used with other technologies such as machine learning, deep learning, and natural language comprehension to break down communication barriers and automate customer interactions. Call center AI uses conversational chatbots and product recommendations based on customer behavior that help in business processes. Artificial intelligence call center technologies are utilized to provide complete statistics on call times, first resolution, and other information. AI-powered tools have highlighted the trends and have access to consumer data that has helped businesses to have access to consumers’ experiences; whether positive or negative
The Call Center AI Market based on verticals has been segmented into BFSI, healthcare & life Science, retail & E-commerce, travel & hospitality, media & entertainment, IT & telecom, transportation & logistics, and other verticals (government, education, manufacturing, and automotive). AI helps enterprises in enhancing the customer experience, improving customer service, reducing operational costs, and gaining customer insights. Vendors in the Call Center AI Market customize their solution offerings and services to make their offerings more flexible and scalable. Call center solutions also enable organizations to automate call routing, benchmark performance, train and coach their call center staff, and control customer churn. Various industries use call center solutions to execute their contact center strategies. Across various verticals, AI is used in call centers to provide in-depth analytics on-call times, first resolution, and more. These technologies can spot trends and have access to customer data that will provide insights on whether customers have a positive or negative experience.
The geographic analysis of the Call Center AI Market covers the segmentation of the market across five major regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The developed regions have started adopting AI in call centers, whereas the developing regions are gradually leveraging AI technology to enhance the call center services delivery. A difference also lies in spending; awareness; and other macro and micro-regional factors, such as economic factors, political stability, government spending, supporting infrastructure, and awareness. North America is estimated to hold the largest market share during the forecast period, owing to the early adoption of AI technology complemented by the presence of many players across different regions. The Asia Pacific region is expected to have the highest growth rate during the forecast period. Asia Pacific consists of emerging economies, such as China and India, where call center AI solutions are being deployed at a large scale due to the presence of a lot of data centers and a high density of BPO operations. Europe is the second largest, in terms of market size, during the forecast period. The growing demand to reduce enterprise workloads regarding customer engagement and retention is the key factor driving the adoption of call center AI solutions in Europe. Latin America and Middle East & Africa offer huge potential for the Call Center AI Market due to service industries' increasing cloud adoption and digital initiatives.
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Market Players
Key players offering Call Center AI Market are IBM (US), Microsoft (US), Oracle (US), AWS (US), SAP (Germany), Google (US), Avaya (US), NICE (Israel), Nuance Communications (US), Genesys (US), 8x8 (US), Artificial Solutions (Sweden), Zendesk (US), Five9 (US), RingCentral (US), Talkdesk (US), Dialpad (US), Twilio (US), Kore.ai (US), Inbenta (US), Creative Virtual (UK), Haptik (India), Rulai (US), Pypestream (US), Avaamo (US), Senseforth.ai (US), Observe.AI (US), Yellow.ai (US), Ultimate.ai (Germany), and Cognigy (Germany).
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