NEW YORK, Nov. 20, 2019 (GLOBE NEWSWIRE) -- The global call center AI market is expected to grow at a CAGR of 23.0% during the forecast period with its market size predicted to reach USD 2,896.5 million by 2024. Globally, call center AI industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, in April 2019, Regions Financial Corporation partnered with International Business Machines Corporation to deploy AI solutions in its contact centers in order to enhance customer service experience and help bankers in their daily routine operations.
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Automatic speech recognition (ASR) category held largest share in the call center AI market in 2018
On the basis of technology, the call center AI market is segmented into natural language processing, machine learning, automatic speech recognition, computer vision, video recognition, and others. Of all, automatic speech recognition (ASR) category held the largest share in the call center AI market in 2018. The growth of this segment is attributed to the fact that automatic speech recognition helps in creating more accurate customer database, which in turn, helps the companies in forecasting customer behavior and achieving high customer satisfaction.
Based on deployment, the call center AI market is categorized into cloud-based and on-premises. Of all, cloud-based category held the larger share in the call center AI market in 2018.
Explore key industry insights in 88 tables and 50 figures from the 126 pages of report, “Global Call Center AI Market Analysis and Forecast to 2024 - Insights by Component (Solutions [Chatbot, Intelligent Virtual Assistant (IVA), Intelligent Interactive Voice Response (IVR) system], Services [Professional, Managed]), by Deployment (On-Premises, Cloud), by Vertical (BFSI, Retail and E-Commerce, Healthcare, Telecom, Media & Entertainment, Energy & Utilities, Oil & Gas, Government, Others), by Technology (Natural Language Processing, Machine Learning, Automatic Speech Recognition, Computer Vision, Video Recognition, Others)”
Geography Insight
Geographically, North America has accounted for the largest share in call center AI market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of established players in the U.S., increasing number of investments related to adoption of AI, and increasing preference for automated work operations in call centers in the region.
Competitive Insight
Some of the key players operating in the global call center AI market are Amazon Web Services Inc., Microsoft Corporation, Google LLC, International Business Machines Corporation, Oracle Corporation, Cogito Corporation, SmartAction LLC, Five9 Inc., Avaya Inc., NICE inContact, Talkdesk Inc., Zendesk Inc., Nuance Communications Inc., Haptik Inc., and SAP SE.
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Key Takeaway from the Report
- Among all the components, solutions category held larger share in the market in 2018. However, service category is expected to witness the faster growth during the forecast period.
- Of all the vertical, BFSI category is expected to witness the faster growth during the forecast period.
- Of all, cloud-based category held the larger share in the call center AI market in 2018.
- Among all the technologies, the automatic speech recognition (ASR) category held the largest share in the call center AI market in 2018.
The Report Offers:
- Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
- Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
- Market insights by in-depth segmentation with industry dynamics.
- Competitive analysis and benchmarking of the industry leaders and their product offerings
- Profiles of leading players and innovators, their financial overview and product portfolio
- Analysis of key industry trends and recent developments
- Value chain analysis and distribution channel analysis with opportunity assessment
- Market share analysis of major players
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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Million). The report segments the global call center AI market on the basis of component, deployment, vertical, technology, and region.
Global Call Center AI Market Coverage
Component Insight and Forecast 2014-2024
- Solutions
- Chatbot
- Intelligent Virtual Assistant (IVA)
- Intelligent Interactive Voice Response (IVR) System
- Services
- Professional
- Managed
Deployment Insight and Forecast 2014-2024
- On-Premises
- Cloud-Based
Vertical Insight and Forecast 2014-2024
- Banking, Financial Services, and Insurance (BFSI)
- Retail and E-commerce
- Healthcare
- Telecom
- Media and Entertainment
- Energy & Utilities
- Oil & Gas
- Government
- Others
Technology Insight and Forecast 2014-2024
- Natural Language Processing
- Machine Learning
- Automatic Speech Recognition
- Computer Vision
- Video Recognition
- Others
Geographical Segmentation
Call Center AI Market by Region
North America
- By Component
- By Deployment
- By Vertical
- By Technology
- By Country – U.S., Canada, and Mexico
Europe
- By Component
- By Deployment
- By Vertical
- By Technology
- By Country – Germany, U.K., France, Italy, Russia, and Rest of Europe
Asia-Pacific (APAC)
- By Component
- By Deployment
- By Vertical
- By Technology
- By Country – China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific
Rest of the World (RoW)
- By Component
- By Deployment
- By Vertical
- By Technology
- By Country – Brazil, Saudi Arabia, South Africa, U.A.E., Turkey, and Other Countries
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