Global Call Center AI Market Size By Product (Cloud-Based, On-Premise), By Application (BFSI, Retail And E-commerce, Telecommunications), By Geographic Scope And Forecast

Call Center AI Market Size And Forecast

Call Center AI Market size was valued at USD 1.35 Billion in 2021 and is projected to reach USD 8.11 Billion by 2030, growing at a CAGR of 26.62% from 2022 to 2030.

Customer interaction through social media platforms and greater data are two significant factors propelling the Call Center AI Market forward. The Global Call Center AI Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Call Center AI Market Definition

Call center artificial intelligence (AI) isn’t a new concept. Nonetheless, AI call center technology’s rapid advancement is a trend that will continue to alter the sector. Over the last two years, the COVID-19 epidemic has had a significant influence on business, causing many call centers to adjust and transition to a virtual call center model. But the virtual model isn’t the only thing that’s changed the industry. The pandemic has aided the evolution of artificial intelligence in call centers.

The financial services industry (BFSI) is at the forefront of implementing AI-enabled solutions. Due to the highest adoption of AI call center platforms and solutions when compared to any other industry, the vertical is likely to lead the market for AI in call center applications throughout the forecast period. The BFSI vertical is a pioneer in the usage of AI-enabled smart chatbots, transforming the consumer experience. These chatbots interact with customers to provide an interface for automating a variety of back-end processes. AI solutions for call centers enable BFSI institutions to engage with consumers and improve their experience while also seamlessly minimizing customer turnover.

By using these technologies, BFSI firms have been able to reduce call center operational expenses while also allowing tech-savvy clients to talk at their leisure. According to a recent poll by Econsultancy, more than 80% of clients prefer live chat to the telephonic discussion. The market for AI in call center applications is still in its infancy. The development of new AI solutions that can aid in optimization, automation, and prediction could be a major driver of industry adoption and penetration.

Other significant factors influencing the growth of the Call Center AI Market applications include organizations’ increasing use of AI in pursuit of enhanced customer support service offerings, the increasing role of social media for customer engagement, and the exponential growth of data through the Internet of Things (IoT), social media, while factors such as a shortage of skilled labor and unsupervised learning are expected to stymie market growth.

Global Call Center AI Market Overview

Organizations are now embracing AI in their customer service function, shifting their focus from offering customer support services via email or SMS to AI-powered chatbots that help enhance customer experience and engagement, thanks to recent advancements in AI technology. Chatbots and Intelligent Virtual Assistants (IVAs), for example, can engage prospects with coupons or savings opportunities, allowing human sales professionals to add that all-important personal touch to complete the deal.

Similarly, AI may provide call center operators with extensive historical data and insights about a consumer, allowing them to provide valuable cross-selling and up-selling opportunities. Order placement, balance inquiries, general queries, technical assistance, and other customer services can all be automated with AI-enabled chatbots and virtual agents. However, because self-training of autonomous virtual agents through complicated data and unsupervised learning algorithms is a highly challenging operation, unsupervised self-learning of chatbots is a key stumbling block to the adoption of call center AI solutions.

Furthermore, a call center AI provider enables businesses to leverage AI to augment and improve their contact centers without requiring extensive AI knowledge. Firms and organizations are investing heavily in AI and machine learning technologies to improve user experience and remain competitive in an ever-changing market environment. Bots, predictive and prescriptive models, speech recognition, search engine optimization, image identification, and text recognition are just a few of the sectors where AI-enabled solutions have seen widespread adoption.

Furthermore, call centers in a variety of industries, including BFSI, IT & telecom, healthcare, and retail, leverage advanced AI and ML technologies to forecast outcomes and automate subsequent operations. If a telecom customer service representative is unable to handle a client’s query about technical network concerns, the chat AI can identify the issue as one that requires a dedicated support channel and route the consumer there.

Global Call Center AI MarketSegmentation Analysis

The Global Call Center AI Market is Segmented on the basis of Product, Application, And Geography.

Call Center AI Market, By Product

• Cloud-Based• On-Premise

When we look at how call center AI is deployed, it breaks down into two main typesCloud-Based and On-Premise. Right now, the Cloud segment is leading the pack and we expect that to continue. Think about it – cloud technology is just easier to get up and running, and it doesn't cost as much upfront. That makes going with a cloud setup a no-brainer for many. As the need for solutions that are scalable, simple to use, and budget-friendly grows, the cloud-based call center AI market is set to boom. In fact, call center AI solutions are really pushing the expansion of the cloud segment forward. Plus, these cloud-based call center AI tools help companies boost how much their employees get done while cutting down on operational expenses (OPEX). So, yeah, cloud-based deployment is definitely going to keep getting more popular.

Call Center AI Market, By Application

• BFSI• Retail and E-commerce• Telecommunications• Health Care• Media and Entertainment

Based on Application, The market is segmented into BFSI, Retail and E-commerce, Telecommunications, Health Care, and Media and Entertainment. The Health care segment accounted for the highest market share during the forecast period and it is expected to continue during the projected period. because there is a growing demand for automated voice broadcasts, text messaging, and email communications to help authorities to contact citizens during emergencies Patients can be notified about their prescription plan, have their concerns addressed, receive diagnosis reports, be educated about diseases, be motivated to exercise, and have their user experience personalized.

Call Center AI Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

When we look at where in the world AI is being used in call centers, it breaks down into North America, Europe, Asia Pacific, and the rest of the globe. Interestingly, North America has really taken the lead here and is expected to stay on top for the foreseeable future. Why? Well, businesses there are really feeling the pressure to make the most of their data and get real value from it. Call center AI is proving to be incredibly useful across all sorts of companies and industries in North America. Plus, with everyone using smartphones and contact centers getting more tech-savvy, it’s no wonder adoption is booming there!

Key Players

The “Global Call Center AI Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as IBM (US), Google (US), Microsoft (US), Oracle (US), SAP (Germany), AWS (US), Nuance Communications (US), Avaya (US), Haptik (India), Artificial Solutions (Spain), Zendesk (US), Conversica (US), Rulai (US), Inbenta Technologies (US), Kore.ai (US), EdgeVerve Systems (Infosys) (India), Pypestream (US), Avaamo (US), Talkdesk (US), NICE inContact (US), and Creative Virtual (UK).

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In March 2022, Avaya and Alcatel-Lucent formed a strategic agreement to expand the availability of Avaya’s OneCloud CCaaS composable solutions to Alcatel-worldwide Lucent’s client base while also making Avaya’s digital networking solutions available globally.

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We dig into the market using both qualitative and quantitative analysis, diving deep with segmentation that considers not just the money but also other important things. We'll give you the market value (in USD Billion) for every part of the market, big and small. You'll see which region and segment we think will grow the fastest and be the biggest. We'll break down each region, showing you where the product/service is used most and what's influencing the market there. Plus, we'll cover the competitive landscape, including the ranking of the big players, their new stuff, partnerships, expansions, and acquisitions from the last five years. We'll give you extensive company profiles – a look at the company, our insights, how their products compare, and their strengths and weaknesses (SWOT). We'll share our take on the current and future market outlook, considering the latest happenings, opportunities, what's driving growth, and what's holding things back in both new and established areas. Expect a thorough analysis using Porter's five forces to really understand the market. We'll also give you insight through the Value Chain. Finally, we'll show you the market dynamics, including where we see growth opportunities down the road. And don't forget – you get 6 months of analyst support after the sale!

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