|Status : Published||Published On : Nov, 2019||Report Code : VRICT5137||Industry : ICT & Media||Available Format :||Page : 126|
The global call center AI market is projected to reach USD 2,896.5 million by 2024, registering a CAGR of 23.0% during the forecast period. Increasing customer engagement via social media platforms and growing data generation through the Internet of Things (IoT), social media, increase in demand for value-added customer support services in call centers, and advancements in imaging technologies, propelling the growth of the market.
Insight by Component
On the basis of component, the global call center AI market is categorized into solutions and services, wherein solutions category held a larger share in the market in 2018.
Further, solutions category is sub-segmented into chatbot, intelligent virtual assistant (IVA), and intelligent interactive voice response (IVR) system. Of all, the chatbot category held the largest share in the market in 2018. The growth of this segment is attributed towards growing demand for chatbots in various industries such as telecom, media & entertainment, BFSI, retail & e-commerce, and telecom.
The service category is further sub-segmented into professional and managed.
Insight by Vertical
Based on vertical, the call center AI market is segmented into BFSI, retail and e-commerce, healthcare, telecom, media & entertainment, energy & utilities, oil & gas, government, and others. Among these segments, BFSI category is expected to witness fastest growth during the forecast period. The growth of this segment is attributed to the increasing demand for omnichannel experience for customers, enhanced customer satisfaction, and decrease in training cost of banks and financial institutions.
Insight by Technology
Based on 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.
Global call center AI market has been driven by several key factors, predominantly increasing number of call centers, rising focus on customer satisfaction, increase in demand for value added customer support services in call centers, advancements in imaging technologies, and increasing adoption of AI solutions in various industries such as retail, BFSI, healthcare, and telecom for their call center related services.
Unsupervised learning is hindering the growth of the call center AI market, globally.
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. Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to the increasing IT investments in developing countries, such as China and India, and presence of large number of call centers in the region.
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.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
- Understanding adoption, production, export, import and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom up and top down approach has been used for estimation and forecast of market data, whereas top down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research