| Status : Published | Published On : Jan, 2021 | Report Code : VRICT5137 | Industry : ICT & Media | Available Format :
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Page : 126 |
Global Call Center AI Market – Analysis and Forecast (2023-2030)
Industry 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)
Industry Overview
The Global Call Center AI Market is projected to reach USD 2,996.5 billion by 2030, registering a CAGR of 23.9% 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.
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Market Segmentation
Insight by Component
On the basis of components, the global call center AI market is categorized into solutions and services, wherein the solutions category held a larger share of the market in 2022.
Further, the solutions category is sub-segmented into the 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 2020. The growth of this segment is attributed to the 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, the BFSI category is expected to witness the 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 a decrease in training costs 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, the automatic speech recognition (ASR) category held the largest share of the call center AI market in 2020. The growth of this segment is attributed to the fact that automatic speech recognition helps in creating a more accurate customer database, which in turn, helps companies in forecasting customer behavior and achieving high customer satisfaction.
Call Center AI Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
|
Base Year Considered |
2022 |
|
Forecast Period |
By 2030 |
|
Market Size in 2022 |
$X.XX Billion |
|
Revenue Forecast in 2030 |
$2,996.5 Billion |
|
Growth Rate |
CAGR 23.9% |
|
Segments Covered in the Report |
By Component, By Vertical, By Technology |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
The global call center AI market has been driven by several key factors, predominantly the 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.
Virtual agents: AI-powered virtual agents or chatbots can handle customer inquiries and provide assistance without human intervention. They can handle routine and repetitive tasks, freeing up human agents to focus on more complex issues.
Speech analytics: AI can analyze and interpret customer interactions, including phone calls and chat conversations, to extract valuable insights. This can help call centers to monitor agent performance, identify trends, and improve overall customer satisfaction.
Personalization: AI can analyze customer data to personalize interactions and provide tailored recommendations. This enables call centers to offer more personalized experiences, leading to increased customer satisfaction and loyalty.
Predictive analytics: AI algorithms can analyze historical data to predict customer behavior, such as churn likelihood or purchasing patterns. Call centers can use these insights to proactively address customer needs and offer targeted solutions.
Restraints
Unsupervised learning is hindering the growth of the call center AI market, globally.
Geography Insight
Geographically, North America has accounted for the largest share of the call center AI market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed to the existence of a large number of established players in the U.S., the increasing number of investments related to the adoption of AI, and the 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 the presence of a large number of 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.
Forecast Parameters
- 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.
Data Validation
- 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 the estimation and forecast of market data, whereas the 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.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from 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 consumers are also conducted to understand consumer behavior.
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Source: VynZ Research
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Source: VynZ Research
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Call Center AI Market