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Presence of Numerous Call Centers Driving Call Center Artificial Intelligence Market

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Presence of Numerous Call Centers Driving Call Center Artificial Intelligence Market

January 21
11:54 2020
The global call center artificial intelligence (AI) market reached a value of $914.5 million and is expected to generate $2,990.1million in 2024, witnessing a 22.6% CAGR during the forecast period 2019-2024

In 2018, the global call center artificial intelligence market reached a value of $914.5 million and is expected to generate $2,990.1 million in 2024, witnessing a 22.6% CAGR during the forecast period (2019–2024). The market is growing due to the presence of large number of call centers, utilization of AI for enhanced customer support services, and timely assistance facilitated by AI. The deployment of various AI solutions, such as automatic speech recognition, natural language processing, and machine learning, for call centers is referred to as call center AI.

When component is taken into consideration, the call center AI market is bifurcated into services and solutions. Among these, the larger share of the market was held the solutions category in 2018. The category is further classified into intelligent interactive voice response (IVR) system, chatbot, and intelligent virtual assistance (IVA). The chatbot classification accounted for a significant share of the market in 2018. This was due to the high requirement for chatbots in several industries, for reducing training cost of agents, personalizing experience for the customers, improving customer service, and resolving customer queries quickly.

A primary trend in the call center AI market is the growing adoption of AI-enabled chatbots. Chatbots make use of AI and machine learning in order to resolve customer queries. They utilize existing information such as organization’s knowledge base and frequently asked questions for offering improved customer service. The deployment of chatbots cuts down the waiting time for customers significantly, since their response time is extremely fast. Furthermore, chatbots can provide assistance to multiple customers at a time as opposed to a human agent.  

On the basis of industry, the call center AI market is categorized into media & entertainment, healthcare, banking, financial services, and insurance (BFSI), telecom, retail & e-commerce, and others (which include automotive, education, energy & utilities, government, and oil & gas). Out of these, the BFSI category is expected to grow at the fastest pace during the forecast period because of the rising demand for omnichannel experience for customers, reduction in the cost of financial institutions and banks, and increased customer satisfaction.

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A major driving factor of the call center AI market is the presence of numerous call centers. This growth in the number of call centers has occurred due to the advancements in the automated dialing systems, strong emphasis on customer problem resolution, and swift growth in internet connectivity. The deployment of AI solutions in call centers would enable cost-effectiveness, since the deployment will be a one-time investment and will be able to provide problem resolution for multiple customers at a time; this is further predicted to enhance the customer experience.

Moreover, the utilization of AI for enhanced customer support services is itself a key driving factor of the call center AI market. Through the implementation of IVA and chatbots, AI solutions help the call centers in improving customer support. These technologies allow the automation of responses for most basic questions, analyzing of voice recordings for finding requirements of customers in detail, and detection of stress and emotion, which will result in enhanced customer satisfaction. Due to these factors, various industries are adopting AI solutions for their call center related services.

Hence, the market is growing due to the presence of numerous call centers and use of AI for improved customer support services.

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