PUBLISHER: The Business Research Company | PRODUCT CODE: 1392529
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392529
“Call Center AI Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on call center ai market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for call center ai? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The call center ai market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The call center AI refer to software that helps businesses assign virtual agents for customer support engagements using custom-generated voices The purpose of using AI in call centers is to develop the customer experience and relieve human agents of time and energy spent on simple requests. AI can support customer support representatives be more productive and have engaging and personally satisfying conversations.
The main types of call center AI are computer platforms, solutions, and services. A computing platform is an environment in which software is run. It might be the hardware or the operating system (OS), even a web browser and related application programming interfaces, or other underlying software, on which a computer code runs. Call center AI is deployed on cloud and on-premises modes that are used by various industries such as banking, financial services, and insurance (BFSI), retail and e-commerce, telecom, healthcare, media and entertainment, travel and hospitality, and other industries.
The call center AI market research report is one of a series of new reports from The Business Research Company that provides call center ai market statistics, including call center AI industry global market size, regional shares, competitors with a call center AI market share, detailed call center ai market segments, market trends and opportunities, and any further data you may need to thrive in the call center AI industry. This call center AI market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The call center ai market size has grown exponentially in recent years. It will grow from $2. 17 billion in 2023 to $2. 7 billion in 2024 at a compound annual growth rate (CAGR) of 24. 6%. The growth in the historic period can be attributed to customer experience improvement, rise in customer expectations, growing volume of customer interactions, cost efficiency imperative, integration with existing systems. .
The call center ai market size is expected to see exponential growth in the next few years. It will grow to $6. 75 billion in 2028 at a compound annual growth rate (CAGR) of 25. 8%. The growth in the forecast period can be attributed to personalization of customer interactions, enhanced sentiment analysis, focus on accessibility features, evolving customer communication preferences, multi-channel support. . Major trends in the forecast period include increased adoption of virtual assistants and chatbots, conversational ai for natural language processing, voice biometrics for authentication, continuous learning and adaptability, enhanced call analytics and reporting, integration with crm systems. .
Rising demand for AI-based intelligent virtual assistants and chatbots are driving the growth of the call center AI market. AI-based intelligent virtual assistants and chatbots provide enhanced customer support services that offer immense opportunities and better communications to clients. The epidemic of COVID-19 has resulted in an exponential increase in call volumes at customer service centers across geographies and sectors. To give callers first contact resolution, contact centers have implemented automation techniques such as chatbots, artificial intelligence, and natural language processing. They are also mapping experiences and assisting clients in implementing them to reduce calls, emails, and chats. For instance, according to RT insights, a United States forum that provides information on machine learning and big data, conversational AI in the form of chatbots or virtual assistants will be utilized at least once a month by 123 million US adults, or 47% of the population by the end of 2022. Such rising demand for AI-based intelligent virtual assistants and chatbots is accelerating the call center AI market growth.
The increasing demand for enhanced customer experience will propel the growth of the call center AI market going forward. Customer experience refers to the overall perception and satisfaction a customer has when interacting with a company's products, services, and brand throughout their journey. Call center AI is used to customer experience by automating tasks, providing personalized support, and improving efficiency, resulting in faster, more accurate responses and higher satisfaction levels. For instance, in January 2023, according to the Zendesk Customer Experience Trends Report 2022, a US-based provider of software-as-a-service products, 60% of business owners believe that providing good customer service encourages client retention, and 64% believe it has a positive effect on growth. Therefore, the increasing demand for enhanced customer experience will contribute to the growth of the call center AI market.
Technology advancement is a key trend gaining popularity in the call center AI market. Introducing new technologies helps the market grow and provides an enhanced experience to the clients. For instance, in September 2021, Google introduced the beta launch of Dialogflow CX, the latest version of the company's suite for building conversational experiences that includes a set of new abilities for advanced virtual agents. The product is launched and available as a part of Google's Contact Centre AI. Dialogflow CX is a conversation management system that works across a variety of platforms, including mobile, online, smart devices, chatbots, interactive voice response systems, messaging applications, and more. The previous version of the product provided a standard agent as compared to the newer version which provides an advanced agent with paid enhanced features such as extended audio input/output.
Major companies operating in the call center AI market focus on product innovation, such as AI chat services, to enhance customer interactions and optimize operational efficiency. AI chat service refers to the use of artificial intelligence-powered chatbots and virtual agents to engage with customers and provide automated, text-based support. For instance, in January 2023, SoftBank Corp., a Japan-based telecom and IT operator company, launched the AI Chat service for internal use. It is introduced for internal use, so all SoftBank employees can utilize generative AI for their work more proactively and safely in a secure environment. SoftBank employees will be able to fully utilize this AI service in a safe environment so they can perform their existing tasks better and boost their efficiency and productivity by, such as creating documents and making translations.
In July 2021, Nice, an Israel-based technology company, acquired ContactEngine for an undisclosed amount. Through this acquisition, Nice's CXone suite of customer experience solutions includes ContactEngine's contact center AI technologies, and users in field service and call centers can gain from the acquisition of ContactEngine. ContactEngine is a UK-based conversational AI technology that enables brands to proactively engage customers in conversations that fulfill business objectives.
Major companies operating in the in the call center ai market report are: Artificial Solutions International AB, IBM Corporation, Microsoft Corporation Inc., Oracle Corporation,Amazon Web Services Inc.,SAP SE, Google LLC,Avaya Holdings Corp.,NICE Ltd., Nuance Communications Inc.,Zendesk Inc., EdgeVerve Systems Ltd., Pypestream,Avaamo Technologies Pvt. Ltd., Jio Haptik Technologies Ltd.,Amazon Web Services, Genesys Telecommunications Laboratories Inc.,Verint Systems Inc.,Salesforce Inc.,Twilio Inc.,Five9 Inc.,Talkdesk Inc.,Alvaria Inc.,Pegasystems Inc.,Freshworks Inc.,ujet. cx,Sharpen Technologies Inc.,LivePerson Inc.,Inference Solutions Pty Ltd,Ada Support Inc.
North America was the largest region in the call center AI market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the call center ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the call center ai market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The call center AI market includes revenues earned by entities by providing conversational AI and chatbots services, proactive conversational AI, interactive voice response (IVR) knowledge management, self-service analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.