Status : Published | Published On : Mar, 2024 | Report Code : VRICT5137 | Industry : ICT & Media | Available Format : | Page : 126 |
The global call center AI market is projected to reach from USD 1.9 Billion in 2023 to USD 4.8 billion by 2030, registering a CAGR of 23.9% during the forecast period.
The growing demand for quality customer services is expected to result in higher adoption of AI-based solutions, which will enhance the services of the call centers. Since it offers higher growth opportunities, several businesses are already using it to offer omni channel platforms for engagement and improve customer relationships and customer service. This will push the market further up in the forecast period.
Over the past couple of years, there have also been significant developments made in the Control Compliance Suite (CCS) bot, quality assurance technologies, and omnichannel solutions. All these results in higher adoption of call center AI.
Apart from that, the market is also growing due to the ever-rising penetration of social media platforms that offer lucrative opportunities to call center AI service providers in the form of call analytics, predictive call routing, emotional intelligence, Interactive Voice Response (IVR), and conversational AI.
All these AI applications are trending in the call center software industry which helps the service providers to interact with call center agents according to their suitability and get appropriate answers to their queries from AI models.
Market Segmentation
Insight by Component
According to the components, the global call center AI market is divided into solutions and services. While the services category is further subdivided into professional and managed services, the solutions category is subdivided into chatbot, IVR, and Intelligent Virtual Assistant (IVA) systems.
Out of the two major categories, the solutions category is expected to grow more during the forecast period than the services segment. Out of it, the chatbot category will hold the larger share of the market and grow significantly due to the rising demand for chatbots in several industries such as telecom, BFSI, media & entertainment, retail & e-commerce during the analysis period.
Insight by Vertical
According to the vertical, the global call center AI market is divided into BFSI, retail and e-commerce, healthcare, telecom, media & entertainment, energy & utilities, oil & gas, government, and more. Out of all these segments, the BFSI category is expected to grow at a faster rate during the forecast period due to the rising demand for omnichannel experience for customers, reduced training costs of BFSI, and enhanced customer satisfaction.
Insight by Technology
According to the technology, the global call center AI market is divided into machine learning, natural language processing, computer vision, automatic speech recognition, video recognition, and more. Out of these, the automatic speech recognition category will hold a larger share of the market due to its ability to create a more precise customer database. This, in turn, helps in forecasting customer behavior by the companies and achieving higher customer satisfaction.
Insight by Deployment
On the basis of deployment, the global call center AI market is divided into on-premises and cloud segments. Out of these two, the on-premises segment will dominate and grow during the analysis period. This is mainly because it allows businesses to customize AI models and implement them. In addition, it also helps in making safety and security practices more efficient when it comes to consumer data. Most importantly, on-premises call center AI solutions are easy to deploy and offer greater control.
Insight by Channel Type
Depending on the channels, the global call center AI market is divided into phone, email, chat, social media, text, and website. Out of these, the phone segment is supposed to dominate during the forecast period due to the use of AI tools that recommend customer service representatives use emotional intelligence during a call. Moreover, IVR technology allows for handling several call center locations.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. 1.9 Billion |
Revenue Forecast in 2030 |
U.S.D. 4.8 Billion |
Growth Rate |
23.9% |
Segments Covered in the Report |
By Component, By Deployment, By Vertical, By Technology, By Channel Type |
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 growth of the global call center AI market is attributed to several factors, such as higher customer engagement through social media platforms, rising data generation through IoT and social media, development of imaging technology, rising demand for value-added customer support services in call centers, and more.
Chatbots or AI-powered virtual agents also contribute to the growth as these can function without needing human intervention, even while doing repetitive or routine tasks. This frees up human agents who can now focus on other tasks.
Speech analytics technology can help call centers interpret and analyze customer interactions through chat or phone and use the insights to track agent performance, identify specific trends, and enhance overall customer satisfaction.
The ability to personalize customer data and analyze them by AI also helps call centers offer customized recommendations. This, in turn, enhances customer experiences, satisfaction, and loyalty.
Predictive analytics is another attribute of AI algorithms that can analyze customer behavior by using historical data regarding their buying patterns. This helps call centers address the needs of customers more proactively and offer customized solutions to targeted customers.
All these attributes of AI drive the growth of the global call center AI market.
Restraints
One of the most significant obstacles to the growth of the global call center AI market is unsupervised learning. However, with growing awareness, this is expected to be handled more effectively during the forecast period.
Geography Insight
North America is the leading region based on the share of the global call center AI market. It will also grow significantly during the forecast period mainly due to higher investments in AI and its adoption by a large number of players in the industry. Also, there is an increased preference by the call centers in this region to automate their work operations which propels its growth.
On the other hand, the Asia-Pacific region is also expected to grow at a higher rate during the forecast period. This is because investments in the IT sector are growing in this region, especially in the developing economies of India and China. Also, there is a large number of call centers operating in these regions which further fuels the growth of the global call center AI market in this 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.
Recent Developments by Key Players
IBM joined hands with Amazon Web Services (AWS) to help more mutual clients operationalize and derive value from generative artificial intelligence (AI). IBM Consulting focus on deepening and expanding its generative AI expertise on AWS. These two organizations shall deliver joint solutions and services upgraded with generative AI capabilities designed to help clients across critical use cases.
Symphony, the markets infrastructure and tech firm, is teaming up with Google, opens new tab to ramp up its voice analytics offering to banks and investment firms, executives told Reuters, as regulators get tough on communications compliance.
Microsoft and Mercy collaborated to empower clinicians to transform patient care with generative AI. This partnership shall give physicians, nurses, advance practice providers more time to care for patients and improve the patient experience.
The Call Center AI Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research
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