Call Center AI Market Size to Reach USD 9,949.61 Million by 2030 at CAGR 26.3% - Valuates Reports
BANGALORE, India, Jan. 17, 2022 /PRNewswire/ -- The Call Center AI Market is Segmented by Component, (Compute Platforms, Solution, and Service), Deployment (On-Premise and Cloud), and Industry Vertical (BFSI, Retail and E-Commerce, Telecom, Healthcare, Media and Entertainment, Travel and Hospitality, and Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2030.
The global call center AI market was valued at USD 959.80 Million in 2020 and is projected to reach USD 9,949.61 Million by 2030, registering a Compound Annual Growth Rate (CAGR) of 26.3%.
Major Factors Driving The Growth Of The Call Center AI Market Are:
For companies that primarily provide call center services, the use of AI and AI-based software at call centers provides a significant financial advantage. It also saves you money on the high costs of setting up and running a traditional call center. There will be no need for an office, office equipment, a network, system installations, or staffing. This factor is expected to drive the growth of the call center AI market.
Furthermore, one of the benefits of using Artificial Intelligence in call centers is the ability to solve customer problems. By scanning customer complaints from databases faster than traditional systems, predictive and analytical AI software can deliver faster solutions and results. This feature is expected to drive the growth of the call center AI market even further.
The COVID-19 outbreak has had little impact on the growth of the call center AI market, as call center software adoption has increased under unusual circumstances. Furthermore, the ongoing trend of work from home (WFH) during the pandemic has fueled the adoption of call center AI to ensure business continuity.
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Trends Influencing The Growth Of The Call Center AI Market
The growing demand for improved customer experiences is expected to drive the growth of the Call Center AI market. Because of the increasing speed and connectivity of the Internet, we have come to expect everything to be 'instant.' Customers expect interactions to be simpler and faster. As a result, businesses must ensure high availability in order to provide support. Call Center AI can be of great assistance. They have intelligent conversations 24 hours a day, seven days a week. Call Center AI can assist customers without regard to time constraints.
Furthermore, by using Call Center AI to provide customer support, costs can be reduced. This feature is expected to drive the growth of the call center AI market. AI can automate workflows, attend to more customers in less time, free up resources, generate more leads, and convert them into sales. The AI in call centers will never be overburdened. This means that their functionality can be scaled to meet the needs of a growing customer base as well as increasing query complexity. They can easily address multiple customers and a variety of their concerns.
Cloud-based infrastructure makes call centers extremely scalable, and organizations can save operating costs while monitoring revenue growth by adopting enterprise cloud solutions for call centers. Cloud-based call centers improve performance, channel support, and engagement. As a result, reporting and analytics in call center AI assist in supporting a changing customer base. Call center AI solutions are being deployed in the cloud because it provides advantages such as lower cost of setup and support, greater adaptability, ongoing data availability, and improved business effectiveness over on-premise arrangements.
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Call Center AI Market Share Analysis
The call center AI industry is dominated by North America. The continued growth in call center solutions expenditure across the United States and Canada, as well as the widespread adoption of call center, AI solutions in industries such as BFSI, healthcare, retail, and government to provide excellent customer service, are driving market growth in this region. During the forecast period, Asia-Pacific is expected to grow at the fastest rate.
Based on deployment, the cloud segment is expected to hold the largest market share during the forecast period. This is due to the growing popularity of interactive voice response (IVR) solutions for quick resolution of queries over phone calls Customers can use software to resolve product-related issues without relying on customer service representatives. Furthermore, the increased integration of new systems with existing ones at the workplace, as well as the rapid increase in demand for the implementation of new contact center software, are expected to fuel the growth of this segment.
Based on components, the solution segment is expected to hold the largest market share during the forecast period. This is due to the widespread use of chatbots/IVAs in various operations. When compared to other verticals, BFSI has the highest adoption of call center platforms and solutions. Call center artificial intelligence solutions assist financial institutions in flawlessly connecting with customers, improving customer experience, and lowering response time, thereby increasing overall efficiency.
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Major Players in the Call Center AI Market
- Artificial Solutions International AB
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Amazon Web Services
- SAP
- Avaya
- NICE inContact
- Nuance Communications, Inc.
- Others
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