What is the current size of the global Call Center AI market?

Call Center AI Market size is projected to grow from USD 1.6 billion in 2022 to USD 4.1 billion by 2027; it is expected to grow at a CAGR of 21.3% % during 2022–2027 according to report published by MarketsandMarkets. The major factors driving the growth of the Call Center AI market are the growth in customer engagement through social media platforms and increased data. However, unsupervised self-learning of chatbots is a major restraining factor for the adoption of call center AI solutions, as self-training of autonomous virtual agents through complex data and unsupervised learning algorithms is a very difficult task. AI can provide call center agents with robust historic data and insights about a customer, empowering agents to deliver cross-selling and up-selling opportunities.

 

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Call center AI solutions are being leveraged by contact centers to improve the customer experience as well as operational efficiency. With advancements in AI technology in recent years, organizations are now leveraging AI in their customer service function, thereby shifting their focus from providing customer support services through email or messages to AI-powered chatbots that help enhance customer experience and engagement. The call center AI vendors offer AI-based platforms, software tools, and services that utilize speech-based assistants and facilitate stronger interactions and greater engagement at scale across key industries. AI combines speech-based technology, Natural Language Processing (NLP), and ML into a single platform to develop and build applications for a specific as well as for various use cases across verticals.

 

The Covid-19 pandemic has led to an exponential rise in call volumes at customer service centers across geographies and industries. Contact centers providing travel-related and medical information witnessed a significant increase in call volumes. As commercial airlines were grounded, contact centers were flooded with calls from anxious travelers seeking more information on cancellations and refunds or modifying their itineraries. During the COVID-19 pandemic, companies need to enhance the customer experience. This needs to be empowered through front-line contact center agents in an empathetic way. ontact center agents are assisting people. For instance, Genesys has been helping contact centers to embrace tools, such as voice bots and chatbots that have been integrated with Google or Amazon.

 

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The solutions segment to hold a larger market size during the forecast period

Based on components, the market size of the solutions segment is expected to hold a larger market share in 2022, while the services segment is projected to grow at a higher CAGR during the forecast period. Call center AI solutions ensure the strengthening of customer relationships, resulting in increased first call resolution rate and improved customer experience. Call center AI solutions ensure the strengthening of customer relationships, resulting in increased first call resolution rate and improved customer experience.

 

The SMEs segment is estimated to have a higher CAGR during the forecast period

The SMEs segment is projected to register a higher CAGR during the forecast period due to the growing need to enhance business processes, reach new customers, stay competitive and control their spending. Moreover, the growing need to enhance business processes, reach new customers, stay competitive, and control their spending to boost the growth of the call center AI solutions among SMEs.

 

Key Market Players

IBM (US), Microsoft (US), Oracle (US), AWS (US), SAP (Germany), Google (US), Avaya (US), NICE (Israel), Nuance Communications (US), Genesys (US), 8x8 (US), Artificial Solutions (Sweden), Zendesk (US), Five9 (US), RingCentral (US), Talkdesk (US), Dialpad (US), Twilio (US), Kore.ai (US), Inbenta (US), Creative Virtual (UK), Haptik (India), Rulai (US), Pypestream (US), Avaamo (US), Senseforth.ai (US), Observe.AI (US), Yellow.ai (US), Ultimate.ai (Germany), and Cognigy (Germany).

 

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