According to a research report "Call Center AI Market with Covid-19 Impact Analysis, By Component, Mode of Channel (Phone, Social Media, & Chat), Application (Workforce Optimization & Predictive Call Routing), Deployment Mode, Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets, the market for Call Center AI market 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.
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Driver: Rising development in customer
engagement through social media platforms
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. For instance, AI technologies, such
as chatbots and Intelligent Virtual Assistants (IVAs), can engage prospects
with coupons or savings opportunities, enabling human sales reps to provide
that all-important personal touch to close the deal. Likewise, AI can arm call
center agents with robust historic data and insights about a customer,
empowering agents to deliver meaningful cross-selling and up-selling
opportunities. Organizations can also leverage AI-enabled chatbots and virtual
agents to automate repetitive and manual processes, such as order placement,
balance inquiries, general inquiries, technical assistance, and other customer
services. Moreover, call center AI vendor enables enterprises to use AI to
augment and improve their contact centers without the need for deep AI
expertise.
Opportunity: Advancements in AI and ML-based
technologies to facilitate real-time actionable customer insights
Organizations across the globe are
dedicatedly investing in AI and ML technologies to improve user experience and
stay competitive in the ever-changing market environment. AI-enabled solutions
have witnessed wide-scale adoption across various applications, such as bots,
predictive and prescriptive models, speech recognition, search engine
optimization, Image Recognition, and text recognition. Furthermore, advanced AI
and ML applications are used by call centers across various sectors, such as
BFSI, IT & telecom, healthcare, and retail, to predict the outcomes and
automatically take care of further processes. For instance, if a
telecommunication customer service agent is unable to resolve queries regarding
technical network issues, the chat AI can identify the problem as specific to a
dedicated support channel and direct the customer toward it. Thus, AI for the
customer service process brings comprehensive balance to the support system.
While customers receive efficient solutions, agents fulfill their service
commitments and relieve loaded support channels during rush hours.
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North
America is expected to hold the largest share during the forecast period
North America is expected to hold the largest share of the
call center AI market, owing to the early adoption of call center AI
technologies by the region’s call centers. In North America, call center AI
solutions and services are highly effective in most organizations and verticals
due to the increasing need to provide businesses with a way to operationalize
and get more value from data assets. The increased smartphone adoption and
technological advancements in the call centers boost the adoption across North
America.
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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