Call Center AI Market Size, Share, Trends, Key Vendors, Growth Rate, Drivers, Volume and Forecast Report

In 2018, the call center artificial intelligence (AI) market generated a revenue of 4.5 million, and it is expected to attain ,990.1 million by 2024, growing at a 22.6% CAGR during the forecast period (2019-2024). In terms of industry, banking, financial services, and insurance (BFSI) is predicted to witness considerable growth in the near future, which is attributed to the rising need for enhancing customer support experience, providing vital information related to service offerings to the customers, decreasing operational expenses, and automated call operations in financial institutions and banks.

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One of the major trends in the call center AI market is the growing preference for omnichannel communication with customers. Call center AI solutions, including IVA and chatbots, offer the company a wide range of choices for engaging with customers, such as via email, website, chat, and social media. The omnichannel experience becomes better in different ways, such as searches for a specific consumer and follow-up of any conversation, because of these solutions.

Apart from this, Asia-Pacific (APAC) and Latin America (LATAM) demonstrate strong growth potential because of various factors, including evolving customer expectations, improving employee productivity, presence of large number of call centers, and growing rate of innovation. The largest share in APAC was held by China in 2018, with a revenue of $54.5 million. The call center AI market is fragmented, with a number of players, such as International Business Machines Corporation, Oracle Corporation, Microsoft Corporation, Amazon Web Services Inc., and Google LLC, operating in the domain.

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The market players are launching products and engaging in partnerships, acquisitions, and agreements in order to cater to the surging demand for call center AI solutions and for strengthening their position in the market. For example, Lenovo Group Limited entered into a multi-year agreement with International Business Machines Corporation for deploying call center AI solutions, such as weather alerting, virtual assistant for technical support, and augmented reality, in various regions, including LATAM, Middle-East and Africa, and North America, for $240 million.

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