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Call Center AI Market Bring Emerging Opportunities To Grow Market In Future – Top Key Vendors IBM (us), Microsoft (U.S.), Oracle (U.S.), AWS (U.S.)

10-28-2021 09:42 AM CET | IT, New Media & Software

Press release from: StraitsResearch

Call Center AI Market

Call Center AI Market

Call Center AI Market

The call center industry is one of the very crucial sectors as well as significant economic contributors to emerging economies such as China, India, among others. The work environment required in call centers is emotionally, physically, and mentally challenging. It requires dealing with hectic schedules, low budgets, handling furious customers, adjusting to shift timings, and many more. In the middle of this, a call center agent is expected to meet the fundamental requirement of ensuring excellent customer satisfaction. Right from the opening phrase of the call till the call ends, the agent is expected to carefully listen to the customer’s problem, analyze it, and provide an effective solution. This establishes trust and long-term association with the company. A satisfied customer provides positive feedback, which is decisive for the growth of the agent as well as the organization. A happy survey typically generates more revenue for the call centers. However, high attrition rates and sluggish career growth diminish the possibility of a call center agent’s long-term association with the company. Furthermore, some of the call centers still rely on old technologies such as IVRs, where a call is received by the first agent that is available, and the Roll Over to the Next Agent (RONA) option in case of the employee’s absence.

Burgeoning social media apps spurred the demand for chatbots by users with a penchant for technology. They are migrating from traditional phone calls to messaging. This mounts up the number of technical and application issues demanding prompt customer service. A call center is always burdened with the workload, which drives the demand for AI and new technological adaptations. More than 80% of the organizations have already integrated chatbots for addressing client concerns, which is expected to increase significantly by 2020.
Implementation of AI-based software or bots in the call centers enhances issue handling experience and engages an agent’s attention and enthusiasm to work in the otherwise hectic environment. It helps the service provider to mitigate the workload by allocating some of the basic work. Also, AI systems prefill the data in the ticketing tool while documenting a ticket based on the previous memory. The role of AI is, therefore, highly demanding in the call center domain.

Due to the increasing number of queries and rising demand for a quick resolution on calls, the Interactive Voice Response (IVR) segment accounted for a considerable revenue share in 2018. Innovative applications of IVR, such as call center forwarding, office calls routing, marketing for customers, feedback surveys, and payment processing, has enabled customers to solve the product issues by themselves. Such scenarios are anticipated to boost the market growth.

The growing demand for the implementation of new call centers and the incorporation of new systems alongside existing systems at the workplace is predicted to drive the market growth. This is mandatory to meet privacy needs, regulatory compliance, and specific business continuity requirements. The buyers require vendor support for troubleshooting and resolving technical issues, which is expected to positively influence the support and maintenance services segment’s growth. The IT and healthcare sectors offer tremendous opportunities for the services and consulting segment due to growing infrastructure.

The shift of businesses from the traditional methodologies to automatically resolving queries and issues through IVRs and self-service portals has resulted in drastic changes in the automation process technology. The on-premise solution has been the most preferred choice of many companies over the last few decades due to its easy deployment and less capital investment.

The Small and Medium Enterprise (SME) have to drudge over monotonous tasks, urging them to consider the implementation of AI-backed customer care solutions. Increasing acknowledgment about the innovative features of AI technology and how it boosts productivity is expected to spur market growth. Large call centers possess a massive amount of customer data that needs effective management in local offices as well as overseas. Therefore, the implementation of call center software enables employees from various fields to communicate and share accurate information. It also allows authorities to access share points hosted on the vendor’s servers through a web browser.

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The Major Prominent Players Covered in this Report:
IBM (us), Microsoft (U.S.), Oracle (U.S.), AWS (U.S.), Avaya (U.S.), Google (U.S.), Haptik (India), Zendesk (U.S.), Conversica (U.S.),Nuance Communications (U.S.), Inbenta Technologies (U.S.), (U.S.), EdgeVerve Systems (India), SAP (Germany), Avaamo (U.S.), Talkdesk (U.S.), Pypestream (U.S.),  NICE inContact (U.S.), Creative Virtual (U.K), and Artificial Solutions (Spain).

By Component, Compute Platform, Solutions, Services, By Deployment Type, Cloud, On-premises, By Application, BFSI, Retail & E-commerce, Telecom, Healthcare, Media & entertainment

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2019 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Strategic Approach:
Emphasis on customer feedback to modify the solutions and improve customer satisfaction
Investments in R&D to offer innovative products and enhance customer experience
Avaya Holdings Corporation acquired Spoken Communications, a call-center-as-a-Service (CCaaS) solutions provider, in Jan 2018. This acquisition helped customers of Avaya Holdings to shift from on-premise services to cloud-based solutions.
Acquisitions, mergers and collaborations, new launches, and product enhancement strategies are being incorporated by companies to meet the growing demand for call center AI solutions across the globe and to strengthen the position in the market.

Key Questions Answered in The Report:
What will the Call Center AI market growth rate?
What are the key factors driving the global Call Center AI market?
Who are the key manufacturers in the Call Center AI market space?
What are the market opportunities, market risk, and market overview of the Call Center AI market?
What are sales, revenue, and price analysis of top manufacturers of the Call Center AI market?
Who are the distributors, traders, and dealers of the Call Center AI market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Call Center AI Industry?
What are sales, revenue, and price analysis by regions of Call Center AI industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Recent Developments:
PNB Metlife, one of the private insurance companies in India, recently launched an AI-based customer service app, Khushi, in April 2019. It is a virtual agent system that provides a personalized experience for customers and differentiates the business from competitors.

Google launched a beta version of its call center AI that uses tools like Google’s text-to-speech capabilities in April 2019. It also launched an end-to-end AI Platform for developers and data scientists, for building, testing and deploying models.

MINDsLab launched AI voice generating service in March 2019, to automatically handle its compliance-related calls

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Even if your business is a multinational venture or a single storefront, we believe innovation is the key to progress, in both what you build and how you promote your products and brands.

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Straits Research
Address: 825 3rd Avenue, New York, NY 10022
Tel: +1 646 480 7505, +44 208 068 9665

About Us:
Regardless of whether you're looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with what customers purchase. We overcome the issues of our customers by recognizing and deciphering just the target group, while simultaneously generating leads with the highest precision. We seek to collaborate with our customers to deliver a broad spectrum of results through a blend of market and business research approaches. This approach of using various research and analysis strategies enables us to determine greater insights by eliminating the research costs.

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