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Generative AI In Customer Services Market Opportunities, Business Strategies And Growth Factors 2024
Generative AI In Customer Services Market Opportunities
As per the report, the generative AI in customer services market size has grown exponentially in recent years. It will grow from $0.40 billion in 2023 to $0.51 billion in 2024 at a compound annual growth rate (CAGR) of 27.5%. The generative AI in customer services market size is expected to see exponential growth in the next few years. It will grow to $1.38 billion in 2028 at a compound annual growth rate (CAGR) of 28.0%.
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Role Of AI In Revolutionizing Customer Services In The Travel And Hospitality Sector
The rising application of AI in customer services by the travel and hospitality sector is expected to propel the growth of generative AI in the customer services market going forward. The travel and hospitality sector encompasses businesses and services related to travel, tourism, accommodation, dining, entertainment, and recreation. AI in customer services revolutionizes the travel and tourism industry by providing personalized, efficient, and accessible assistance to travelers, enhancing their overall experience and driving business growth for travel companies. For instance, in June 2022, according to reports shared by the US Department of Commerce 2021 Highlights, a US-based executive department of the federal government, international arrivals for travel and tourism in US states increased to 22.1 million in 2021 from 19.2 million in 2020. Therefore, the rising application of AI in customer services by the travel and hospitality sector drives the generative AI in the customer services market.
Embrace Generative AI In Customer Service Automation
Major companies operating in the Generative AI In customer services market are developing innovative automation technology to revolutionize customer interactions and optimize service delivery. It enhances responsiveness, personalization, and efficiency through the automated generation of tailored responses, predictive analytics, and intelligent decision-making. For instance, In April 2023, Ada, a US-based customer service automation company, launched an automated generative AI-driven customer service suite. This suite aims to enhance customer experiences by providing personalized, intuitive interactions across various channels such as messaging and voice.
The generative ai in customer services market covered in this report is segmented -
1) By Deployment : Cloud Based, On Premise, Hybrid
2) By Application : Chatbot, Virtual Assistants, Personalized Recommendations, Sentiment Analysis, Other Applications
3) By Industry : Retail, Banking Financial Services And Insurance (BFSI), Information Technology (IT) And Telecommunications, Travel And Hospitality, Healthcare, Other Industries
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Major companies operating in the generative ai in customer services market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, salesforce.com inc., Twilio Inc., Nuance Communications Inc., Zendesk Inc., Verint Systems Inc., LivePerson Inc., Intercom Inc., Adastra Corporation, Boost.ai AS, Haptik Inc., Helpshift Inc., Rasa Technologies Inc., Cognigy Inc., DigitalGenius Corporation, SmartAction LLC, Solvvy Inc., ObserveAI Inc., Pypestream Inc., Inbenta Technologies Inc., , , , , ,
Contents of the report:
1. Executive Summary
2. Generative AI In Customer Services Market Report Structure
3. Generative AI In Customer Services Market Trends And Strategies
4. Generative AI In Customer Services Market - Macro Economic Scenario
5. Generative AI In Customer Services Market Size And Growth
…..
27. Generative AI In Customer Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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