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Generative AI Transforming Customer Service: 2024 Market Analysis
generative AI in customer services market segments
According to The Business Research Company's, 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 growth in the historic period can be attributed to emergence of chatbots, advancements in natural language processing, rising volume of customer data, and focus on customer experience.
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%. The growth in the forecast period can be attributed to integration with IoT devices, expansion of multilingual support, emphasis on ethical AI, augmented reality (AR) integration, focus on emotional intelligence. Major trends in the forecast period include expansion of AI-powered recommendations, rise of AI-powered virtual assistants, increased focus on emotional engagement, integration with social media platforms, and adoption of AI-powered sentiment analysis.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.,,,,,,
Generative AI In Customer Services Market 2024 Key Insights:
• 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%.
• Role Of AI In Revolutionizing Customer Services In The Travel And Hospitality Sector
• Embrace Generative AI In Customer Service Automation
• North America was the largest region in the generative AI in customer services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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