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AI in Call Centers: Transforming Customer Service - Global Market Report 2024
Call Center AI Market
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According to The Business Research Company's, The call center ai market size has grown exponentially in recent years. It will grow from $2.17 billion in 2023 to $2.7 billion in 2024 at a compound annual growth rate (CAGR) of 24.6%. The growth in the historic period can be attributed to customer experience improvement, rise in customer expectations, growing volume of customer interactions, cost efficiency imperative, integration with existing systems..
The call center ai market size is expected to see exponential growth in the next few years. It will grow to $6.75 billion in 2028 at a compound annual growth rate (CAGR) of 25.8%. The growth in the forecast period can be attributed to personalization of customer interactions, enhanced sentiment analysis, focus on accessibility features, evolving customer communication preferences, multi-channel support.. Major trends in the forecast period include increased adoption of virtual assistants and chatbots, conversational ai for natural language processing, voice biometrics for authentication, continuous learning and adaptability, enhanced call analytics and reporting, integration with crm systems..
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Market Drivers and Trends:
Rising demand for AI-based intelligent virtual assistants and chatbots are driving the growth of the call center AI market. AI-based intelligent virtual assistants and chatbots provide enhanced customer support services that offer immense opportunities and better communications to clients. The epidemic of COVID-19 has resulted in an exponential increase in call volumes at customer service centers across geographies and sectors. To give callers first contact resolution, contact centers have implemented automation techniques such as chatbots, artificial intelligence, and natural language processing. They are also mapping experiences and assisting clients in implementing them to reduce calls, emails, and chats. For instance, according to RT insights, a United States forum that provides information on machine learning and big data, conversational AI in the form of chatbots or virtual assistants will be utilized at least once a month by 123 million US adults, or 47% of the population by the end of 2022. Such rising demand for AI-based intelligent virtual assistants and chatbots is accelerating the call center AI market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Artificial Solutions International AB, IBM Corporation, Microsoft Corporation Inc., Oracle Corporation,Amazon Web Services Inc.,SAP SE, Google LLC,Avaya Holdings Corp.,NICE Ltd., Nuance Communications Inc.,Zendesk Inc., EdgeVerve Systems Ltd., Pypestream,Avaamo Technologies Pvt. Ltd., Jio Haptik Technologies Ltd.,Amazon Web Services, Genesys Telecommunications Laboratories Inc.,Verint Systems Inc.,Salesforce Inc.,Twilio Inc.,Five9 Inc.,Talkdesk Inc.,Alvaria Inc.,Pegasystems Inc.,Freshworks Inc.,ujet. cx,Sharpen Technologies Inc.,LivePerson Inc.,Inference Solutions Pty Ltd,Ada Support Inc.
Call Center AI Market 2024 Key Insights:
• The call center ai market size is expected to see exponential growth in the next few years. It will grow to $6.75 billion in 2028 at a compound annual growth rate (CAGR) of 25.8%.
• Surging Demand For AI-Powered Virtual Assistants And Chatbots Drives Call Center Ai Market Growth
• Technological Advancements Enhance Call Center Ai Market Presence
• North America was the largest region in the call center AI market in 2023
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