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Artificial Intelligence (AI) In Customer Experience Global Market Expected to hit $36.82 Billion by 2028, Top Factors Leading The Industry Worldwide
Artificial Intelligence (AI) In Customer Experience Global Market
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According to The Business Research Company's, The artificial intelligence (AI) in customer experience market size has grown exponentially in recent years. It will grow from $10.91 billion in 2023 to $13.9 billion in 2024 at a compound annual growth rate (CAGR) of 27.4%. The growth in the historic period can be attributed to AI reducing operational costs, growth in use of AI-driven chatbots, rise in customer expectations, and improvement in customer data security and fraud detection.
The artificial intelligence (AI) in customer experience market size is expected to see exponential growth in the next few years. It will grow to $36.82 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%. The growth in the forecast period can be attributed to growing use of AI in mobile apps, growing preference for AI-driven self-service options, rising use of real-time decision making, scalability, and increasing multilingual support. Major trends in the forecast period include integration of robotic process automation with AI, AI-driven predictive analytics, integration with CRM systems, advanced natural language processing, and advancements in deep learning models.
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Market Drivers and Trends:
The expansion of digital channels is expected to propel the growth of AI in the customer experience market going forward. Digital channels refer to the various online platforms and tools through which businesses and organizations interact with customers, deliver products, content, and conduct transactions. Digital channels enhance customer engagement, streamline communication, and provide personalized experiences across various platforms. AI in customer experience enhances digital channels by automating personalized interactions, providing real-time support, and analyzing customer data to improve engagement and satisfaction. For instance, in September 2024, according to the Office for National Statistics, a UK-based government agency, In Q4 2022, internet sales constituted 27.6% of total retail sales, whereas in Q4 2023, this figure rose to 28.7%, indicating a year-over-year increase in the share of online sales within the retail sector. Therefore, the expansion of digital channels is driving the growth of AI in the customer experience market.
Major companies operating in the AI in customer experience market are developing AI-powered assistants to enhance customer relationship management (CRM) capabilities. AI-powered assistants improve customer experience by providing instant, accurate responses to inquiries, personalizing interactions based on user data, and efficiently handling routine tasks, which enhances overall satisfaction and operational efficiency. For instance, in September 2023, Salesforce, a US-based software company, launched Einstein Copilot, an AI-powered assistant. Einstein Copilot enhances the customer experience by leveraging AI to provide personalized interactions and automate various tasks within Salesforce's CRM platform. It aims to help sales, service, marketing, and commerce teams work more efficiently by accelerating deal closures, streamlining case resolution, simplifying campaign development, and assisting with e-commerce tasks.
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Major Key Players of the Market:
Google LLC, Microsoft Corporation, Amazon Web Service, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce Inc., Nvidia Corporation, Adobe Inc., Avaya LLC, NICE Ltd., Nuance Communications Inc., Zendesk Inc., Genesys Cloud Services Inc., Pegasystems Inc., Qualtrics LLC, Verint Systems Inc., Sprinklr Inc., Aptean Limited, Freshworks Inc., Medallia Inc., Hootsuite Inc., Servion Global Solutions Ltd., Intercom Inc., Ada Support Inc.
Artificial Intelligence (AI) In Customer Experience Market 2024 Key Insights:
• The artificial intelligence (AI) in customer experience market size is expected to see exponential growth in the next few years. It will grow to $36.82 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%.
• Expansion of Digital Channels Driving Growth in AI for Customer Experience Market
• Advances in AI for Enhancing Customer Experience
• North America was the largest region in the artificial intelligence (AI) in customer experience 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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