Call Center AI Market size to grow by USD 2.72 billion between 2022 - 2027, Market Growth Driven by Rising adoption of cloud-based call centers, Technavio

NEW YORK, March 6, 2024 /PRNewswire/ -- The Call Center AI Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the call center AI market between 2022 and 2027 is USD 2.72 billion.

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The rising adoption of cloud-based call centers drives the global call center AI market growth. 

A cloud-based call center is a SaaS that is deployed, stored, and precisely designed for cloud solutions. Businesses have the option to utilize the service through a subscription model, where they are charged according to their usage (vendors only charge them for the service they use). Cloud-based call centers offer flexibility by easily adapting to changing business requirements and can be integrated with third-party applications by using an open application programming interface (API).

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• Integration issues between front-end and back-end knowledge bases challenge the global call center AI market growth. 

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The call center AI market is segmented by End-user (BFSI, Retail and e-commerce, IT and telecom, Media and entertainment, and Others) and Geography (North America, APAC, Europe, South America, and Middle East and Africa). 

• By end-user, the BFSI segment will be significant during the forecast period. Banks are including chatbot technologies to enhance their existing service channels and offer 24/7 customer service. The major factor responsible for the dominance of chatbots in this sector is to support of mobile apps. Hence the above-mentioned factors will increase the segment growth during the forecast period.
• By geography, North America is estimated to contribute 37% to the growth of the global market during the forecast period. 

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Key Companies

Alphabet Inc., Amazon.com Inc., Artificial Solutions International AB, Avaamo Inc., Avaya Holdings Corp., Conversica Inc., Creative Virtual Ltd., EdgeVerve Systems Ltd., Inbenta Holdings Inc., Jio Haptik Technologies Ltd., Kore.ai Inc., Microsoft Corp., NICE Ltd., Nuance Communications Inc., Oracle Corp., Pypestream Inc., Rulai, SAP SE, Talkdesk Inc., Zendesk Inc.

Analyst Review

The Call Center Artificial Intelligence (AI) Market is witnessing exponential growth, revolutionizing customer service functions across various organizations. With the advent of AI-powered chatbots and Intelligent Virtual Assistants (IVAs), customer experience and engagement have reached unprecedented levels. These AI technologies streamline customer support services, handling repetitive and manual processes such as order placement, balance inquiries, general inquiries, and technical assistance efficiently. Moreover, they empower call center agents and human sales reps by providing real-time actionable customer insights derived from historic data.

Enterprises, especially in the BFSI, IT & telecom, healthcare, and retail sectors, are embracing AI-enabled solutions to enhance customer services and improve market outcomes, especially amidst the pandemic. However, data privacy and security concerns loom large, necessitating compliance with regulations like the General Data Protection Regulation (GDPR) and conducting Privacy Impact Assessments (PIAs). Ensuring data visibility control/authorization and implementing robust data security measures are crucial in maintaining consumer trust and adhering to GDPR requirements.

The call center AI market is witnessing early adoption driven by the rising smartphone adoption and technological advancements. Service providers are catering to the increasing call center AI demand, offering omnichannel solutions and quality assurance technology. Consumer data is at the heart of Artificial Intelligence, enabling the prediction and resolution of customer problems through predictive and analytical AI software.

Innovative AI models like unsupervised learning are being employed to develop predictive and prescriptive models, while speech recognition and NLP technologies enhance user experience. Image recognition and text recognition capabilities further augment AI-enabled chatbots and virtual agents. Social media platforms and the Internet of Things (IoT) serve as additional data points for customer engagement analysis.

In conclusion, the Call Center AI Market is poised for substantial growth, driven by the relentless pursuit of customer satisfaction and efficiency gains. Adapting to evolving market environments and prioritizing safety and security practices are imperative for success in this dynamic landscape.

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ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio