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Call Center AI Market with Covid-19 Impact Analysis, By Component, Mode of Channel, Application, Deployment Mode, Vertical and Region - Global Forecast to 2027

Call Center AI Market with Covid-19 Impact Analysis, By Component, Mode of Channel, Application, Deployment Mode, Vertical and Region - Global Forecast to 2027

  • May 2022
  • 295 pages
  • ID: 5786213
  • Format: PDF
  • MarketsandMarkets

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The global Call Center AI Market size is to grow from USD 1.6 billion in 2022 to USD 4.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 21.3% during the forecast period. The major factors driving the growth of the Call Center AI Market are the advent of AI by organizations to offer enhanced customer support services is driving the growth of the call center AI market. Additionally, growth in customer engagement through social media platforms and increased data generation through the Internet of Things (IoT), social media, and advancements in imaging technologies are also among the factors driving the call center AI market growth. However, unsupervised self-learning of chatbots is a major restraining factor for the adoption of call center AI solutions, as self-training of autonomous virtual agents through complex data and unsupervised learning algorithms is a very difficult task.
With COVID-19 spreading worldwide, global organizations with people who frequently travel internationally can leverage the use of mobile devices for important communications.Organizations can help keep those users who live abroad to handle potential risks by leveraging call center AI solutions to handle customers’ queries in real-time.

The call center AI market is expected to witness a slowdown in 2020 due to the global lockdown, which is impacting global manufacturing, supply chains, and logistics.The manufacturing, transportation & logistics, and retail & consumer goods sectors have been most severely affected.

The availability of essential items has also been impacted due to the lack of manpower to work on production lines, supply chains, and transportation, even though essential items are exempted from the lockdown. The situation is expected to come under control by early 2021.

The services segment is projected to grow at a higher CAGR during the forecast period
The services segment is projected to grow at a higher CAGR during the forecast period.This can be attributed to the need for determining the time and cost required to install the solution that requires fully managed call center AI services.

Call center AI solutions ensure the strengthening of customer relationships, resulting in increased first call resolution rate and improved customer experience.

The large enterprises segment will hold the larger market share during the forecast period
The large enterprises segment is estimated to hold a larger market share in 2022.Large enterprises focus on solutions to effectively manage complex business processes to enhance customer engagement.

Hence, these organizations are using call center AI solutions to effectively manage complex operations. The SMEs segment is projected to register a higher CAGR during the forecast period due to the growing need to enhance business processes, reach new customers, stay competitive and control their spending.

The social media segment is to grow at the highest CAGR during the forecast period
The social media segment is estimated to grow at the highest CAGR during the forecast period due to the rising demand for social media used in sentiment analysis that helps understand customer perceptions about the brand.It also helps amplify customer service quickly through shares and likes.

The phone mode of channel is expected to hold the largest share in 2022 due to the rising penetration of smartphones users across the globe.

The cloud segment is expected hold larger market size during the forecast period
The cloud segment is expected to hold larger market size during the forecast period.The cloud technology benefit of easy deployment and minimal capital requirement facilitates the adoption of the cloud deployment model.

The increasing demand for scalable, easy-to-use, and cost-effective solutions is expected to boost the demand of cloud-based call center AI in the market.Call Center AI solutions are expected to accelerate the growth of the cloud segment in the call center AI market.

Moreover, cloud-based call center AI solutions enable business operations to improve employee productivity and save OPEX. Hence, the cloud-based deployment mode is gaining traction in the coming years.

The predictive call routing segment is expected to have the highest CAGR during the forecast period
The predictive call routing segment is expected to have the highest CAGR during the forecast period. The predictive call routing application ensures the highest possibility of first contact resolution (FCR) and prevents overburdening agents by adapting to their existing call queue in the call center AI market.

The BFSI segment is expected to hold the largest market size during the forecast period
The BFSI segment is projected to hold the largest market size during the forecast period.The growth of this vertical is attributed to the increased adoption of call center AI solutions by financial institutions, which helps them flawlessly connect with customers, improve customer experience, and lowers customer churn.

The growth of the segment is attributed to the rising need to protect businesses from costly regulatory litigations and reputational risks due to fraudulent activities while storing and managing customer information and serving customers.

Among regions, APAC holds the highest CAGR during the forecast period
The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the increasing penetration of advanced technologies, rising GDP of countries, and high density of contact center outsourcing operations.Asia Pacific consists of emerging economies, such as China, Japan, and India, where call center AI solutions are being deployed at a large scale due to the presence of a lot of data centers and a high density of BPO operations.

Moreover, the demand for cloud-based call center AI solutions by business enterprises is expected to enhance the customer experience in the region.

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