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Call Center AI Market

Call Center AI Market

  • October 2019
  • 162 pages
  • ID: 5842908
  • Format: PDF
  • Prescient & Strategic Intelligence Private Limited

Summary

Table of Contents

Call Center AI Market Research Report: By Component (Solutions, Services), Deployment (On-Premises, Cloud), Technology (Natural Language Processing, Machine Learning, Automatic Speech Recognition), Industry (BFSI, Retail and E-Commerce, Healthcare, Telecom, Media and Entertainment), Geographical Outlook (U.S., Canada, U.K., Germany, France, Russia, Italy, China, Japan, India, South Korea, Australia, Brazil, Mexico, U.A.E., Saudi Arabia, Turkey, South Africa) - Global Industry Trends and Growth Forecast to 2024

In 2018, the global call center artificial intelligence (AI) market reached a value of $914.5 million and is expected to generate $2,990.1 million in 2024, witnessing a 22.6% CAGR during the forecast period (2019–2024). The market is growing due to the presence of large number of call centers, utilization of AI for enhanced customer support services, and timely assistance facilitated by AI. The deployment of various AI solutions, such as automatic speech recognition, natural language processing, and machine learning, for call centers is referred to as call center AI.
When component is taken into consideration, the call center AI market is bifurcated into services and solutions. Among these, the larger share of the market was held the solutions category in 2018. The category is further classified into intelligent interactive voice response (IVR) system, chatbot, and intelligent virtual assistance (IVA). The chatbot classification accounted for a significant share of the market in 2018. This was due to the high requirement for chatbots in several industries, for reducing training cost of agents, personalizing experience for the customers, improving customer service, and resolving customer queries quickly.
A primary trend in the call center AI market is the growing adoption of AI-enabled chatbots. Chatbots make use of AI and machine learning in order to resolve customer queries. They utilize existing information such as organization’s knowledge base and frequently asked questions for offering improved customer service. The deployment of chatbots cuts down the waiting time for customers significantly, since their response time is extremely fast. Furthermore, chatbots can provide assistance to multiple customers at a time as opposed to a human agent.
On the basis of industry, the call center AI market is categorized into media & entertainment, healthcare, banking, financial services, and insurance (BFSI), telecom, retail & e-commerce, and others (which include automotive, education, energy & utilities, government, and oil & gas). Out of these, the BFSI category is expected to grow at the fastest pace during the forecast period because of the rising demand for omnichannel experience for customers, reduction in the cost of financial institutions and banks, and increased customer satisfaction.

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