Call Center AI Market to Be Worth $4.1 Billion by 2027
Research firm MarketsandMarkets expects the worldwide market for call center artificial intelligence to grow from $1.6 billion this year to $4.1 billion by 2027, growing at a compound annual rate of 21.3 percent.
Call Center AI solutions are being leveraged to improve the customer experience and operational efficiency, the firm found.
With advancements in AI technology in recent years, organizations are now leveraging AI in their customer service function, thereby shifting their focus from providing customer support services through email or messages to AI-powered chatbots that help enhance customer experience and engagement, it said in the report.
Call center AI vendors offer AI-based platforms, software tools, and services that use speech-based assistants and facilitate stronger interactions and greater engagement at scale across key industries. AI combines speech-based technology, natural language processing (NLP), and machine learning into a single platform to develop and build applications for a specific as well as for various use cases across verticals.
Call center AI solutions ensure the strengthening of customer relationships, resulting in increased first call resolutions and improved customer experience, the company said in the report,
MarketsandMarkets projects small and midsized businesses 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 spending.
Based on channel, the phone segment is expected to hold the largest market share, the firm projects, noting that the phone provides multilevel interactive voice response, queue callback, advanced routing, warm transfer, and real-time metrics.
Based on deployment, the cloud segment is expected to have a higher CAGR, driven largely by the benefit of easy deployment and minimal capital requirements.
Based on application, workforce optimization is estimated to be the largest, propelled by the rising need to train, schedule, and monitor employee performance.
Based on vertical, the healthcare and life sciences segment is projected to register the highest CAGR due to the rising demand to automate voice broadcasts, text messaging, and email communications during emergencies. Intelligent virtual health assistants can notify patients about medication plans, address their concerns, deliver diagnosis reports, educate them about diseases, motivate them to exercise, and personalize the user experience.
Key players are IBM, Microsoft, Oracle, Amazon Web Services, SAP, Google, Avaya, NICE, Nuance Communications, Genesys, 8x8, Artificial Solutions, Zendesk, Five9, RingCentral, Talkdesk, Dialpad, Twilio, Kore.ai, Inbenta, Creative Virtual, Haptik, Rulai, Pypestream, Avaamo, Senseforth.ai, Observe.AI , Yellow.ai, Ultimate.ai, and Cognigy.