Call Center AI Market Statistics: 2030
The global call center AI market was valued at $959.80 million in 2020, and is projected to reach $9,949.61 million by 2030, registering a CAGR of 26.3%. Major growth drivers of the market include growing customer engagement through social media platforms and increasing data generation through the Internet of Things (IoT), social media, and advancements in imaging technologies.
On the basis of component, the solution segment dominated the global call center AI market in 2020, and is expected to continue this trend during the forecast period. This is attributed to colossal adoption of chatbots/IVAs across various operations. Currently, BFSI has the highest adoption of call center platforms and solutions as compared to other verticals. Call center AI solutions help financial institutions in flawlessly connecting with customers, improving customer experience, and lowering the response time, thereby increasing the overall efficiency.
By deployment, the global call center AI market share was dominated by the cloud segment in 2020, and is expected to maintain its dominance in the upcoming years, owing to growing popularity of interactive voice response (IVR) solutions to enable quick resolution of queries over calls. Software allows customers to resolve product-related matters by themselves rather than depending on customer care executives. In addition, increase in integration of new systems with existing ones at workplace and rapid surge in demand for implementation of new contact center software are expected to fuel the growth of this segment.
North America dominates the call center AI industry. Growth of the market in this region is attributed to continued growth in call center solutions expenditure across the U.S. and Canada along with the major adoption of call center AI solutions in the sectors such as BFSI, healthcare, retail, and government to provide excellent customer service. However, Asia-Pacific is expected to witness highest growth rate during the forecast period. Tremendous investments for call center solutions among the countries such as China, Japan, Thailand, India, and Indonesia is fueling growth of the market. In addition, the factors such as the presence of a broad customer base, considerable number of SMEs, rise in e-commerce industry, and government initiatives supporting business processes automation fuels the call center AI industry growth.
The report focuses on the growth prospects, restraints, and global call center AI market share. The study provides Porter’s five forces analysis of the global call center AI market forecast to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and bargaining power of buyers on the global call center AI market trends.
Services segment is projected as one of the most lucrative segments.
The global call center AI market is segmented on the basis of component, deployment, and industry vertical. Depending on component, the market is divided into compute platforms, solution, and service. On the basis of deployment, it is bifurcated into on-premise and cloud. By industry vertical, the market is fragmented into BFSI, retail and e-commerce, telecom, healthcare, media and entertainment, travel and hospitality, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
COVID-19 impact analysis
Post COVID-19, the call center AI market size is estimated to grow from $959.8 million in 2020 to reach $9,949.61 million by 2030, at a CAGR of 26.3%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has low impact on the growth of the call center AI market, as call center software adoption has increased during unprecedented circumstances. Increase in need has been witnessed for enterprises to upgrade legacy infrastructure to develop a more agile approach to customer engagement. However, the success of customer engagement has always been determined by accuracy and speed of request addressal. In addition, the ongoing trend of work from home (WFH) during the pandemic has fueled the call center AI adoption to ensure business continuity.
By Deployment Model
Cloud segment is projected as one of the most lucrative segments.
Top impacting factors
The global call center AI market is impacted by factors such as rise in need for improved customer experience & customer response time along with the enhanced data analytical capabilities. Moreover, high installation and training cost coupled with privacy and security concern is affecting the call center AI market growth. Furthermore, rise in focus of companies in AI technology and increase in penetration of social media platforms influence the market growth. However, each of these factors is anticipated to have a definite impact on the growth of the global market during the forecast period.
Need for improved data analytical capabilities
In certain scenarios, dealing with customer inquiries in real-time tends out to be difficult for a customer care executive, as consumers might not have the exact context of inquiring. This has created need for improved data analytical capabilities. For instance, with the help of AI, previous consumer interactions and chat data can be analyzed in seconds, and brief information can be provided to the executive regarding the customer. Amazon, in collaboration with its subsidiary Amazon Web Services, created particular algorithms focused on analyzing consumer demands and providing correct replies based on those needs, owing to its huge in-house data scientists and analysts. Hence, need for improved data analytical capabilities drives growth of the global market.
By Industry Vertical
Telecom segment is projected as one of the most significant segments.
Growth of social media platforms
Social media platforms have developed into a critical component of modern enterprises. Every company has been expanding its presence on social media platforms to reach its consumers with more ease. A number developing countries are seeing growth in population with internet accessibility along with the significant social media penetration rates. Hence, it has become imperative for organizations to upgrade the way they reach out to consumers and address their concerns on social media platforms, as the traditional methods of customer services are no longer relevant for the digital age. The trend among customers to use social media channels to interact with companies as well as to share their experiences is increasing notably.
Thus, rise in demand among the call centers to integrate social media platforms such as Facebook and Twitter to achieve organization’s goal of a successful customer service programs is expected to provide remunerative opportunities for the expansion of the global market growth during forecast period.
Asia-Pacific is projected as one of the most lucrative region.
Key Benefits For Stakeholders
- This study includes the global call center AI market analysis, trends, and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and global call center ai market opportunity.
- The global call center AI market size is quantitatively analyzed from 2020 to 2030 to highlight the financial competency of the industry.
- The Porter’s five forces analysis illustrates the potency of buyers & suppliers in global call center AI industry.
Call Center AI Market Report Highlights
By INDUSTRY VERTICAL
By Key Market Players
According to the insights of CXOs of leading companies, as competition across all business sectors has intensified over the years, it has become necessary for companies to maintain consistent and stable relationships with their customers as well as ensure customer loyalty. Call center AI is widely being adopted by numerous organizations across the globe to improve customer satisfaction levels along with their experience. Call center AI enables companies to make it easier to build a deeper relationship with customers, which leads to long-term value for businesses. The growing adoption of AI-powered chatbots is a major trend in the call center AI industry. These chatbots use the existing information, such as the organization’s knowledge base and frequently asked questions (FAQs) to offer better customer service. Chatbots cut down the waiting time for customers as their response time is immensely fast.
Surge in demand for better customer support services in the retail, telecom, healthcare, and banking, financial services, and insurance (BFSI) industries acts as a catalyst for the call center AI market growth. Implementation of AI-based software or bots in call center enhances issue handling experience and engages an agent’s attention and enthusiasm to work in the otherwise hectic environment. It helps the service provider to mitigate the workload by allocating some of the basic work. In addition, AI systems prefill the data in the ticketing tool while documenting a ticket based on the previous memory. Therefore, the role of AI is highly demanding in the call center domain.
Call centers are busy all the time; an agent needs to address customer queries and provides solutions on the go. At times, they are bound to do multitasking. While handling a customer query and looking for the solution, the agent has to document the issue. Technological advancements are adding up to the customer’s expectations. It offers luxuries such as omnichannel communication, 24X7 service availability, and task completion in a single swipe. Therefore, upgrading the technological infrastructure in call centers is the pressing need of the hour.