According to a recent report published by Allied Market Research, titled, “Korea Call center AI Market by Component, deployment and industry vertical: Opportunity Analysis and Industry Forecast, 2020-2030,” The Korea call center AI market size was valued at $42.14 million in 2020, and is projected to reach $350.08 million by 2030, registering a CAGR of 23.7% from 2020 to 2030. Major growth drivers of the Korea call center AI 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. The growth of the cloud segment can be attributed to the cost-effectiveness and flexibility provided by cloud-based deployment. Majority of the call center AI solutions are getting deployed on the cloud as they offer advantages, such as lower cost of installation and maintenance, higher scalability, accessibility to real-time information, and enhanced business efficiency, as compared to on-premises solutions.
On the basis of component, the solution segment dominated the Korea call center AI market share 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 Korea 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 Korea call center AI industry.
Post COVID-19, the size of the Korea call center AI market forecast is estimated to grow from $42.14 million in 2020 to reach $350.08 million by 2030, at a CAGR of 23.7%. The current estimation of 2027 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has low impact on the growth of the Korea call center AI market analysis, 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 Korea call center AI industry adoption to ensure business continuity.
KEY FINDINGS OF THE STUDY
- By component, in 2020 the solution segment dominated the Korea call center AI market size. However, the service segment is expected to exhibit significant growth during the forecast period.
- By deployment, the cloud Based Call center AI Systems segment generated the highest revenue of Korea call center AI market in 2020. However, the cloud Call center AI Systems segment is expected to witness highest growth rate in the future.
- By industry verticals, the telecom segment accounted for the highest revenue of Korea call center AI market in 2020; however, the media and entertainment is expected to witness highest growth rate during the forecast period.
Major companies operated within the Korea call center AI market are Cognex, Basler, Omron, Keyence, National Instruments, Sony, Teledyne Technologies, Texas Instruments, Intel and Baumer Optronic.