Global Call Center AI Market - 2022-2029

Global Call Center AI Market - 2022-2029

Market Overview

Call Center AI Market reached US$ YY million in 2021 and is expected to record significant growth by reaching up to US$ YY million by 2029, growing at a CAGR of 22.10% during the forecast period (2022-2029).

The process of taking innovative ideas from conception to implementation is called call center AI. This system is the foundation of a company's innovation capability and when executed successfully, it can result in anything from a record-breaking new product to a groundbreaking way to address customer needs.

Handling innovation can be a challenging task. Indeed, some argue that innovation cannot be managed because it depends too on epiphany and inspiration to be planned. Most modern business leaders, on the other hand, believe that establishing strategies and processes can predict and guide innovation. And that by doing so, they will be able to generate real business value while better serving one‘s employees and customers. When an idea has been vetted and approved, it can be planned for development and implementation.

Market Dynamics

The ability of call center AI to enhance the quality of consumer engagement are major market drivers for the global call center AI market. Nonetheless, privacy concerns and stringent regulations could be a major market restraint.

The ability of call center AI to enhance the quality of consumer engagement

With recent advances in AI technology, organizations are leveraging AI in their customer service function, shifting their focus from providing customer support services via email or messages to AI-powered chatbots that help improve customer experience and engagement. For instance, Chatbots and Intelligent Virtual Assistants (IVAs) can engage prospects with coupons or savings opportunities, allowing human sales reps to provide that all-important personal touch to close the deal. Similarly, AI can provide call center agents with rich historical data and insights about a customer, allowing them to provide constructive cross-selling and up-selling prospects.

AI-enabled virtual agents and chatbots can also be used by businesses to automate repetitive and manual processes, including order placement, balance inquiries, general inquiries, technical assistance and other customer services. Furthermore, call center AI developers enable enterprises to use AI to enhance and improve their contact centers without requiring extensive AI expertise. Since the implementation of call center AI could improve customer engagement and ease the process of consumer interaction extensively, the demand and other market prospects of the global call center AI market are rising swiftly, driven by the aforementioned parameters.

Privacy concerns and stringent regulations

Data privacy is critical in implementing the AI platform model, which employs AI-based tools such as NLP and ML. Chatbots, for example, require data from users for better guidance, but people are hesitant to share personal information. Furthermore, massive amounts of data are required to create new algorithms and gather information about consumers to connect with them. The major concerns that jeopardize individuals' information protection are data ownership and data privacy. Government authorities in various regions have enacted various data security laws and regulations. As a result, businesses must keep up with the changing rules and data-related regulations.

COVID-19 Impact Analysis

Though the COVID-19 crisis has put us in an unparalleled and uncertain situation, it has provided mankind with some certainty regarding future demands. Because of the COVID-19 crisis, humans were able to bring effective virtualization-based solutions to an increasing number of applications and people. COVID-19, like previous generations' crises, allows us to use our collective will to catalyze innovation, write history and leave a safer world for future generations. New technologies such as call center AI can improve all levels of customer interactions across all industries and benefit from the recent digitalization trend triggered by the COVID-19 pandemic. Even though COVID-19 has impacted all enterprises across industries, enterprise innovation has not stopped. As a result, despite the minor slowdown, the call center AI market will boom in the future.

Segment Analysis

The global call center AI market is classified based on component, deployment mode, mode of channel, application, end-user and region.

The flexibility and efficiency of the cloud-based sector allow it to dominate the market

Though cloud-based call center AI poses challenges such as security and safety, transformation sophistication, performance, legal regulations and reliability, cloud-based call center AI solution deployment is critical because it provides a flexible and efficient infrastructure for managing multiple devices and analyzing suggestions of customers as well as partners. Further, cloud deployment makes it easier to implement call center AI solutions. As a result, the cloud sector of the deployment segment dominates the global call center AI market.

Geographical Analysis

Growing innovations and their adoptions in the field of technology boost the call center AI market in Asia-Pacific

Innovation and productivity are the two most important factors contributing to a market's competitiveness. According to the data, AI is expected to nearly double the rate of innovation, customer engagement and employee productivity in Asia-Pacific in the near future. As a result, it is not surprising that business leaders in Asia-Pacific recognize the value of AI in driving organizational growth, with almost 80% agreeing to thew the fact that AI would play a role in an organization's competitiveness over the next three years.

Microsoft has assisted organizations in Asia-Pacific, including OOCL, Apollo Hospitals and Northern Territory Fisheries, in leveraging AI as the core and key catalyst of their strategic plan over the last year. Since AI has genuine, tangible potential to drive the next phase of economic growth in the Asia-Pacific, the respective region is recognized as the dominant force in the regional segment of the global call center AI market.

Competitive Landscape

Though, in terms of global and local producer numbers and strengths, the global call center AI market is niche currently, the market is growing at a tremendous rate. Further, the technological giants in the market such as Microsoft, IBM, AWS, SAP, Google, Avaya, NICE, Nuance Communications, Genesysand 8x8 make the market extremely competitive. The market is fragmented and pivotal stakeholders use tactics such as mergers, acquisitions, product launches, contributions and collaborations to gain a competitive advantage and recognition in their respective markets.

IBM

Overview: AI, BlockChain, Cloud Computing, Data Analytics, IT Infrastructure, Security, supply chain, Business Operation and supply chain are the nine product and solution categories offered by International Business Machines Corporation. The company provides services in 19 industries, including automotive, aerospace, education and electronics. The company operates in over 175 countries and has expanded into Americas, Africa, Asia Pacific, Europe and the Middle East. The company provides over 170 cloud products divided into 18 categories.

Product Portfolio:

Watson Assistant: The product is a call center AI that focuses on business with seamless integration. Watson Assistant has ample industry experience connecting call centers seamlessly and can improve customer satisfaction, empower live agents and lower support costs via pre-packaged solutions.

Key Development:

On September 9, 2021, IBM announced the new Watson Assistant capabilities that allow customers to build conversational interfaces into apps, devices and channels. The new features make configuring and testing Watson Assistant voice agents easier and provide a flawless handoff to a live agent.

Why Purchase the Report?
• To visualize the global call center AI market segmentation based on component, deployment mode, mode of channel, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global call center AI market by analyzing trends and co-development.
• Excel data sheet with numerous data points of call center AI market-level with four segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players

The global call center AI market report would provide approximately 76 tables, 87 figures and almost 205 pages.

Application Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies