Call Center AI Market Drives Forward Despite Bumps
The global call center AI market attained a valuation of $914.5 million in 2018 and it is predicted to generate a revenue of more than $2,990.1 million by 2024. Furthermore, the market will advance at a CAGR of 22.6% between 2019 and 2024. The main factors driving the advancement of the market are the burgeoning requirement for improved customer care services and customer engagement and the surging usage of AI-powered chatbots for managing work operations efficiently and effectively.
Several industries such as banking, financial services, and insurance (BFSI), telecom, retail, and healthcare are increasingly focusing on the adoption of various AI solutions and technologies for their call center services. For example, Marks and Spencer plc, which is a U.K. based retailer, announced in August 2018 that it aims to displace as many as 100 switchboard employees with an artificial intelligence (AI)-based system that has been developed by the firm, Twilio Inc.
This AI system handles calls for 640 retail stores and outlets from 13 contact center hubs located across the U.K. It allows the routing of voice calls to the appropriate departments with an accuracy of more than 90% and enables the analysis of 12 million customer interactions in real-time every year. Depending on component, the call center AI market is divided into solutions and services. Between the two, the solutions category recorded higher growth in the market in the past.
This category is further subdivided into chatbots, intelligent interactive voice response (IVR) system, and intelligent virtual assistant (IVA). Out of these, the chatbots sub-division registered the highest growth in the call center AI market across the globe during the last few years. This was because of the huge requirement for chatbots in several industries such as retail & e-commerce, banking, financial services, and insurance (BFSI), telecom, and media & entertainment.
The market is also classified, on the basis of technology, into automatic speech recognition, machine learning, natural language processing (NLP), cognitive computing, image processing, video recognition, and computer vision. Out of these, the automatic speech recognition (ASR) category recorded the highest growth in the market in the past years. This was because this technology creates customer database with extremely accurate insights, provides improved quality monitoring, optimizes the complex processes of IVR, and allows customer self-service.
Geographically, the call center AI market will register the highest growth in North America in the upcoming years, as per the estimates of the market research company, P&S Intelligence. This is credited to the surging investments being made for the incorporation of AI-based solutions, the rising demand for automated work operations from call centers, the rapid advancements being made in voice recognition technology, the growing demand for personalized customer experience, and the existence of several leading players in the region.
Hence, it can be said with confidence that the market will exhibit huge expansion across the world in the coming years, mainly because of the mushrooming demand for improved customer care services from organizations operating in various industries.
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