Call Center AI Market estimated to reach $4.1 billion by 2027

Call Center AI Market

According to a new market research report “Call Center AI Market with Covid-19 Impact Analysis, By Component, Mode of Channel (Phone, Social Media, & Chat), Application (Workforce Optimization & Predictive Call Routing), Deployment Mode, Vertical and Region – Multinational Forecast to 2027” published by MarketsandMarkets™, the Call Center AI market is projected to grow from USD 1.6 billion in 2022 to USD 4.1 billion by 2027; it is expected to grow at a CAGR of 21.3% % during 2022-2027.

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Key players offering Call Center AI market are IBM (US), Microsoft (US), Oracle (US), AWS (US), SAP (Germany), Google (US), Avaya (US), NICE (Israel), Nuance Communications (US), Genesys (US), 8×8 (US), Artificial Solutions (Sweden), Zendesk (US), Five9 (US), RingCentral (US), Talkdesk (US), Dialpad (US), Twilio (US), Kore.ai (US), Inbenta (US), Creative Virtual (UK), Tastsinn (India), Rulai (US), Pypestream (US), Avaamo (US), Senseforth.ai (US), Observe.AI (US), Yellow.ai (US), Ultimate.ai (Germany), and Cognigy (Germany).

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Call center AI solutions are being leveraged by contact centers to improve the customer experience as well as operational efficiency. 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. The call center AI vendors offer AI-based platforms, software tools, and services that utilize 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 ML into a single platform to develop and build applications for a specific as well as for various use cases across verticals.

The Covid-19 pandemic has led to an exponential rise in call volumes at customer service centers across geographies and industries. Contact centers providing travel-related and medical information witnessed a significant increase in call volumes. As commercial airlines were grounded, contact centers were flooded with calls from anxious travelers seeking more information on cancellations and refunds or modifying their itineraries. During the COVID-19 pandemic, companies need to enhance the customer experience. This needs to be empowered through front-line contact center agents in an empathetic way. Contact center agents are assisting people. For instance, Genesys has been helping contact centers to embrace tools, such as voice bots and chatbots that have been integrated with Google or Amazon.

The solutions segment to hold a larger market size during the forecast period

Based on components, the market size of the solutions segment is expected to hold a larger market share in 2022, while the services segment is projected to grow at a higher CAGR during the forecast period. Call center AI solutions ensure the strengthening of customer relationships, resulting in increased first call resolution rate and improved customer experience. Call center AI solutions ensure the strengthening of customer relationships, resulting in increased first call resolution rate and improved customer experience.

The SMEs segment is estimated to have a higher CAGR during the forecast period

The SMEs segment is projected 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 their spending. Moreover, the growing need to enhance business processes, reach new customers, stay competitive, and control their spending to boost the growth of the call center AI solutions among SMEs.

The phone mode of channel segment is estimated to hold the largest market size during the forecast period

Based on the mode of channel, the phone segment is expected to hold the largest market size during the forecast period due to the rising penetration of smartphone users across the globe. The phone mode of channel is preferred by everyone, including tech-savvy and non-tech-savvy people as it offers an enhanced user experience. The phone provides multilevel IVR, queue callback, advanced routing, warm transfer, and real-time metrics. Customers tend to use the smartphone to seek help for urgent matters, complaints, and persistent issues as this preferred mode of channel improve customer satisfaction rates and reduce miscommunication that arises from text messages.

The cloud segment is expected to have a higher CAGR during the forecast period

Based on deployment, the cloud segment is expected to have a higher CAGR during the forecast period. The cloud technology benefit of easy deployment and minimal capital requirement facilitates the adoption of the cloud deployment model. The increasing demand for scalable, easy-to-use, and cost-effective solutions is expected to boost the demand for cloud-based call center AI in the market. Call Center AI solutions are expected to accelerate the growth of the cloud segment in the call center AI market. Moreover, cloud-based call center AI solutions enable business operations to improve employee productivity and save OPEX. Hence, the cloud-based deployment mode is gaining traction in the coming years.

The workforce optimization segment is expected to have the highest CAGR during the forecast period

Based on application, The market size of the workforce optimization segment is estimated to be the largest as the rising need to train, schedule, and monitor the employee’s performance and effectively manage agent performance would drive the growth of the workforce optimization application in the market.

The healthcare and life sciences segment is projected to register the highest CAGR during the forecast period

Based on Vertical, The healthcare and life sciences segment is projected to register the highest CAGR during the forecast period due to the rising demand to automate voice broadcasts, text messaging, and email communications to allow authorities to communicate with people during emergencies. As Intelligent virtual health assistants can notify the patients about the medication plan, address their concerns, deliver diagnosis reports, educate them about diseases, motivate to exercise, and personalize the user experience.

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Based on regions, the North America is expected to hold the largest market share during the forecast period

Based on Region, North America is expected to hold the largest market share as in North America call center AI solutions and services are highly effective in most organizations and verticals due to the increasing need to provide businesses with a way to operationalize and get more value from data assets. The increased smartphone adoption and technological advancements in the call centers boost the adoption across North America.

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