The Artificial Intelligence (AI) in Contact Center Market is expected to reach USD 7.08 billion during the forecast period at a 22.7 % CAGR.
The market size for global Artificial Intelligence in contact center market is anticipated to reach USD 21 Billion by 2028. The factors such as the developments in technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), machine learning, and big data are fuelling the demand for AI in contact center market growth. Additionally, the increase in internet penetration in developing countries such as India, China, and others, are predominantly responsible for the rise in industry demand in the past few years.
The demand for AI in the contact center is likely to surge on account of surge in demand for improved customer support services in call centers, exponentially growing volume of data, increasing customer engagement via multiple platforms such as website, social media, email, and growing use of AI-enabled chatbots to manage work operations efficiently and effectively. Moreover, AI systems prefill the information in the ticketing tool during documenting a ticket based on the preceding memory. Thus, the role of AI is extremely demanding in the contact center domain.
Key Segment Of The Artificial Intelligence (AI) in Contact Center Market
Component, 2022-2030 (USD Million)
• Professional services
? Training and Consulting
? System integration and implementations
• Support and Maintenance
Application, 2022-2030 (USD Million)
• Predictive Call Routing
• Journey Orchestration
• Quality Management
• Sentiment Analysis
• Workforce Management & Advanced Scheduling
Deployment, 2022-2030 (USD Million)
Channel, 2022-2030 (USD Million)
• Social Media
• Email or Text
Industry, 2022-2030 (USD Million)
• IT & Telecommunication
• Retail & E-commerce
• Energy & utilities
• Travels & hospitality
Regional Overview, 2022-2030 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The contact center industry is among the crucial sectors as well as a substantial contributor to the evolving nations such as India, China, among others. The work environment needed in the contact centers is physically, mentally, and emotionally challenging. It needs dealing with handling furious customers, hectic schedules, low budgets, adapting to shift timings, and many more. Adoption of AI-powered bots or software in the contact centers improves issue handling experience and involves an agent’s enthusiasm and attention to work in an otherwise chaotic environment.
It facilitates the service enabler to mitigate the workload by assigning some of the basic work. AI makes use of current data such as frequently asked questions (FAQs) and the enterprise information base to provide enhanced customer service. Chatbots considerably reduce the waiting time for customers since their response time is very fast. AI-enabled bots can offer support to several customers simultaneously unlike a human agent, who might be capable of handling limited clientele at a time. For instance, WeChat uses a combination of AI chatbots and human agents throughout its customer service channels to assist more than 1 billion active global users.
The global AI in the contact center market contains compute platforms, solutions, and service segments. The services segment to grow at a considerable rate within the global AI in the contact center market in 2019. This is predominantly owing to the wide implementation of AI in contact center solutions across service providers and enterprises, thereby generating demand for integration, consulting services, training support, deployment services, and maintenance services throughout the globe. The computer platform segment holds a dominating position within the industry from 2020 to 2028.
Based on the deployment segment, the market is bifurcated into two sub-segments that are cloud, and on-premise. In 2019, the Cloud segment gathered the largest market revenue and it is anticipated to dominate the market throughout the forecast period. However, the on-premise segment is anticipated to grow at a substantial growth rate over the forecast period. The on-premise enables organizations with a unified platform with SaaS-based services providing improved security.
Based on the application, the market is segmented into BFSI, healthcare, media & entertainment, retail & eCommerce, telecom, travel & hospitality, and others. The BFSI segment is likely to dominate the AI in the contact center market in 2019. This sector forged the use of IVAs/chatbots/ across different operations. Presently, the sector signifies the higher implementation of call center solutions and platforms concerning other industry verticals. The contact center AI solutions facilitate insurance and financial institutions in impeccably connecting with their clients, decreasing the customer churn, enhancing customer experience.
The global AI in contact center market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. North America is considered a mature market in the AI in contact center applications, owing to an outsized presence of an organization with the availability of technical expertise and advanced IT infrastructure. The US and Canada are the highest contributory countries to the expansion of the AI in contact center market in North America.
The major players of the global AI in contact center market are IBM, Google, AWS, Microsoft, SAP, Oracle, Artificial Solutions, Nuance, Avaya, Haptik, NICE inContact, EdgeVerve, Avaamo, Inbenta, Rulai,Kore.ai, Creative Virtual, and more. The AI in the contact center market is fragmented with the existence of well-known global and domestic players across the globe.