Utilization of AI for enhanced customer support services, 24*7 service availability, and omnichannel communication drives the demand for AI in the contact center market
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. Moreover, 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. Hence, he global Artificial Intelligence in the contact center market size is projected to reach USD 21 Billion by 2028.
The extended usage of big data, and machine learning technology, along with artificial intelligence and probabilistic logic has paved the way for greater development of AI in the computer vision industry past few years. The evolution of the Internet of Things (IoT) has also fueled the growth momentum of the industry with its various applications in the advancements of the interactive software platform. The industry players operating within the AI in the computer vision market are investing significant resources in continuous product development to keep up with the market dynamics.
Based on the application, the market is segmented into BFSI, healthcare, media & entertainment, retail & e-commerce, 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 highest 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, and enhancing customer experience.
The global AI in the contact center market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
The global AI in the contact center market is a wide range to North America, Europe, Asia Pacific, 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 the 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 in Contact, 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.
Segment Overview of Global AI in Contact Center Market
Component Overview, 2018-2028 (USD Billion)
- Computer platforms
Deployment Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Media & Entertainment
- Retail & eCommerce
- Travel & Hospitality
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America