The call center AI market size to grow at a Compound Annual Growth Rate (CAGR) of 28.5% during the forecast period
MarketsandMarkets forecasts the global call center AI market size to grow from USD 800 million in 2019 to USD 2,800 million by 2024, at a CAGR of 28.5% during 2019–2024. The major growth drivers for the market include the rising use of AI by organizations to offer enhanced customer support services, growing customer engagement through social media platforms, and increasing data generation by organizations. However, unsupervised learning may restrain market growth.
Based on component, services segment to grow at highest CAGR during forecast period
The services segment is projected to grow at the highest growth rating during the forecast period, as the services play a vital role in the functioning of various AI-enabled solutions. These services ensure faster and smoother implementation, which maximizes the value of enterprise investments. These services ensure end-to-end deployment of compute platforms and address pre-and post-deployment queries of users. Most of the market vendors offer technical support services and consulting services to manage the deployment of AI-based solutions in the market.
Asia Pacific (APAC) call center AI market to grow at highest CAGR during forecast period
The call center AI market in APAC is expected to record the highest growth rate over the next few years, as a result of the growing technology adoption rate in the region. APAC holds more than 50% of the world’s population. Therefore, any major technological shifts, such as those being heralded by AI, are expected to shape the future of the region. IBM, Microsoft, Google, and AWS account for a majority of share in the call center AI market in the region, along with several other significant call center AI solutions providers.
SMEs and large enterprises in APAC have become more aware of government regulations and compliances and have started adopting AI-based solutions proactively.
- By Company: Tier I - 35%, Tier II - 40%, and Tier III - 25%
- By Designation: C-Level - 45%, Director Level - 25%, and Managers - 30%
- By Region: North America - 35%, APAC - 30%, Europe: 25%, and RoW - 10%
The report includes the study of the major vendors in the call center AI market, including IBM (US), Google (US), Microsoft (US), AWS (US), SAP (US), Oracle (US), Nuance (US), Artificial Solutions (Spain), Avaya (US), Haptik (India), EdgeVerve (India), NICE inContact (US), Avaamo (US), Kore.ai (India), Inbenta (US), Rulai (US), Creative Virtual (UK), Pypestream (US), Conversica (US), Talkdesk (US), and Zendesk (US).
- The report segments the call center AI market by component, deployment type, vertical, and region. The component segment comprises compute platforms, solutions, and services.
- The call center AI market, by deployment type covers cloud and on-premises.
- The call center AI market, by vertical covers Banking, Financial Services, and Insurance (BFSI), media & entertainment, retail & eCommerce, travel & hospitality, healthcare, telecom, and other verticals (automotive, manufacturing, government, education, and energy & utilities). The report covers the call center AI market with respect to five major regions: North America, Europe, APAC, Latin America, and Middle East & Africa (MEA).
The report would help the market leaders and new entrants in the call center AI market in the following ways:
- The report segments the market into various subsegments. Hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across verticals and regions.
- It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
- It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market.
- The study also presents the positioning of the key players based on their product offerings and business strategies.