Component( Compute Platforms, Solutions, Services), Deployment Type ( Cloud, On-premises), Technology (Natural Language Processing, Machine Learning, Automatic Speech Recognition, Computer Vision, Video Recognition, Others), Vertical( BFSI, Media & Entertainment, Retail & Ecommerce, Travel & Hospitality, Telecom, Healthcare, Automotive, Government, Manufacturing, Education, Energy & Utilities, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Call centre AI market is expected to reach USD 8184.56 million by 2029 in the forecasted period of 2020-2029 with a substantial CAGR of 26.18% the market's main growth drivers include growing customer involvement via social media platforms and increasing data generation via the IOT, social media and the progress of imagery technology.
A number of key factors derived the global market for call centres, primarily increasing numbers of calling centres, rising focus on customer satisfaction, increasing demand for value-added customer support systems in call centres, advanced imaging technologies and an increasing use of AI solutions across different branches, such as banking, BFSI, healthcare and telecom for their call centres.
Call centers of the future will be more efficient and predictive. AI will affect operations of the call center through the analysis of requests based on the customer's previous behavior and effective communication, the automated processes such as customer follow up and instant question handling regardless of time and location. In order to optimize, automate and forecast, the production of more AI technologies will act as the main driver of market adoption and penetration.
Call centre AI market Scope and Market Size
Call centre AI market has been segmented on the basis component, deployment type, technology, vertical.
- On the basis of component, the Call centre AI market is segmented into compute platform, solutions, and services. Solutions are further segmented into Chatbot, Intelligent Virtual Assistant (IVA), Intelligent Interactive Voice Response (IVR) system. Services are further segmented into professional, managed. In the component segment the Service sub-segment is expected to hold the largest share of the Call centre AI market in the forecasted period. Services are critical to the operation of numerous AI-supported solutions. Such programs allow execution quicker and easier, increasing the efficiency of business investments. Such tools guarantee the full implementation of calculation systems and address queries before and after launch. Many industry vendors offer technical support and consultancy services in order to handle the business launch of AI-based solutions.
- Based on deployment type, Call centre AI market is segmented into Cloud, On-premises. In the deployment type segment the Cloud sub-segment is expected to hold the largest share of the Call centre AI market in the forecasted period Cloud-based use can be linked to increases in the segment's cost-efficiency and versatility. Some Call Centre AI systems are installed in the cloud as they provide benefits such as reduced installation and maintenance costs, improved scalability, real-time connectivity and increased business performance compared with on-site applications.
- Basis of technology, the Call centre AI market is segmented into natural language processing, machine learning, automatic speech recognition, computer vision, video recognition, others.
- Based on vertical the Call centre AI market is segmented into BFSI, Media & Entertainment, Retail & Ecommerce, Travel & Hospitality, Telecom, Healthcare, Automotive, Government, Manufacturing, Education, Energy & Utilities, Others. The category BFSI is projected to be the industry leader for call centre AI in 2019. The usage of chatbots/IVAs in different operations has been a leader in this sector. At present, in contrast with other verticals, BFSI is the largest penetration of applications and technologies for call centres.
- On the basis of end user industry the Call centre AI market is segmented into banking, financial services, and insurance (BFSI), manufacturing, it & telecom, healthcare, retail, other. In the segment of end user industry the banking, financial services, and insurance (BFSI) sub-segment is expected to hold major market share in the forecasted period. The HR analytics solution helps BFSI companies optimize their workforce, which includes contractors, permanent staff, freelancers and employees. In addition, the use of analytics and AI-based solutions helps banks and financial institutions to turn into highly engaged workforce hyper-productive businesses that separate them from competitors.
Country Level Analysis of Call centre AI market
- On the basis of region, the Call centre AI market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- Due to the rapid technological developments in the area, North America is expected to hold the largest share of the call centre AI market in 2019. The U.S is the largest adopter in the region of call centre AI solutions. Moreover, global vendors such as IBM, Google, Microsoft and AWS play an essential role in implementing conversational call centre AI technology in the region.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
Key Developments in the Market:
- In January 2020, ExaWizards Inc. a , launched "Qontextual," a FAQ search engine. that can be used for a variety solution , including advanced search, call centers, chatbots, manual quest and counter operations. Qontextual is an engine for solving various text-related questions, such as questions and answers, classification of text and search of meanings. It can be used for a broad spectrum of operations, including refinement in searching on a database, help for call centers and counter operations, enhancement in precision in chatbots answers, complexity in internal manual searches, etc.
- In January 2020, Cisco announced the launch of its three new discovery which will help bring radical change—an AI infusion, a latest customer experience solution, and a latest cloud contact centre product. They turn the customer experience of contact centers radically together for the best. Cisco has announced new Voicea and Google Cloud Contact Center AI (CCAI) integrations to transform agents into "super agents." Cisco also announced the Webex Experience Management (formerly Cloud Cherry), which enables the employees of the contact center to see how their customers feel in order to change the experience radically. In addition, Cisco Webex Contact Center Enterprise now provides all of this innovation.
Competitive Analysis and Call centre AI market Share Analysis:
Call centre AI market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Call centre AI market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Call centre AI market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated, and global presence. Call centre AI market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in the Call centre AI market are Amazon Web Services, Inc., Artificial Solutions, Avaamo, Avaya Inc., Conversica, Inc. , Creative Virtual Ltd., EdgeVerve Systems Limited, Alphabet Inc. Jio, Haptik, Inc, IBM Corporation, Inbenta Technologies Inc., Kore.ai, Inc, Microsoft , Nuance Communications, Inc. , Oracle , Pypestream Inc., Rulai , SAP SE , Talkdesk, Inc, , Zendesk, Inc., QliqSOFT, Inc, and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved