Call Center AI Market Size, Key Vendors, Growth Rate, Drivers, Volume

Posted by Devanshu Shrivastava on February 13th, 2020

In 2018, the call center artificial intelligence (AI) market generated a revenue of 4.5 million, and it is expected to attain ,990.1 million by 2024, growing at a 22.6% CAGR during the forecast period (2019–2024). In terms of industry, banking, financial services, and insurance (BFSI) is predicted to witness considerable growth in the near future, which is attributed to the rising need for enhancing customer support experience, providing vital information related to service offerings to the customers, decreasing operational expenses, and automated call operations in financial institutions and banks.

In terms of solution, the chatbot category dominated the call center AI market in 2018 because of the rising requirement for chatbots in various industries, such as retail & e-commerce, BFSI, telecom, and media & entertainment. The intelligent virtual assistant (IVA) is expected to grow at the fastest pace, with a 23.0% CAGR, during the forecast period, as it offers productive conversation with customer, personalized experience to the customers, 24x7 availability through voice or text, and omnichannel deployment.

One of the major trends in the call center AI market is the growing preference for omnichannel communication with customers. Call center AI solutions, including IVA and chatbots, offer the company a wide range of choices for engaging with customers, such as via email, website, chat, and social media. The omnichannel experience becomes better in different ways, such as searches for a specific consumer and follow-up of any conversation, because of these solutions.

Moreover, the companies are also provided with various benefits by deploying this technology, such as helping to gain customer insights and increase revenue, providing real-time engagement with the customers, and improving customer service.

On the basis of geography, North America and Europe together held over 43.4% share of the call center AI market in 2018. This was due to the increasing investments for leveraging AI to automate operations in call centers, presence of established players in the regions, bettering customer experience, advancements in voice recognition technology, and enhanced work productivity of agents. Apart from this, Asia-Pacific (APAC) and Latin America (LATAM) demonstrate strong growth potential because of various factors, including evolving customer expectations, improving employee productivity, presence of large number of call centers, and growing rate of innovation. The largest share in APAC was held by China in 2018, with a revenue of .5 million.