The “Artificial Intelligence (AI) in Call Centers – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Artificial Intelligence (AI) in Call Centers Market to Reach US$3.5 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Artificial Intelligence (AI) in Call Centers estimated at US$1.1 Billion in the year 2020, is projected to reach a revised size of US$3.5 Billion by 2026, growing at a CAGR of 21.5% over the analysis period.
Artificial intelligence is playing a vital role in ensuring transformation of call centers owing to its numerous use cases and compelling benefits. Favored by increasing adoption of machine learning tools and cloud services, AI in call centers has gained notable traction in the recent years.
While AI has been finding increasing penetration in the call center industry since the onset of digital transformation, the COVID-19 pandemic has considerably pushed the adoption rate. Companies are betting on AI and machine learning for replacing as well as supporting human representatives. AI holds notable relevance for the e-commerce industry that has exploded amid the pandemic and is increasingly leveraging AI-powered chatbots to serve customers.
Conversational artificial intelligence (AI) is emerging as a prominent trend in the call center industry owing to its ability to automate customer services and improve productivity without compromising over the service quality. Conversational AI is bound to witness extensive adoption across the industry for automating customer services and boosting revenues for brands.
Compute Platforms, one of the segments analyzed in the report, is projected to grow at a 20.3% CAGR to reach US$1.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Solutions segment is readjusted to a revised 21.9% CAGR for the next 7-year period.
This segment currently accounts for a 33.4% share of the global Artificial Intelligence (AI) in Call Centers market. The growing need to analyze and interpret burgeoning volumes of data is boosting demand for advanced AI solutions to improve customer services. In corporate enterprises, the adoption of AI technology is reducing the time required for interpreting data and for reading algorithm patterns, which will in turn fuel demand for AI solutions in enterprises.
Also driving demand for AI solutions is the growing use of speech recognition systems and intelligent customer assistance bots in rapidly expanding e-commerce sector.
The U.S. Market is Estimated at $399.6 Million in 2021, While China is Forecast to Reach $380.4 Million by 2026
The dominant share of the US is mainly attributed to the widespread adoption of AI technology in several end-use industries including media, e-commerce and manufacturing. The US also benefits from being the early adopter of some of most advanced technologies and the considerably higher level of awareness about AI in the country. Increased funding for developing and advancing AI technology and applications, and a robust technical adoption base are also favoring growth.
Growth in Asia-Pacific including China is propelled by the increasing adoption of natural language processing (NLP) and deep learning technologies in sectors such as marketing, finance, law, and agriculture. The market also benefits from the rapid pace of improvements being seen in computing power, data storage capacity and processing capabilities, which facilitate adoption of AI technology in sectors such as healthcare and automotive.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- What is AI, Why Is It Important & How Is It Transforming the World?
- Outlook for AI
- Disrupting Eons-Old Human Industrial, Economic & Social Activities, the Powerful Combination of Human & Artificial
- These are Times When Questions Abound & Answers Are Few
- So How Fast Or Slow Are We Moving?
- Split Scenarios Unfold: The Great Vaccine Divide Emerges
- Time is of Essence! What We Know So Far – “Vaccine Efficiency Against New Strains is Decreasing
- Progress on Vaccinations, Why Should Businesses Care?
- With IMF’s Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About an Economic Comeback Despite a Continuing Pandemic
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS(Total 110 Featured)
- Amazon Web Services
- Artificial Solutions International AB
- Avaamo Technologies Private Ltd.
- Avaya Inc.
- Conversica, Inc.
- Creative Virtual Ltd.
- EdgeVerve Systems Limited
- Five9 Inc.
- Google Inc
- IBM Corporation
- Inbenta Technologies Inc.
- Jio Haptik Technologies Limited
- Kore.ai Inc.
- NICE Incontact
- Nuance Communications
- Oracle Corporation
- Pypestream Inc.
- SAP SE
- Smart Action Company LLC
- Twilio Inc.
3. MARKET TRENDS & DRIVERS
- Focus on Building Robust Customer Relationships Provides the Foundation for the Growing Adoption of AI in Call Centers
- Here’s How AI Promises To Revolutionize the Call Center Industry
- Call Centers: A Primer
- AI & Call Centers: A Powerful Combo
- Call Centers Step Up Investments in Conversational AI
- The Age of Self Service Spearheads the Rise of AI in Call Centers
- AI-Powered Call Centers Transform Patient Experience in the Healthcare Industry
- AI-Powered Call Centers Promote Uninterrupted Customer Service in the Telecommunications Industry
- Robust Rise of e-Commerce & m-Commerce to Support Market Growth
- Pandemic Fast Forwards eCommerce Growth
- Against the Backdrop of Robust Online Sales & Competition, eCommerce Call Centers Step Up Focus on AI Based Capabilities
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS