Global Call Center AI Market Size, Share & Industry Trends Analysis Report By Deployment Type, By End User, By Component, By Regional Outlook, Strategy, Challenges and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Call Center AI Market
Market Report Description
The Global Call Center AI Market size is expected to reach $4.7 billion by 2027, rising at a market growth of 24.3% CAGR during the forecast period.
Call Center AI refers to the utilization of artificial intelligence across call centers with the purpose of providing human-like services to customers with robotic assistance. In call centers, one of the most common uses of AI is to provide in-depth data on call times and first resolution along with other metrics. These technologies can detect patterns and have access to client data, allowing them to determine if customers are having a good or bad experience.
According to a study conducted by Oracle, more than 80% of businesses are now using chatbots for customer service or aim to do so by 2020. Respondents cited 24-hour service, rapid responses to inquiries, and solutions to easy questions as some of the advantages of AI deployment.
There are some instances wherein dealing with customer inquiries in real-time might be a difficult task for a customer service representative, as customers may not understand the context of their inquiry. This has necessitated the development of better data analytics skills.
For example, with AI, previous customer interactions and chat data may be examined in seconds, and concise information about the customer can be supplied to the executive. Because of its large in-house data scientists and analysts, Amazon, in partnership with its subsidiary Amazon Web Services, developed specific algorithms aimed at evaluating consumer wants and offering accurate responses based on those needs. As a result, the global market is growing due to the requirement for increased data analysis skills.
COVID-19 Impact Analysis
In the fourth quarter of 2019, the deadly COVID-19 emerged from the Wuhan City of China and till the end of the first quarter of 2020, it emerged as one of the most deadly and hazardous pandemics for both the people and economies. The COVID-19 caused Governments all over the world to enforce lockdowns across their countries which substantially slammed all the industries across the world. However, due to the increased necessity for organizations to replace old infrastructure to build a more flexible approach to customer engagement during the COVID-19 pandemic, the usage of advanced call center software solutions has surged.
Because call center software use has expanded despite unprecedented circumstances, the COVID-19 pandemic had a positive impact on the expansion of the call center AI market. Enterprises have seen an increase in the requirement to replace old infrastructure in order to build a more agile approach to client engagement.
Market Growth Factors:
Rising demand for enhanced customer experience
Customer experience must be maintained by providing accurate and timely feedback. Customer experience is critical to a company's long-term success. Call center as a service provides solutions that assist in providing appropriate customer support. By delivering real-time customer query-related data, the service assists agents in efficiently handling consumers. It displays information on clients and their buying history in pop-up windows. This saves time for the agent and allows them to rapidly resolve the customer's issue.
Advantages such as Scalability, Flexibility, and reduced cost
Traditional on-premises call centers are substantially more expensive than cloud-based call centers. Companies save money on overall expenses such as hardware installation and maintenance service charges by implementing AI solutions in a call center. Moreover, cloud-based services aid in the reduction of overhead costs, downtime, and power usage. It also offers a pay-per-use subscription model, which allows businesses to choose the plan that best suits their needs and budget. Web-based call centers are becoming more popular among businesses with minimal resources.
Marketing Restraining Factor:
Data security and privacy risks
The Call Center has a large amount of data that is vulnerable to malevolent attackers. Personal and confidential information, such as health information and credit card data, is stored in call centers. Internally and externally, there is a considerable risk of data breaches and hacking. Internally, for example, the agent could leak information or be bribed to provide it. This poses a significant risk of privacy violations. For example, in 2017, a data breach occurred at the LaunchPoint insurance company in the United States, when a corporate employee used his personal email to steal client healthcare information.
Deployment Type Outlook
Based on the Deployment Type, the Call center AI market is bifurcated into Cloud and On-premise. In 2020, the On-premise segment followed the cloud segment by acquiring the second-largest revenue share of the call center AI market. The on-premise deployment ensures data safety by saving all the databases and servers of the call center at the location of the organization.
End User Outlook
Based on the End-user, the Call center AI market is segregated into BFSI, Retail & E-commerce, Telecom, Healthcare, Media & Entertainment, Travel & Hospitality, and Others. In 2020, the retail and E-commerce segment accounted for a promising revenue share of the call center AI market. The increased growth of this segment of the market is attributed to the fact that a lot of stores and supermarkets are adopting the newly introduced method of providing over-the-phone services to their customers. This method offers convenience and an enhanced shopping experience to customers.
Based on the Component, the Call center AI market is segmented into Solution, Compute platform, and Services. The solution segment accounted for the largest revenue share of the call center AI market in 2020. This is due to the widespread use of chatbots/IVAs in many processes. In comparison to other verticals, the BFSI sector has the highest rate of adoption of call center platforms and solutions. Call center AI solutions to help financial organizations interact with consumers perfectly, improve customer experience, and reduce response time, all while enhancing overall efficiency. This is the factor driving the growth of this segment.
|Market size value in 2020||USD 1 Billion|
|Market size forecast in 2027||USD 4.7 Billion|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 24.3% from 2021 to 2027|
|Number of Pages||222|
|Number of Tables||382|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Component, Deployment Type, End User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on the Region, the Call center AI market is analyzed across North America, Europe, APAC, and LAMEA. In 2020, North America led the call center AI market by accounting for the largest revenue share of the market across the world. In addition, the increasing growth for the market in this region is attributed to the ongoing growth in call center solutions spending across the United States and Canada. Moreover, the widespread adoption of call center AI solutions in sectors such as BFSI, healthcare, retail, and government to deliver exceptional customer service would further boost the growth of the regional call center AI market during the forecasting period.
Free Valuable Insights: Global Call Center AI Market size to reach USD 4.7 Billion by 2027
KBV Cardinal Matrix - Call Center AI Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Reliance Industries Limited (Jio Haptik technologies limited) are the forerunners in the Call Center AI Market. Companies such as Infosys Limited (EdgeVerve Systems), NICE Ltd. (inContact, Inc.), Conversica, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Reliance Industries Limited (Jio Haptik technologies limited), Artificial Solutions International AB, Conversica, Inc., Rulai, Inc., Kore.ai, Inc., Pypestream, Inc., Infosys Limited (EdgeVerve Systems), Avaamo, Inc., and NICE Ltd. (inContact, Inc.).
Recent Strategies Deployed in Agricultural Ventilation Fans Market
» Partnerships, Collaborations and Agreements:
- Oct-2021: Conversica partnered with CDK Global, the largest provider of automotive dealership solutions for auto dealers. The partnership aimed to offer dealerships a competitive advantage in the ability to scale consumer communication by integrating Converica's Automotive Sales Conversational Artificial Intelligence (AI) Assistants with CDK's Elead customer relationship management (CRM).
- Aug-2021: Artificial Solutions extended its collaboration with Circle K, an international chain of convenience stores. Through this extended collaboration, the companies aimed to continue to provide support for consumers & employees of the convenience retail outlets of Circle K in the US & Scandinavia.
- Jul-2021: Artificial Solutions along with its partner Microsoft joined hands with A1 Bulgaria, the GSM mobile phone operator in the country. Through this collaboration, A1 Bulgaria would deploy a range of conversational applications in the company's consumer service with LUIS^Teneo, Artificial Solutions' cloud-based integrated development environment for Microsoft LUIS’ consumers.
- Mar-2021: Infosys partnered with LivePerson, a global leader in Conversational AI. The partnership aimed to help brands manage AI-powered conversations with customers & employees over SMS, apps, websites, & messaging channels for everyday use and also enable the companies to grow.
- Sep-2020: Pypestream came into partnership with Conviva, the leader in global streaming media intelligence. Through this partnership, the companies aimed to deliver proactive consumer experiences within digital conversational experiences through notifications, eliminating the requirement of consumers to reactively call or email a call center and also help Pypestream in delivering true AI-driven consumer experiences which help a business’s bottom line by exceeding customer expectations. In addition, Sling TV use the feature to provide consumers with smart self-service solutions & always-on conversational brand experiences.
- Aug-2020: Infosys came into partnership with Genesys, a global leader in cloud customer experience and contact center solutions. This partnership would improve & expand the consumer experience and contact center offerings of both organizations.
- Jun-2020: Conversica extended its existing partnership with AutoAlert, an automotive software company. Under this partnership, AutoAlert would offer full capabilities & skills for the Conversica Automotive Sales AI Assistant & Conversica and help in boosting sales as well as service revenue. This partnership aimed to deliver an integrated platform that would provide an improved consumer experience.
» Product Launches and Product Expansions:
- Nov-2021: Conversica introduced Conversational Account-Based Marketing (ABM) capabilities. The ABM solution is available through the company's AI Assistants. The launch is aimed to automate personalized outreach across SMS, website chat, and emails.
- Oct-2021: Kore.ai released SmartAssist, an AI-native end-to-end Contact Center as-a-Service (CCaaS) solution. The SmartAssist aimed to help live agents understand past history/context, and an intuitive desktop console which allows agents to easily manage conversations. Also, SmartAssist focuses on accurately responding to the most sophisticated conversations across voice or digital channels, automatically escalating conversations to live agents with seamless contextual continuity to move conversations forward towards successful outcomes.
- Sep-2021: Kore.ai launched SmartAssist, the world’s first AI-native end-to-end Contact Center as-a-Service [CCaaS] solution. This solution comes integrated with the AgentAssist aimed to help live agents understand past history/context along with an intuitive desktop console that enables agents to easily manage conversations.
- Sep-2021: EdgeVerve Systems launched AssistEdge 19.0, latest version of the company's automation platform. The latest version is designed to support and scale large process automation programs for global enterprises.
- Sep-2021: Kore.ai unveiled BankAssist, an omni-channel conversational virtual assistant. BankAssist would help to automate highly accurate natural conversations with maximum containment to drive extraordinary consumer experiences by voice and other digital channels.
- May-2021: Reliance Industries introduced AI-enabled WhatsApp chatbox, American freeware, cross-platform centralized instant messaging (IM) and voice-over-IP (VoIP) service. The new AI chatbox is the first one rolled out for a public offering developed by Jio Haptik Technologies which would answer shareholders' queries on the Rs 53,125 crore rights issue. The launch is aimed to assist investors in the Indian stock markets for the first time.
- May-2021: NICE introduced InterACT, a new AI-powered recording solution. InterACT would automate end-to-end recording decisioning processes, dramatically reducing manual configurations, saving time and decreasing human errors. Through this, the company would transform the way contact centers manage interaction recording.
- Mar-2021: Pypestream unveiled Customer Engagement Center (CEC), a cloud-based solution. The CEC would help consumers to interact with the company on any device, anytime directly. In addition, the CEC automates all consumer interactions & escalates to services such as Amazon Connect, the omnichannel cloud contact center from AWS.
- Mar-2021: Talkdesk introduced Talkdesk AI Trainer, the first human-in-the-loop (HITL) tool for contact centers. Through this launch, the company would improve accuracy and increase consumer satisfaction as well as decrease the cost per case.
- Mar-2021: NICE inContact introduced new capabilities in its exsisting product CXone. The product would be first-of-its-kind artificial intelligence (AI) innovations with Real-Time Interaction Guidance for agents. Through this, the company aimed to expand its self-service capabilities, extend digital-first reach, and empower highly effective work-from-anywhere teams.
- Jan-2021: Infosys introduced Infosys Cortex, a customer engagement platform. The launch of Cortex is focused on leveraging technology from Genesys along with Contact Center AI services from Google Cloud and Infosys's managed artificial intelligence (AI) & analytics services.
- Oct-2020: Conversica launched Intelligent Virtual Assistants (IVAs). The IVAs would engage with website visitors & quickly connect them to the information visitors seek through chat, use email & SMS aimed to nurture them by a qualification process & pass hot qualified opportunities to consumer-facing teams along with delivering a personalized experience which digital natives now demand across multiple channels.
Scope of the Study
Market Segments Covered in the Report:
By Deployment Type
By End User
- Travel & Hospitality
- Retail & Ecommerce
- Media & Entertainment
- Compute Platforms
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Reliance Industries Limited (Jio Haptik technologies limited)
- Artificial Solutions International AB
- Conversica, Inc.
- Rulai, Inc.
- Kore.ai, Inc.
- Pypestream, Inc.
- Infosys Limited (EdgeVerve Systems)
- Avaamo, Inc.
- NICE Ltd. (inContact, Inc.)
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What would be the value of the global call center AI market by 2027?
The call center AI market size is projected to reach USD 4.7 billion by 2027.
What are the key driving factors and challenges in the call center AI market?
Rising demand for enhanced customer experience are driving the market in coming years, however, Data security and privacy risks have limited the growth of the market.
Who are the top market players in the call center aI industry?
Reliance Industries Limited (Jio Haptik technologies limited), Artificial Solutions International AB, Conversica, Inc., Rulai, Inc., Kore.ai, Inc., Pypestream, Inc., Infosys Limited (EdgeVerve Systems), Avaamo, Inc., and NICE Ltd. (inContact, Inc.).
Which segment shows a high revenue share of the call center AI market in 2020?
The Telecom market acquired maximum revenue share in the Global Call Center AI market by End User 2020, and would continue to be a dominant market till 2027.
Which segment shows the high growth rate of the call center AI market over the forecast period?
The Compute Platforms market shows highest growth rate of 24.3% during (2021 - 2027). This is attributed to the operation of many AI-enabled solutions relying heavily on compute platforms.
Which region shows high market share?
The North America market region shows high market share in the Global Call Center AI market by Region 2020, and would continue to be a dominant market till 2027.