Call Center AI Market Size, Share & Trends | Forecast – 2029

 

Call Center AI Market was valued at USD 1,416 million in 2021, and is projected to reach USD 6,336 million in 2029, growing at a significant CAGR of 20.6% during 2022-2029

Key Drivers

The ability of call center AI applications to offer a faster, precise, and seamless experience to customers at any time has augmented their application across various industry verticals including telecom, retail industry, BFSI, and healthcare, which is one of the major factors fueling the call center AI market size. The ongoing technological innovations in the call center solutions with the help of advanced technologies like the NLP, deep learning, and machine learning will offer enormous opportunities to the market. Emerging need to improve customer experience and a 24/7 support service has augmented the demand for AI in a call center, fueling the market growth. Other factors such as the growing volume of data produced, rising number of customer engagement platforms, and rising adoption of smart homes are projected to strengthen the market growth over the forecast period. However, the growing privacy and security concerns and the insufficient number of trained expertise will restrain the Call Center AI Market share.

Component Segment Analysis

Based on component, the solution segment is forecast to witness a higher CAGR over the upcoming years, owing to the growing demand to improve customer experience, decrease the operational costs and offer actionable insights. The growing adoption of solutions across industries including BFSI, retail and e-commerce, healthcare, and telecom, to optimize the training cost and resolve customer queries efficiently in no time as compared to customer service agent.

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Deployment Mode Segment Analysis

Cloud segment is projected to witness a faster CAGR during the forecast period, owing to its low maintenance needs, cost-efficiency and flexibility features. Therefore, it is witnessing huge adoption by mid-sized financial institutions. On the other hand, increasing adoption of cloud-based call center artificial intelligence solutions across large and medium enterprises are driving the on-premises deployment model growth.

Vertical Segment Analysis

BFSI segment is expected to witness a significant growth over the forecast period, because of the growing adoption of AI-based solutions such as Interactive Voice Assistance (IVA) to carry out several operations. Growing demand for automated call operations in the BFSI industry to minimize operational cost and improve customer experience will strengthen the market growth.

Regional Analysis

North America is likely to emerge as the fastest growing nation over the forecast period, because of the ongoing technological innovations, increasing adoption of AI in call centers to enhance the productivity and huge investment. Moreover, the region is home to several leading market players such as Google LLC, IBM Corporation, Microsoft Corporation, among others, which will strengthen the market growth.

Key Developments

In 2019, Microsoft Corporation launched an Africa Development Center (ADC) in Nairobi, Kenya, and Lagos, Nigeria, as its investment in cloud innovations in Africa. The ADC is the first international Development Center in Africa with a combined expected investment of US $100 million over the first five years of operation.

In 2019, Google LLC introduced a beta version of the AI platform for its Contact Center AI. This version makes use of  Dialogflow and Google’s text-to-speech capabilities, enabling users to build a virtual agent. The company also declared the advent of an end-to-end AI platform to offer data scientists and developers, an end-to-end service for building, testing, and deploying their own models.

Market Segmentation

Global Call Center AI Market by Component

  • Compute Platforms
  • Solutions
  • Services
    • Consulting
    • System Integration and Deployment
    • Support and Maintenance

Global Call Center AI Market by Deployment Mode

  • Cloud
  • On-Premises

Global Call Center AI Market by Vertical

  • Banking, Financial Services, and Insurance (BFSI)
  • Retail & E-Commerce
  • Healthcare
  • Telcom
  • Media & Entertainment
  • Travel & Hospitality
  • Others

Global Call Center AI Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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