January 18, 2022
Call center artificial intelligence (AI) presents an increasingly lucrative opportunity for the channel as the global market should reach nearly $10 billion by 2030.
That’s according to a new report by Valuates, which expects a compound annual growth rate (CAGR) of more than 26% The call center AI market was roughly $960 million in 2020.
For companies that primarily provide call center services, the use of AI and AI-based software at call centers provides a financial advantage. There’s no need for an office, office equipment, a network, system installations or staffing. This should drive growth of the call center AI market.
In addition, one of the benefits of using AI in call centers is the ability to solve customer problems. By scanning customer complaints from databases faster than traditional systems, predictive and analytical AI software can deliver faster solutions and results. This feature should drive the market even further.
Furthermore, the ongoing trend of work from home (WFH) during the pandemic has fueled the adoption to ensure business continuity.
Customers’ Call Center Expectations
Customers expect interactions to be simpler and faster, Valuates notes. As a result, businesses must ensure high availability in order to provide support. Call center AI can be of great assistance. It offers intelligent conversations 24 hours a day, seven days a week.
Organizations can save operating costs while monitoring revenue growth by adopting enterprise cloud solutions for call centers. Cloud-based call centers improve performance, channel support and engagement. As a result, reporting and analytics in call center AI assist in supporting a changing customer base. Call center AI solutions are being deployed in the cloud. Among the advantages are lower cost of setup and support, greater adaptability, ongoing data availability, and improved business effectiveness over on-premises arrangements.
North America dominates the call center AI industry. However, Asia-Pacific should grow at the fastest rate through 2030.
Cloud Segment to Hold Largest Market Share
Based on deployment, the cloud segment should hold the largest market share during the forecast period. This is due to the growing popularity of interactive voice response (IVR) solutions for quick resolution of queries over phone calls. Customers can use software to resolve product-related issues without relying on customer service representatives. Furthermore, the increased integration of new systems with existing ones at the workplace, as well as the rapid increase in demand for the implementation of new contact center software, are expected to fuel the growth of this segment.
Based on components, the solution segment should hold the largest market share through 2030. This is due to the widespread use of chatbots/IVAs in various operations. In vertical markets, banking, financial services and insurance (BFSI) has the highest adoption of call center platforms and solutions. These solutions assist financial institutions in connecting with customers, improving customer experience and lowering response time.
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