Call Center AI Market to Reach $9.95 Billion by 2030
Valuates Reports estimated the global market for call center artificial intelligence at $959.8 million in 2020 and projects it to reach $9.95 billion by 2030, registering a compound annual growth rate (CAGR) of 26.3 percent.
For companies that primarily provide call center services, the use of AI and AI-based software at call centers provides a significant financial advantage, the company said in a recent report. It also saves money on the high costs of setting up and running a traditional call center. There will be no need for an office, office equipment, a network, system installations, or staffing. This factor is expected to drive the growth of the call center AI market.
Furthermore, one of the benefits of using artificial intelligence 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 is expected to drive the growth of the call center AI market even further.
The report noted that the ongoing trend of work from home during the COVID-19 pandemic fueled the adoption of call center AI to ensure business continuity.
AI, it said further, can automate workflows, attend to more customers in less time, free up resources, generate more leads, and convert them into sales. The AI in call centers will never be overburdened. This means that their functionality can be scaled to meet the needs of a growing customer base as well as increasing query complexity. They can easily address multiple customers and a variety of their concerns.
Based on deployment, the cloud segment holds the largest market share due to lower cost of setup and support, greater adaptability, ongoing data availability, and improved business effectiveness over on-premise arrangements.
When compared to other verticals, banking, financial services, and insurance have the highest adoption of call center platforms and solutions. Call center artificial intelligence solutions assist financial institutions in flawlessly connecting with customers, improving customer experience, and lowering response time, thereby increasing overall efficiency.
Major players in the call center AI market include Artificial Solutions, IBM, Microsoft, Oracle, Amazon Web Services, SAP, Google, Avaya, NICE, and Nuance Communications, the report said.