New Study from StrategyR Highlights a $3.5 Billion Global Market for Artificial Intelligence (AI) in Call Centers by 2026
SAN FRANCISCO, Oct. 5, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Artificial Intelligence (AI) in Call Centers - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: September 2021
Executive Pool: 73886
Companies: 110 - Players covered include Artificial Solutions; Avaamo; Avaya; AWS; Conversica; Creative Virtual; EdgeVerve Systems; Google; Haptik; IBM; Inbenta Technologies; Kore.ai; Microsoft; NICE Incontact; Nuance Communications; Oracle; Pypestream; Rulai; SAP; Talkdesk; Zendesk and Others.
Coverage: All major geographies and key segments
Segments: Component (Compute Platforms, Solutions, Services); Deployment (Cloud, On-Premise); End-Use (BFSI, IT & Telecom, Consumer Goods & Retail, Government, Healthcare, Travel & Hospitality, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Artificial Intelligence (AI) in Call Centers Market to Reach US$3.5 Billion by the Year 2026
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. The technology is being used by companies to leveraging and analyzing large data volumes for improving customer interactions and driving value. In the recent years, a large number of call centers have embraced AI and machine learning for turning leads into customers, driving product purchases, improving retention rates and enhancing customer experiences. 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.
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. 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 Artificial Intelligence (AI) in Call Centers market in the U.S. is estimated at US$399.6 Million in the year 2021. The country currently accounts for a 31.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$380.4 Million in the year 2026 trailing a CAGR of 24.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 18.3% and 19.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 20.6% CAGR while Rest of European market (as defined in the study) will reach US$480.8 Million by the end of the analysis period. Developed markets of North America and Europe are the leading regional markets. 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.
Services Segment to Reach $858.9 Million by 2026
Call centers are using AI to efficiently predict consumer behavior, find insights into customer journeys, and envisage their future behavior and response to specific actions. AI in call centers is also used for the self-service feature to address routine interactions and queries of customers. AI-powered chatbots are known to elevate customer services by helping customers with different types of requests and queries, right from gaining insights into products through to completing purchases. In the global Services segment, USA, Canada, Japan, China and Europe will drive the 22.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$194.4 Million in the year 2020 will reach a projected size of US$799.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$110.1 Million by the year 2026. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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Director, Corporate Communications
Global Industry Analysts, Inc.
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www.StrategyR.com
Email: [email protected]
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