Artificial Intelligence (AI) in Contact Center Market Analysis by Component, Application, Advancements, Top Trends, Challenges, Investment, Business Growth Opportunities 2025
Oct 24, 2020
The factors such as the developments in technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), machine learning, and big data are fuelling the demand for AI in contact center market growth.
Dallas, United States - October 23, 2020 /MarketersMedia/ —
Global Artificial Intelligence in the contact center market size is projected to reach USD 21 Billion by 2028. AI based contact center management is expected to improve support assistance 24*7 by enabling real time call transcription, besides also identifying and customer need and intentions. Adroit Market Research delves deep unravelling crucial data on notable vendor activities, technological interventions and overall end-user perceptions and preferences, crucial to understand the pulse of the market.
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The contact center industry is among the crucial sectors as well as a substantial contributor to the evolving nations such as India, China, among others. The work environment needed in the contact centers is physically, mentally, and emotionally challenging. It needs dealing with handling furious customers, hectic schedules, low budgets, adapting to shift timings, and many more. Adoption of AI-powered bots or software in the contact centers improves issue handling experience and involves an agent’s enthusiasm and attention to work in an otherwise chaotic environment.
It facilitates the service enabler to mitigate the workload by assigning some of the basic work. AI makes use of current data such as frequently asked questions (FAQs) and the enterprise information base to provide enhanced customer service. Chatbots considerably reduce the waiting time for customers since their response time is very fast. AI-enabled bots can offer support to several customers simultaneously unlike a human agent, who might be capable of handling limited clientele at a time. For instance, WeChat uses a combination of AI chatbots and human agents throughout its customer service channels to assist more than 1 billion active global users.
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IN AI supported contact management system, features such as machine learning and natural language processing to enable quick response mimicking customer speech in real time. Additionally, ML capabilities improves computer and device intelligence allowing it to prep up for certain self mediated updates to match operational efficiency needs.
One of the most unprecedented events that has in many ways helped market expansion in AI in contact center market is the global pandemic that has skyrocketed customer call volumes enormously across businesses for quick assistance. AI based contact centers can effectively respond instantaneously thus improving customer experience.
Customer services industry plays a crucial role in deciding the future growth and sustainability of organizations. As companies in recent times are striving to achieve maximum customer loyalty and customer engagement, technological interventions seem indispensable. Companies are re-assessing their profit goals and revenue models to encompass lucrative market returns. Therefore, refurbishments and portfolio expansion seem two most dominant marketing strategies adopted by market participants in AI (artificial intelligence) in contact center market.
Google Ups its Game in AI in Contact Center Market with New Features to Support Automated Customer Assistance
The recent disruptive event in AI in contact center market is marked by Google's new offering to support advances in omni-channel contact center ecosystem. Aimed at evolution of service delivery by customer service professionals, Google has diversified its AI based Contact Center with general availability feature, making easy access to Virtual Agent and Agent Assist functionalities on its Contact Center interface. This leap is expected to foster automated and personalized interactions at the preliminary levels. Agent mediated support will be provided for more challenging and daunting customer queries whereas elementary and rudimentary functions will be automated.
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The global AI in the contact center market is a wide range to North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America is considered a mature market in the AI in contact center applications, owing to an outsized presence of an organization with the availability of technical expertise and advanced IT infrastructure. The US and Canada are the highest contributory countries to the expansion of the AI in the contact center market in North America.
The major players of the global AI in contact center market are IBM, Google, AWS, Microsoft, SAP, Oracle, Artificial Solutions, Nuance, Avaya, Haptik, NICE in Contact, EdgeVerve, Avaamo, Inbenta, Rulai,Kore.ai, Creative Virtual, and more. The AI in the contact center market is fragmented with the existence of well-known global and domestic players across the globe.
Segment Overview of Global AI in Contact Center Market
Component Overview, 2018-2028 (USD Billion)
Computer platforms
Solutions
Services
Deployment Overview, 2018-2028 (USD Billion)
Cloud
On-premises
Application Overview, 2018-2028 (USD Billion)
BFSI
Healthcare
Media & Entertainment
Retail & eCommerce
Telecom
Travel & Hospitality
Others
Regional Overview, 2018-2028 (USD Billion)
North America
U.S.
Canada
Europe
UK
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia-Pacific
Middle East and Africa
UAE
South Africa
Rest of Middle East and Africa
South America
Brazil
Rest of South America
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