The use of AI and AI-based software in call centers offers a financial advantage.
Artificial intelligence call center (AI) presents an increasingly lucrative opportunity for the channel as the global market is expected to reach nearly $10 billion by 2030.
It’s according to a new report by Valuates, which expects a compound annual growth rate (CAGR) of over 26% The call center AI market was around $960 million in 2020.
Major players include Artificial Solutions International (AB), IBM, Microsoft, Oracle, Amazon Web Services (AWS), SAP, Google, Avaya, Nice inContact and Nuance Communications.
For companies that primarily provide call center services, the use of AI and AI-based software in call centers offers a financial benefit. There is no need for office, office equipment, network, system facilities or staff. This is expected to drive the growth of the call center AI market.
Additionally, one of the benefits of using AI in call centers is the ability to solve customer problems. By analyzing customer complaints from databases faster than traditional systems, predictive and analytical AI software can deliver faster solutions and results. This feature should push the market even further.
In addition, the current trend towards working from home (WFH) during the pandemic fueled adoption to ensure business continuity.
Call Center Customer Expectations
Customers expect interactions to be simpler and faster, notes Valuates. Therefore, companies must ensure high availability in order to provide support. Call center AI can be a big help. It offers intelligent conversations 24 hours a day, seven days a week.
Organizations can reduce operating costs while monitoring revenue growth by adopting enterprise cloud solutions for call centers. Cloud-based call center improve performance, channel support and engagement. Therefore, call center AI reports and analytics help support an ever-changing customer base. Call center AI solutions are deployed in the cloud. Benefits include lower setup and support cost, greater scalability, continuous data availability, and improved business efficiency compared to on-premises arrangements.
North America dominates the call center AI industry. However, Asia-Pacific is expected to grow at the fastest rate until 2030.
The cloud segment will hold the largest market share
Based on deployment, the cloud segment is expected to 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 the phone. Customers can use software to troubleshoot product issues without relying on customer service representatives. Additionally, increased integration of new systems with existing ones in the workplace, along with rapidly increasing demand for the implementation of new contact center software, is expected to fuel the growth of this segment.
Based on component, the solution segment is expected to hold the largest market share till 2030. This is due to the widespread use of chatbots/IVA in various operations. In verticals, banking, financial services and insurance (BFSI) are the top adopters of call center platforms and solutions. These solutions help financial institutions connect with customers, improve customer experience and reduce response time.