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Call Center AI Market Growing at a CAGR 21.3% | Key Player IBM, Microsoft, Oracle, AWS, SAP

Call Center AI Market Growing at a CAGR 21.3% | Key Player IBM, Microsoft, Oracle, AWS, SAP

May 13
19:00 2022
Call Center AI Market Growing at a CAGR 21.3% | Key Player IBM, Microsoft, Oracle, AWS, SAP
IBM (US), Microsoft (US), Oracle (US), AWS (US), SAP (Germany), Google (US), Avaya (US), NICE (Israel), Nuance Communications (US), Genesys (US), 8×8 (US), Artificial Solutions (Sweden), Zendesk (US), Five9 (US), RingCentral (US), Talkdesk (US), Dialpad (US), Twilio (US), Kore.ai (US), Inbenta (US), Creative Virtual (UK), Haptik (India), Rulai (US).
Call Center AI Market by Component, Mode of Channel (Phone, Social Media, & Chat), Application (Workforce Optimization & Predictive Call Routing), Deployment Mode, Vertical and Region (2022 – 2027)

The global Call Center AI Market size is to grow from USD 1.6 billion in 2022 to USD 4.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 21.3% during the forecast period. The advent of AI in the call center offers enhanced customer support services and better experience coupled with rising development in customer engagement through social media platforms to boost the growth of the call center AI in the market. However, unsubstantiated self-learning of chatbots is a major restraining factor for the adoption of call center AI solutions, as self-training of autonomous virtual agents through complex data and unsupervised learning algorithms is a very difficult task.

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The solutions segment to hold a larger market size during the forecast period

Based on components, the market size of the solutions segment is expected to hold a larger market share in 2022, while the services segment is projected to grow at a higher CAGR during the forecast period. Call center AI solutions ensure the strengthening of customer relationships, resulting in increased first call resolution rate and improved customer experience. Call center AI solutions ensure the strengthening of customer relationships, resulting in increased first call resolution rate and improved customer experience.

The SMEs segment is estimated to have a higher CAGR during the forecast period

The SMEs segment is projected to register a higher CAGR during the forecast period due to the growing need to enhance business processes, reach new customers, stay competitive and control their spending. Moreover, the growing need to enhance business processes, reach new customers, stay competitive, and control their spending to boost the growth of the call center AI solutions among SMEs.

The Covid-19 pandemic has had a huge impact on the daily life of people across the globe as contact centers have been facing a huge rise in incoming calls as people continue to seek accurate information and reassurance about the impact of the pandemic on their business or personal circumstances. In South Africa, contact centers have responded well to the challenges of Covid-19. The industry has collaborated extensively to develop workplace health and safety protocols to stop the spread of the virus in the workplace while ensuring the well-being of workers. All relevant regulations and directives contained in the Regulations and the Directives issued in terms of the Disaster Management Act apply to call centers. To reduce the impact of Covid-19 on the call centers, firms should deploy AI-based solutions to handle complex customer queries in real-time.

The call center AI market is expected to witness a slowdown in 2020 due to the global lockdown, which is impacting global manufacturing, supply chains, and logistics. The manufacturing, transportation & logistics, and retail & consumer goods sectors have been most severely affected. The availability of essential items has also been impacted due to the lack of manpower to work on production lines, supply chains, and transportation, even though essential items are exempted from the lockdown. The situation is expected to come under control by early 2021. With COVID-19 spreading worldwide, global organizations with people who frequently travel internationally can leverage the use of mobile devices for important communications. Organizations can help keep those users who live abroad to handle potential risks by leveraging call center AI solutions to handle customers queries in real-time.

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Some of the major vendors in the Call Center AI Market IBM (US), Microsoft (US), Oracle (US), AWS (US), Google (US), SAP (Germany), Avaya (US), NICE (Israel), Nuance Communications (US), Genesys (US), 8×8 (US), Artificial Solutions (Sweden), Zendesk (US), Five9 (US), RingCentral (US), Talkdesk (US), Dialpad (US), Twilio (US), Kore.ai (US), Inbenta (US), Creative Virtual (UK), Haptik (India), Rulai (US), Pypestream (US), Avaamo (US), Senseforth.ai (US), Observe.AI (US), Yellow.ai (US), Ultimate.ai (Germany), and Cognigy (Germany).

IBM (US) is one of the leading providers of hardware, software, and a broad range of infrastructure, hosting, cloud, and consulting services in areas ranging from mainframe computers to nanotechnology. The company also specializes in cloud, mobile, cognitive, security, research, Watson analytics, consulting, commerce, experience design, Internet of Things (IoT), technology support, industry solutions, systems services, IT infrastructure, resiliency services, and financing. It provides services such as business consulting, technology, financing, industry expertise, and training and skills. The company is listed on the New York Stock Exchange (NYSE) under the ticker symbol IBM. IBM caters to diverse industries, such as communications, BFSI, energy and utilities, hospitality, healthcare, retail, travel and transportation, government and public sector, media and entertainment, and education. It has a presence in more than 175 countries. The company’s major operations consist of 6 business segments: Cognitive Solutions, Global Business Services, Technology Services and Cloud Platforms, Systems, Global Financing, and Other. In the call center AI market, IBM provides business consulting, technology, financing, industry expertise, and training and skills. It offers Watson Assistant, IBM Voice Agent with Watson, Watson Text to Speech, and Watson Speech to Text solutions.

Microsoft (US) develops and supports software, services, devices, and solutions that deliver value for customers and help people and businesses know their potential. The company has a large product portfolio, which includes operating systems, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company also designs, manufactures, and sells devices such as PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. The company offers cloud-based services, support services, and consulting services to its customers. Additionally, the company delivers relevant online advertising to a global audience. The company operates through 3 business segments, namely, Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The company operates worldwide and has expanded through its subsidiaries, such as Microsoft Ireland Research; Microsoft International BV; Microsoft Korea, Inc.; Microsoft (China) Company, Limited; Microsoft UKP Limited; and Microsoft India Private Limited. Microsoft offers several services to the call center AI market. By combining Azure Bot Services, Microsoft Bot Framework, and Azure Cognitive Services, the company provides a strong development environment for creating conversational interfaces. Users can develop conversational interfaces using Microsoft services and deploy them on websites, apps, Cortana, Microsoft Teams, Skype, Slack, and Facebook Messenger.

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