Global Call Center AI Market is Observing a CAGR of 23.0% during 2019–2024

The global call center AI market is expected to grow at a CAGR of 23.0% during the forecast period with its market size predicted to reach USD 2,896.5 million by 2024. Globally, call center AI industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, in April 2019, Regions Financial Corporation partnered with International Business Machines Corporation to deploy AI solutions in its contact centers to enhance customer service experience and help bankers in their daily routine operations.

Automatic speech recognition (ASR) category held the largest share in the call center AI market in 2018

Based on technology, the call center AI market is segmented into natural language processing, machine learning, automatic speech recognition, computer vision, video recognition, and others. Of all, the automatic speech recognition (ASR) category held the largest share in the call center AI market in 2018. The growth of this segment is attributed to the fact that automatic speech recognition helps in creating a more accurate customer database, which in turn, helps the companies in forecasting customer behavior and achieving high customer satisfaction.

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 Geography Insight

Geographically, North America has accounted for the largest share in the call center AI market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed to the existence of a large number of established players in the U.S., an increasing number of investments related to the adoption of AI, and an increasing preference for automated work operations in call centers in the region.

Competitive Insight

Some of the key players operating in the global call center AI market are Amazon Web Services Inc., Microsoft Corporation, Google LLC, International Business Machines Corporation, Oracle Corporation, Cogito Corporation, SmartAction LLC, Five9 Inc., Avaya Inc., NICE inContact, Talkdesk Inc., Zendesk Inc., Nuance Communications Inc., Haptik Inc., and SAP SE.

Key Takeaway from the Report:

• Among all the components, the solutions category held a larger share in the market in 2018. However, the service category is expected to witness faster growth during the forecast period.
• Of all the vertical, the BFSI category is expected to witness faster growth during the forecast period.
• Of all the deployment, the cloud-based category held the larger share in the call center AI market in 2018.
• Among all the technologies, the automatic speech recognition (ASR) category held the largest share in the call center AI market in 2018.

The Report Offers:

• Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
• Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
• Market insights by in-depth segmentation with industry dynamics.
• Competitive analysis and benchmarking of the industry leaders and their product offerings
• Profiles of leading players and innovators, their financial overview and product portfolio
• Analysis of key industry trends and recent developments
• Value chain analysis and distribution channel analysis with opportunity assessment
• Market share analysis of major players
  
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