Global Call Center AI Market Set To Reach USD 3,000 Million By 2024, CAGR Of 23% During 2019–2024: VynZ Research

THANE, Nov. 24, 2019 (GLOBE NEWSWIRE) -- The global call center AI market is expected to grow at a CAGR of 23% 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, leading call centers partnered with International Business Machines Corporation to deploy AI solutions in their contact centers in order to enhance customer service experience and help their customers in their daily routine operations.

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

On the basis of 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, 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 more accurate customer database, which in turn, helps the companies in forecasting customer behavior and achieving high customer satisfaction.

Based on deployment, the call center AI market is categorized into cloud-based and on-premises. Of all, cloud-based category held the larger share in the call center AI market in 2018.

In terms of verticals, AI is used the most in BFSI, followed by retail and e-commerce, healthcare, telecom, media & entertainment, energy & utilities, oil & gas & governments.

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.

Geography Insight

Geographically, North America has accounted for the largest share in call center AI market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of established players in the U.S., increasing number of investments related to adoption of AI, and increasing preference for automated work operations in call centers in the region. In North America, U.S., Canada, and Mexico lead the charge in AI implementation in contact centers. In Europe, Germany, U.K., France, Italy & Russia are the major countries where AI adoption is on the rise. In APAC, China is the biggest market, followed by Japan, India, South Korea and Australia. The Indian market is growing rapidly and even boutique call centers like Malhir in Thane, Mumbai, have started implementing AI in the processes they execute for clients.