ttkeIn 2021, the call center AI industry captures $1,982.9 million revenue, and it is projected to generate $12,910.6 million revenue in 2030, growing at a rate of 23.1%. It is led by the growing requirement for improved data analytical capabilities for responding to customer inquiries in real-time, and growing customer engagement through social media.
A Call Centre AI facilitates the predictive call routing. In this, customers are matched to specific customer service agents by AI that efficiently manages the arising issues due to personality models, or expertise.
This technology depends on customer behavior profiles to facilitate AI technology to attain a comprehensive knowledge of customer journeys and personas.
Cloud Category To Witness Fastest Growth
Most of us might have interacted with the interactive voice response facilitated by AI in the call centers. It usually includes answers to recorded questions relying on what languages you speak, your name, and account information.
The continuous improvement in this type of technology leads to their rising demand in call centers. The interactive voice response for companies that regularly takes a huge number of calls, with specific, pre-service questions such as bank statement information, hours, eligibility, and copay do not require a human call center representative.
The conversational AI also known as chatbots provides call centers with an online chat option. It has turned out to be an essential form of customer service. Globally, around 85%of consumers prefer to message brands instead voice calls, and it has risen by 65% since the last year.
Rising Development in Customer Engagement Through Social Media Platforms
The conversation AI facilitates a customer to engage with the website content and utilize self-service support options in a live environment without meeting the service representative face to face. It enables customers to get their problems resolved on demand and thus reduces the workload on service teams of the organization.
Emotional intelligence is another form of AI in call centers for tracking customer sentiments during phone calls. For instance, at times when the customer is frustrated, he or she might raise her voice or the phone conversation may have long pauses. It analyzes the voice tone and cadence of the language for detection of the caller’s mood.
This type of AI is trained in various languages and cultural contexts for enabling its usage in countries with varying cultures and languages. This technology can also measure how many times an agent has interrupted a customer as well as the tone of the customer and service representative. It further gives feedback to the agent to provide an insight into the customer’s mood during the conversation.
Small & Medium Enterprises Category To Witness Fastest Growth
Smaller and medium-sized organizations have also started largely using this technology due to reduced maintenance, and upgrade costs. The smaller organizations have also started adopting cloud technology for remote access to data. The easy integration of the technology led by the old legacy systems with increased efficiency contributes to the rising deployment.
The BFSI sector is increasingly deploying AI in the call centers to cater to the rising demand of the customers led by the mobility and flexibility for carrying out banking transactions. The call center AI market enables banking institutions to efficiently manage phone calls and resolve customer inquiries.
Therefore, the cost-effective technology with continuous improvements for managing the number of customers calls with similar inquiries daily leads to the rising deployment of Customer Centre AI.
BFSI Sector Leads the Market
The total value of the call center AI market was $1,982.9 million in 2021, and it will rise at a mammoth growth rate of 23.1% in the near future, to reach $12,910.6 million by 2030. The major reasons behind the growth of this industry are the growing need for better data analytical abilities to deal with customer inquiries in real-time and rising customer engagement from social media.
Furthermore, to quicken the 4th industrial revolution, many organizations are using advanced technologies like Al, ML, and mobile computing, accelerating the requirement for call center AI software in years to come.
The cloud category is projected to grow at the fastest rate in the coming years. This is mainly because it covers public, hybrid, and private cloud technologies, and also comes with remote access.
Several businesses adopt this arrangement due to this software facilitates being hosted on the vendor’s server and can be used via a web browser. Such features eliminate the requirement for regular upgradation of systems and facilitate users to access data from any location.
North America Holds the Largest Share in the Market
The social media platforms like Twitter, WhatsApp and Facebook have expanded their reach extensively in the last few years. Customers use these social media platforms to find information and involve in communities to deal with service issues. The young generation is very keen to learn about companies or brands. Therefore, organizations plan to utilize social platforms, to better the customer engagement.
The small & medium enterprises category is projected to grow at the fastest rate in the years to come. This can be credited to the increasing number of businesses that are progressively using call center AI solutions. Small companies have started using cloud technology mainly because of low upgradation and maintenance expenses. These solutions enable users to access data stored in any location, and smooth integration with long-standing systems with better efficiency.
Market Players Are Involved in Partnerships and Collaborations to Gain Competitive Edge
The BFSI category dominates the industry. This can be credited to the growing urge of customers to do banking transactions with ease and speed. The banking sector goes through many challenges in effectively catering to complex queries, which Is why banking institutions are adopting AI-powered call centers to manage calls and customers efficiently.
North America dominates the call center AI market and is projected to be the industrial leader in the coming years. The reasons behind the industrial growth are the existence of key players and the increase in expenditure on call centers for providing effective services across industries.
The growing need for the call center AI solutions from the banking sector and several industries will contribute to the growth of this industry.
