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.
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.
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.
