Increasing Chatbot Adoption Leading Call Center AI Market to Prosperity

Registering a CAGR of 22.6% during the forecast period (2019–2024), the global call center AI market is predicted to generate a revenue of $2,990.1 million by 2024, experiencing a remarkable jump in its revenue from $914.5 million in 2018. The large presence of call centers and the integration of the AI technology into customer support services are the major drivers of the market. Call center AI is the integration of the technologies, such as automatic speech recognition, natural language processing, and machine learning with the functions of a call center.

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Based on component, the call center AI market is bifurcated into services and solutions. In 2018, the larger share was held by solutions. Solutions are further divided into intelligent interactive voice response (IVR) system, intelligent virtual assistant (IVA), and chatbot. Among these, the significant share was accounted for by the chatbot division. This was credited to the high demand for chatbots in virtually all the industries, such as retail & e-commerce and media & entertainment. The added advantage offered by these chatbots are quick resolution of queries and personalized experience for customers.

On the basis of region, the call center AI market is classified into Middle East & Africa, Latin America, Asia-Pacific, Europe, and North America. During the historical period (2014–2018), the largest regional market was North America, and it would continue to witness the highest CAGR in the forecast period as well. The huge inflow of investments for the deployment of AI for automating operations in call centers, advancements in voice recognition technology, presence of major market players in the region contributed to the growth of the regional market.

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The call center AI market is observing the trend of the rising adoption of AI-enabled chatbots. They use an organization’s existing knowledge base for offering better customer services. As chatbots are able to respond swiftly to customers, they substantially cut down the query response wait time. Unlike a human employee, chatbots are able to handle multiple queries simultaneously, which further helps in responding to customers quickly. In China, WeChat has already integrated chatbots in its workforce, which, along with human employees, provide customer service to more than 1 billion users.

Therefore, the market for call center AI is expected to generate significant revenue in the forecast period.