Call Center AI Market is projected to grow at 20.6% CAGR during 2022-2029, reaching USD 6,336 million | Size, Share & Forecast

Call Center AI Market generated a revenue of USD 1,416 million in 2021, and is forecast to touch USD 6,336 million in 2029, growing at a significant higher CAGR of 20.6% from 2022-2029, owing to their efficiency, better performance, and improved customer experience.

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Key Drivers

The ability of call center AI applications to offer a faster, precise, and seamless experience to customers at any time has augmented their application across various industry verticals including telecom, retail industry, BFSI, and healthcare, which is one of the major factors fueling the call center AI market size. The ongoing technological innovations in the call center solutions with the help of advanced technologies like the NLP, deep learning, and machine learning will offer enormous opportunities to the market. Emerging need to improve customer experience and a 24/7 support service has augmented the demand for AI in a call center, fueling the market growth. Other factors such as the growing volume of data produced, rising number of customer engagement platforms, and rising adoption of smart homes are projected to strengthen the market growth over the forecast period. However, the growing privacy and security concerns and the insufficient number of trained expertise will restrain the Call Center AI Market share.

Component Segment Analysis

Based on component, the solution segment is forecast to witness a higher CAGR over the upcoming years, owing to the growing demand to improve customer experience, decrease the operational costs and offer actionable insights. The growing adoption of solutions across industries including BFSI, retail and e-commerce, healthcare, and telecom, to optimize the training cost and resolve customer queries efficiently in no time as compared to customer service agent.

Deployment Mode Segment Analysis

Cloud segment is projected to witness a faster CAGR during the forecast period, owing to its low maintenance needs, cost-efficiency and flexibility features. Therefore, it is witnessing huge adoption by mid-sized financial institutions. On the other hand, increasing adoption of cloud-based call center artificial intelligence solutions across large and medium enterprises are driving the on-premises deployment model growth.

Vertical Segment Analysis

BFSI segment is expected to witness a significant growth over the forecast period, because of the growing adoption of AI-based solutions such as Interactive Voice Assistance (IVA) to carry out several operations. Growing demand for automated call operations in the BFSI industry to minimize operational cost and improve customer experience will strengthen the market growth.

Regional Analysis

North America is likely to emerge as the fastest growing nation over the forecast period, because of the ongoing technological innovations, increasing adoption of AI in call centers to enhance the productivity and huge investment. Moreover, the region is home to several leading market players such as Google LLC, IBM Corporation, Microsoft Corporation, among others, which will strengthen the market growth.

Key Developments

In 2019, Microsoft Corporation launched an Africa Development Center (ADC) in Nairobi, Kenya, and Lagos, Nigeria, as its investment in cloud innovations in Africa. The ADC is the first international Development Center in Africa with a combined expected investment of US $100 million over the first five years of operation.

In 2019, Google LLC introduced a beta version of the AI platform for its Contact Center AI. This version makes use of  Dialogflow and Google's text-to-speech capabilities, enabling users to build a virtual agent. The company also declared the advent of an end-to-end AI platform to offer data scientists and developers, an end-to-end service for building, testing, and deploying their own models.

Market Segmentation

Global Call Center AI Market by Component

Compute Platforms
Solutions
Services
Consulting
System Integration and Deployment
Support and Maintenance

Global Call Center AI Market by Deployment Mode

Cloud
On-Premises

Global Call Center AI Market by Vertical

Banking, Financial Services, and Insurance (BFSI)
Retail & E-Commerce
Healthcare
Telcom
Media & Entertainment
Travel & Hospitality
Others

Global Call Center AI Market by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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