GROWTH DYNAMICS
The ability of call center AI to enhance the quality of consumer engagement is a major market driver for the global call center AI market. Nonetheless, privacy concerns and stringent regulations could be major market restraints.
The ability of call center AI to enhance the quality of consumer engagement
With recent advances in Artificial Intelligence technology, organizations are leveraging AI in their customer service function, shifting their focus from providing customer support services via email or messages to AI-powered chatbots that help improve customer experience and engagement. For instance, Chatbots and Intelligent Virtual Assistants (IVAs) can engage prospects with coupons or savings opportunities, allowing human sales reps to provide that all-important personal touch to close the deal. Similarly, AI can provide call center agents with rich historic data and insights about a customer, allowing them to provide constructive cross-selling and up-selling prospects.
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AI-enabled virtual agents and chatbots can also be used by businesses to automate repetitive and manual processes, including order placement, balance inquiries, general inquiries, technical assistance, and other customer services. Furthermore, call center AI developers enable enterprises to use AI to enhance and improve their contact centers without requiring extensive AI expertise. Since the implementation of call center AI could improve customer engagement and ease the process of consumer interaction extensively, the demand and other market prospects of the global call center AI market are rising swiftly, driven by the parameters above.
Privacy concerns and stringent regulations
Data privacy is critical in implementing the AI platform model, which employs AI-based tools such as NLP and ML. Chatbots, for example, require data from users for better guidance, but people are hesitant to share personal information. Furthermore, massive amounts of data are required to create new algorithms and gather information about consumers to connect with them. The major concerns that jeopardize individuals’ information protection are data ownership and data privacy. Government authorities in various regions have enacted various data security laws and regulations. As a result, businesses must keep up with the changing rules and data-related regulations.
COVID-19 IMPACT
Though the COVID-19 crisis has put us in an unparalleled and uncertain situation, it has provided mankind with some certainty regarding future demands. Because of the COVID-19 crisis, humans were able to bring effective virtualization-based solutions to an increasing number of applications and people. COVID-19, like previous generations’ crises, allows us to use our collective will to catalyze innovation, write history and leave a safer world for future generations. New technologies such as call center AI can improve all levels of customer interactions across all industries and benefit from the recent digitalization trend triggered by the COVID-19 pandemic. Even though COVID-19 has impacted all enterprises across industries, enterprise innovation has not stopped. As a result, despite the minor slowdown, the call center AI market will boom in the future.
SEGMENT ANALYSIS
The global call center AI market is classified based on component, deployment mode, mode of channel, application, end-user, and region.
The flexibility and efficiency of the cloud-based sector allow it to dominate the market
Though cloud-based call center AI poses challenges such as security and safety, transformation sophistication, performance, legal regulations, and reliability, cloud-based call center AI solution deployment is critical because it provides a flexible and efficient infrastructure for managing multiple devices and analyzing suggestions of customers as well as partners. Further, cloud deployment makes it easier to implement call center AI solutions. As a result, the cloud sector of the deployment segment dominates the global call center AI market.
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GEOGRAPHICAL ANALYSIS
Growing innovations and their adoptions in the field of technology boost the call center AI market in Asia-Pacific
Innovation and productivity are the two most important factors contributing to a market’s competitiveness. According to the data, AI is expected to nearly double the rate of innovation, customer engagement, and employee productivity in Asia-Pacific shortly. As a result, it is not surprising that business leaders in Asia-Pacific recognize the value of AI in driving organizational growth, with almost 80% agreeing to thew the fact that AI would play a role in an organization’s competitiveness over the next three years.
Microsoft has assisted organizations in Asia-Pacific, including OOCL, Apollo Hospitals, and Northern Territory Fisheries, in leveraging AI as the core and key catalyst of their strategic plan over the last year. Since AI has genuine, tangible potential to drive the next phase of economic growth in the Asia-Pacific, the respective region is recognized as the dominant force in the regional segment of the global call center AI market.
COMPETITIVE LANDSCAPE
Though, in terms of global and local producer numbers and strengths, the global call center AI market is niche currently, the market is growing at a tremendous rate. Further, the technological giants in the market such as Microsoft, IBM, AWS, SAP, Google, Avaya, NICE, Nuance Communications, Genesys, and 8×8 make the market extremely competitive. The market is fragmented and pivotal stakeholders use tactics such as mergers, acquisitions, product launches, contributions, and collaborations to gain a competitive advantage and recognition in their respective markets.
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