MarketsandMarkets forecasts the global Call Center AI Market size to grow from USD 800 million in 2019 to USD 2,800 million by 2024, at a CAGR of 28.5% during 2019–2024. Increasing use of AI by organizations to offer enhanced customer support services, growing customer engagement through social media platforms, and increasing data generation by organizations are bolstering the call center AI market growth.
Compute platforms segment to hold the largest market size during the forecast period
Developers use conversational compute platforms to build chatbots, conversational interfaces, and virtual assistants as per the need of their organizations. These platforms comprise various modules of software tools, which can be integrated with third-party interfaces, such as messaging platforms, social media, SMS, and website chat. The platforms can create a detailed analysis of the chat logs in real time to provide feedback for the conversation, improve and maintain the system, and deliver actionable insights to businesses.
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With the recent advancements in AI technology, organizations have started using call center AI solutions in their customer service function. Enterprises’ focus has shifted from providing customer support services through emailing or messages to AI-powered chatbots that help enhance customer experience and engagement. AI-powered chatbots use natural language processing (NLP) technology to carry out human-like conversations and assist customers in real time. They help enterprises fetch business intelligence about customers’ preferences, opinions, and purchase behavior and enable them to provide proactive recommendations and more personalized experience to users based on their account activity.
Major vendors of call center AI solutions include IBM (US), Google (US), Microsoft (US), AWS (US), SAP (US), Oracle (US), Nuance (US), Artificial Solutions (Spain), Avaya (US), Haptik (India), EdgeVerve (India), NICE inContact (US), Avaamo (US), Kore.ai (India), Inbenta (US), Rulai (US), Creative Virtual (UK), Pypestream (US), Conversica (US), Talkdesk (US), and Zendesk (US). These vendors have adopted various growth strategies, such as partnerships, agreements, and collaborations and new product launches, to further expand their presence in the call center AI market. They have majorly adopted the strategies of partnerships and new product launches from 2017 to 2019, which have helped them innovate their offerings and broaden their customer base.
Google is a key technology player in the call center AI market. It has made significant investments and advancements in AI. The company is well-positioned to take advantage of the increasing demand for AI-enabled applications, AI tools for developers, and cloud-based AI services. Moreover, the company adopts organic growth strategies to continuously innovate its products and services by keeping the changing technologies and customer demand in mind. For instance, in February 2019, it introduced two major updates, namely, improved system entity recognition and language support, in its Dialogflow platform, to make it more reliable, scalable, and accurate. Google continuously introduces new updates to its offerings on regular intervals to stay ahead of its competitors in this market. For instance, in April 2018, Google launched an enterprise edition of its Dialogflow platform. The platform would help companies build and run their bots without any AI expertise. The bots use AI-based natural language understanding (NLU) and processing to interact with end users.
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Microsoft continues to invest significantly in its R&D activities to enhance its call center AI and service offerings. The company is working on the development of AI, ML, and IoT technologies. It has made significant progress with AI initiatives and is well-positioned to take advantage of increasing demand for AI tools, AI-enabled applications, and AI-based solutions. It focuses on organic as well as inorganic growth strategies to strengthen its market position in the call center AI market. It has various plans to invest in the latest technologies for innovations. In 2018, Microsoft acquired four companies: Semantic Machines, Lobe Artificial Intelligence, GitHub, and Bonsai. The acquisitions would enable Microsoft to strengthen its imperatives of putting simple and effective AI developments into the hands of non-engineers and non-experts. Furthermore, Microsoft focuses on offering tailored cognitive solutions to customers with the help of the acquisition strategy to become an exclusive vendor in the market. In November 2018, the company signed an agreement to acquire XOXCO, a solution provider for conversational AI and bot development.
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