Call Center AI Market vendors by Share & Growth Strategies - 2024 | MarketsandMarkets
Call Center AI Market - New report by MarketsandMarkets
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 ...
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According to a research report "Call Center AI Market by Component (Compute Platforms, Solutions, and Services), Deployment Type (Cloud and On-premises), Vertical (BFSI, Retail & E-commerce, Telecom, Healthcare, Media & Entertainment), and Region - Global Forecast to 2024", The call center AI market size is expected 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 the factors bolstering the call center AI market growth. Increasing use of AI and ML and adding value to call center AI offerings through integration of gesture recognition capabilities would provide opportunities for vendors in the call center AI market.
Browse 37 market data Tables and 37 Figures spread through 133 Pages and in-depth TOC on "Call Center AI Market- Global Forecast to 2024"
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North America to hold the largest market size during the forecast period
The US and Canada are contributing to the growth of the call center AI market in North America. Organizations, especially in the US, have leveraged AI, ML, and deep learning technologies as a part of their ongoing business process to stay ahead in the market. The US and Canada also have well-established economies, which enable call center AI vendors to invest in new technologies.
Market Players
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.
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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.
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.
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/call-center-ai-market.asp