Artificial Intelligence
AI in Call Center Operations Market is Estimated to Cross USD 13.09 Billion by 2028 with a CAGR of 8.62% from 2022-2028; Growing Demand for Personalized and Efficient Customer Service to Create Ample Market Growth Opportunities
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Westford, USA, March 06, 2023 (GLOBE NEWSWIRE) — North America dominated the AI in call center operations market due to the rising need for businesses to improve the customer experience while reducing costs. Call centers can operate more efficiently with fewer agents by automating routine tasks and handling multiple customer interactions simultaneously. It can result in significant business cost savings, propelling market growth. As AI technologies continue to advance, we can expect to see even more innovations in call center operations in the years to come.
According to SkyQuest, a research firm, over 74% of customers prefer live chat over telephonic conversation. Such a trend is driven by several reasons, such as convenience, speed, and the ability to multitask while receiving support. Chatbots have become particularly popular in the banking sector, where they have helped save the industry nearly $5.6 billion in 2021, according to SkyQuest. With AI-powered technologies such as chatbots and live chat, businesses can provide faster and more efficient customer support while reducing costs.
Browse in-depth TOC on the “AI in Call Center Operations Market”
- Pages – 248
- Tables – 90
- Figures – 73
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Call center artificial intelligence is a technology-driven virtual assistant that serves as a customer service representative. It can handle customer grievances through voice or speech instructions and chatbots. Several cutting-edge technologies power this innovative technology, including natural language processing, speech synthesis, and voice recognition. The use of call center artificial intelligence has revolutionized the customer service industry by providing quick and efficient support to clients.
Prominent Players in AI in Call Center Operations Market
- IBM
- NTT DATA Corporation
- VMware, Inc.
- Redcentric plc.
- Oracle
- Getronics
- CenturyLink
- Cisco Systems
- Citrix Systems, Inc.
- NEC Corporation
- Joyent, Inc.
- Dell Inc.
- AT & T Intellectual Property
- CenturyLink
- Red Hat, Inc.
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BFSI Segment to Drive High Revenue Growth as AI Help BFSI Companies Reduce Costs Associated with Call Center Operations by Automating Routine Tasks
According to recent market analysis, the BFSI (Banking, Financial Services, and Insurance) segment has emerged as a major player in adopting AI technology in call center operations. In 2021, this segment accounted for the majority of the share of AI in call center operations market. It is projected to continue its dominance in this area in the coming years. Cloud-based call centers are becoming increasingly popular and are gradually replacing on-premise call centers. This trend is evident in the United Kingdom, where 36% of contact centers have migrated to the cloud, and 54% have outlined plans to move within the next three years. These statistics, according to SkyQuest, indicate the significant potential of the cloud-based call center market.
The AI in call center operations market has witnessed significant growth globally, with North America leading in 2021. The region’s dominance in this market can be attributed to the highly functional e-commerce industry, which provides ample opportunities for deploying AI-based call center solutions. In addition, AI technology in call centers has gained momentum in recent years as it helps businesses streamline their customer service operations and enhance the overall customer experience.
On-Premise Segment is Gaining Major Traction as On-premise AI Solutions Allow Call Centers to Customize the Technology According to Their Specific Needs
The AI in call center operations market has witnessed remarkable growth in recent years, with the on-premise segment emerging as the dominant deployment mode in revenue share in 2021. The same patterns are likely to continue during the forecast period of 2022 to 2028. The primary reason behind the widespread adoption of on-premise deployment mode is its ability to provide businesses with robust safety and security measures for consumer data. By keeping the data within the organization’s premises, on-premise deployment mode ensures enhanced system security, and sensitive information remains protected.
According to market analysis, the Asia-Pacific region is set to experience significant growth in the AI in call center operations market from 2022 to 2028. Countries in Asia-Pacific are investing in AI-powered call center solutions to enhance their customer service capabilities and streamline their operations. China, for example, is rapidly expanding its call center operations to cater to the growing demands of its domestic market. In India and the Philippines, there is a strong focus on outsourcing call center operations for international businesses.
The AI in call center operations market is fiercely competitive, and companies must stay up-to-date with the latest industry trends and emerging opportunities to stay ahead of the game. The SkyQuest report offers valuable insights and recommendations for businesses aiming to expand their operations and make informed decisions that can lead to success in this dynamic market. With the right strategies, businesses can overcome challenges, capitalize on emerging opportunities, and achieve long-term success.
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Key Developments in AI in Call Center Operations Market
- Walmart Health has announced its plans to significantly expand its healthcare footprint, open new clinics in two states, and increase its presence in existing markets. The retail giant is set to launch its health clinics in Missouri and Arizona while expanding its reach in Texas. This move will open 75 health locations across the United States by the end of 2024-2025. The company’s expansion plans come when there is a significant demand for healthcare services in the United States.
- Zendesk, a customer service platform, has integrated intelligent triage into its system. This AI-guided feature allows for the automated routing of tickets based on various factors, including sentiment, urgency, and complexity. With intelligent triage, Zendesk users can streamline their customer service process and improve response times. The system uses AI algorithms to quickly categorize incoming tickets based on their level of urgency, complexity, and sentiment.
- A South African insurance company has recently partnered with TCS, a leading global IT services provider, to revolutionize its service center operations using TCS ConversaTM, an advanced conversational artificial intelligence (AI) solution. With TCS ConversaTM, the insurer can provide seamless and personalized customer experiences while improving efficiency and reducing costs, ultimately boosting customer loyalty and driving revenue growth.
Key Questions Answered in AI in Call Center Operations Market Report
- How do various factors impact the growth of the global market, and what challenges and opportunities do they present to different industries?
- What are some successful strategies that leading companies in the global market have employed to overcome challenges and capitalize on new opportunities?
- Which regional forces are predicted to experience the highest sales and revenue growth in the global market, and what factors contribute to this trend?
- What are the primary obstacles that vendors operating in the global market may face, and how can they effectively address these challenges?
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