Call centers across industries, such as banking, financial services, and insurance (BFSI), retail, telecom, and healthcare, are increasingly adopting the artificial intelligence (AI) technology to deal with large volumes of data and enhance customer services. Moreover, the rising consumer engagement through platforms such as websites, social media, and email will augment the demand for AI solutions in the future. These factors will, in turn, increase the value of the call center AI market from $914.5 million in 2018 to $2,990.1 million by 2024, at a CAGR of 22.6% during the forecast period (2019–2024).

The escalating use of AI-enabled chatbots has improved the operations of call centers across the world. These chatbots utilize existing information, such as the organization’s knowledge base and frequently asked questions (FAQs), to provide a better customer service. This component reduces the waiting time for consumers, as their response time is extremely less. Unlike a human agent, whose capability is limited, AI-based chatbots can offer support to numerous customers at a time. For example, WeChat, which uses a combination of AI chatbots and human agents, is used in China to serve more than 1 billion active users.

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The component segment of the call center AI market is categorized into solutions and services. Further, the solutions category is divided into the chatbot, intelligent interactive voice response (IVR) system, and intelligent virtual assistant (IVA) categories. In 2018, the solutions category held the larger market share due to the high demand for chatbots in the retail and e-commerce, telecom, media and entertainment, and BFSI sectors to reduce the agent training expenses. Moreover, chatbots aid in improving the customer service and resolving their queries and offering a personalized experience to them.

This market research report provides a comprehensive overview of the market

• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings