Market research firm Global Industry Analysts (GIA) valued the global market for artificial intelligence (AI) in contact centers at $1.1 billion in 2020 and revised its projections to a $3.5 billion valuation by 2026, growing at a compounded annual rate of 21.5 percent.
Artificial intelligence is playing a vital role in ensuring transformation of call centers, GIA concluded in its report, noting that while AI has been finding increasing penetration in the call center industry since the onset of digital transformation, the COVID-19 pandemic considerably pushed the adoption rate.
Companies are betting on AI and machine learning for replacing as well as supporting human representatives, according to GIA, which cites notable relevance for the e-commerce industry that has exploded amid the pandemic and is increasingly leveraging AI-powered chatbots to serve customers.
Conversational artificial intelligence (AI) is emerging as a prominent trend in the call center industry, owing to its ability to automate customer services and improve productivity without compromising service quality.
The report also notes a growing need to analyze and interpret burgeoning volumes of data is boosting demand for advanced AI solutions to improve customer service. In corporate enterprises, the adoption of AI technology is reducing the time required for interpreting data and for reading algorithm patterns. Also driving demand for AI solutions is the growing use of speech recognition and intelligent customer assistance bots.
Of the 110 vendors identified in the report, GIA identified Amazon Web Services, Artificial Solutions, Avaamo Technologies, Avaya, Conversica, Creative Virtual, EdgeVerve Systems, Five9, Google, IBM, Inbenta Technologies, Jio Haptik Technologies, Kore.ai, NICE Incontact, Nuance Communications, Observe.AI, Oracle, Pegasystems, Pypestream, Rulai, SAP, Smart Action, Talkdesk, and Twilio as industry leaders.