Verified Market Research valued the contact center artificial intelligence market at $1.35 billion in 2021 and expects it to reach $8.11 billion by 2030, growing at a compound annual rate of 26.6 percent.
The research firm found that organizations are now embracing AI in their customer service function, shifting their focus from offering customer support services via email or SMS to AI-powered chatbots that help enhance customer experience and engagement, thanks to recent advancements in AI technology. Chatbots and intelligent virtual assistants (IVAs), for example, can engage prospects with coupons or savings opportunities, allowing human sales professionals to add that all-important personal touch to complete the deal, it concluded in its report.
Similarly, AI can provide call center operators with extensive historical data and insights about consumers, allowing them to provide valuable cross-selling and up-selling opportunities, it said.
Order placement, balance inquiries, general queries, technical assistance, and other customer services can all be automated with AI-enabled chatbots and virtual agents, the firm added.
However, because self-training of autonomous virtual agents through complicated data and unsupervised learning algorithms is a highly challenging operation, unsupervised self-learning of chatbots is a key stumbling block to the adoption of call center AI solutions.
Firms are investing heavily in AI and machine learning technologies to improve user experience and remain competitive in an ever-changing market environment. Bots, predictive and prescriptive models, speech recognition, search engine optimization, image identification, and text recognition are just a few of the sectors where AI-enabled solutions have seen widespread adoption, the research firm found.
The report identifies IBM, Google, Microsoft, Oracle, SAP, Amazon Web Services, Nuance Communications, Avaya, Haptik, Artificial Solutions, Zendesk, Conversica, Rulai, Inbenta Technologies, Kore.ai, EdgeVerve Systems (Infosys), Pypestream, Avaamo, Talkdesk, NICE inContact, and Creative Virtual as the major players in the market.