Global Call Center AI Market Expected to Triple by 2024

The global call center artificial intelligence (AI) market reached a value of $914.5 million in 2018 and is expected to generate $2.99 billion in 2024, growing at a compound annual rate of 22.6 percent, Prescient & Strategic Intelligence predicted in a recent report.

The market is growing, it said, due to the presence of a large number of call centers; greater use of technologies like automatic speech recognition, natural language processing, and machine learning, for enhanced customer support; and timely assistance facilitated by AI.

Other market components include intelligent interactive voice response (IVR) systems, chatbots, and intelligent virtual assistance (IVA). Chatbots accounted for a significant share of the market due to their ability to reduce agent training costs, personalize experience for the customers, improve customer service, and resolve customer queries quickly, the research found.

Chatbots, it said, use AI and machine learning, along with existing information, such as knowledge bases and frequently asked questions, to offer improved customer service. Additionally, chatbots cut down the waiting time for customers significantly since their response time is extremely fast, and can provide assistance to multiple customers at once, it said further.

Leading vendors identified in the report include Zendesk, IBM, Talkdesk, Five9, Microsoft, Haptik, Nuance Communications, Oracle, SAP, and Google.