The Worldwide Call Center AI Industry Is Expected to Reach $4.7 Billion by 2027 – ResearchAndMarkets.com – Business Wire

DUBLIN--(BUSINESS WIRE)--The "Global Call Center AI Market By Deployment Type, By End User, By Component, By Regional Outlook, Industry Analysis Report and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.

The Global Call Center AI Market size is expected to reach $4.7 billion by 2027, rising at a market growth of 24.3% CAGR during the forecast period.

Call Center AI refers to the utilization of artificial intelligence across call centers with the purpose of providing human-like services to customers with robotic assistance. In call centers, one of the most common uses of AI is to provide in-depth data on call times and first resolution along with other metrics. These technologies can detect patterns and have access to client data, allowing them to determine if customers are having a good or bad experience.

According to a study conducted by Oracle, more than 80% of businesses are now using chatbots for customer service or aim to do so by 2020. Respondents cited 24-hour service, rapid responses to inquiries, and solutions to easy questions as some of the advantages of AI deployment.

There are some instances wherein dealing with customer inquiries in real-time might be a difficult task for a customer service representative, as customers may not understand the context of their inquiry. This has necessitated the development of better data analytics skills.

For example, with AI, previous customer interactions and chat data may be examined in seconds, and concise information about the customer can be supplied to the executive. Because of its large in-house data scientists and analysts, Amazon, in partnership with its subsidiary Amazon Web Services, developed specific algorithms aimed at evaluating consumer wants and offering accurate responses based on those needs. As a result, the global market is growing due to the requirement for increased data analysis skills.

Market Growth Factors:

Rising demand for enhanced customer experience

Customer experience must be maintained by providing accurate and timely feedback. Customer experience is critical to a company's long-term success. Call center as a service provides solutions that assist in providing appropriate customer support. By delivering real-time customer query-related data, the service assists agents in efficiently handling consumers. It displays information on clients and their buying history in pop-up windows. This saves time for the agent and allows them to rapidly resolve the customer's issue.

Advantages such as Scalability, Flexibility, and reduced cost

Traditional on-premises call centers are substantially more expensive than cloud-based call centers. Companies save money on overall expenses such as hardware installation and maintenance service charges by implementing AI solutions in a call center. Moreover, cloud-based services aid in the reduction of overhead costs, downtime, and power usage. It also offers a pay-per-use subscription model, which allows businesses to choose the plan that best suits their needs and budget. Web-based call centers are becoming more popular among businesses with minimal resources.

Marketing Restraining Factor:

Data security and privacy risks

The Call Center has a large amount of data that is vulnerable to malevolent attackers. Personal and confidential information, such as health information and credit card data, is stored in call centers. Internally and externally, there is a considerable risk of data breaches and hacking. Internally, for example, the agent could leak information or be bribed to provide it. This poses a significant risk of privacy violations. For example, in 2017, a data breach occurred at the LaunchPoint insurance company in the United States, when a corporate employee used his personal email to steal client healthcare information.

Scope of the Study

Market Segments Covered in the Report:

By Deployment Type

By End User

By Component

By Geography

Key Market Players

For more information about this report visit https://www.researchandmarkets.com/r/5v8c0e

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The Worldwide Call Center AI Industry Is Expected to Reach $4.7 Billion by 2027 - ResearchAndMarkets.com - Business Wire