Market Trends of AI Industry in Call Center Applications
This section covers the major market trends shaping the AI in Call Center Applications Market according to our research experts:
BFSI Vertical is Expected to Hold the Largest Market Size During Forecast Period
- The BFSI industry is at the forefront of implementing AI-enabled applications.The vertical is expected to lead the market for AI in call center applications during the forecast period owing to the highest adoption of AI call center platforms and solutions compared to any other industry.
- The BFSI Vertical was the first to use intelligent chatbots powered by AI, redefining the customer experience.These chatbots interact with their users to give them a way to automate a number of back-end tasks.
- AI solutions offered for call centers help BFSI institutions connect with customers and improve their experiences while simultaneously helping to lower customer churn. By implementing these solutions, BFSI organizations can reduce call center operational costs while also allowing tech-savvy customers to converse at their leisure. A recent survey conducted by Econsultancy revealed that more than 80% of customers preferred live chat over a telephonic conversation. The Innovation Center for Artificial Intelligence claimed that chatbots saved the banking sector nearly $8 billion in the previous year.
- Many BFSI organizations are still in the process of transitioning from traditional banking services to modern-day digital experiences. These organizations would be able to market their services and provide excellent customer service with AI solutions, thereby driving the market's growth. Other things that are driving the growth of the AI market in BFSI call centers are the ability to help customers at any time, to keep customers engaged, and to help them right away.
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North America Is Expected To Hold a Large Share of the AI Market in Call Center Applications
- The AI market in call center applications is currently dominated by companies in North America, Europe, and Asia. North America is expected to hold the largest share of the market studied and maintain its dominance during the forecast period. Some of the things that are driving the growth of the market are the speed with which technology is changing, the presence of global vendors in the market, and the growing use of AI solutions in the region.
- One of the largest insurance companies in the United States, MetLife, adopted an AI system to improve responses to customers' emotional needs. The system was made so that employees could keep track of and watch how customers felt during conversations, which would improve the quality of customer service.
- According to a global survey of nearly 600 executives conducted by MIT Technology, more than 90% of companies in North America had integrated AI into their systems to improve the customer experience. About 60% of the people who answered the survey think that AI-based solutions will increase the lifetime value of customers by next year.
- Asia Pacific (APAC) is the fastest-growing market. It is expected to provide lucrative opportunities for AI solution providers for call centers owing to the increasing number of startup companies in the region. Security concerns and a lack of skilled workers and supporting infrastructure in the region could affect the adoption of AI solutions and services.
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