Global Contact Center Intelligence Market Overview
The key driver impacting the contact center intelligence market is the rapidly expanding preference for Artificial Intelligence (AI)-based solutions such as chatbot, intelligent virtual assistant (IVA), and intelligent interactive voice Response (IVR) to offer enhanced customer support services. For instance, According to the WebsiteBuilder, Around 69% of the public prefer to utilize a chatbot than a company’s official app, and 63% of people trust chatbots with their most sensitive information. Globally 80% of companies are by now planning to deploy several types of chatbot by 2020, and Chatbots are expected to help decreasing business costs by up to $8 billion by the year 2022. Also, 43% of those who use digital banking services prefer using chatbots or live chat to deal with their problems. Moreover, the increasing level of customer engagement through social media platforms is estimated to be a significant factor that adds growth to the market. For instance, 500 million tweets are sent, and over four petabytes of data are created on Facebook each day globally as per the World Economic Forum.
According to Value Market Research, the global contact center intelligence market was valued at around USD 1050 million in 2019 and is estimated to grow at a CAGR of about 20% during the forecast period of 2021 to 2027.
The ever increasing volumes of data being generated by organizations are estimated to improve market demand in the forecast period. For instance, According to the World Economic form, the entire digital universe is estimated to reach 44 zettabytes in 2020. It is predictable that 463 exabytes of data will be generated per day globally by 2025. However, the high cost of contact center solutions and services may hamper the global contact center intelligence industry in the long run. Also, data privacy and security concerns are negatively impacting the growth of the market. The current industry trends, such as the growing implementation of omnichannel solutions ensuring customer satisfaction and initiatives intended to add value to contact center AI assistances via incorporation of gesture recognition capabilities, are expected to provide beneficial market opportunities for the market players.
The contact center intelligence market is vast, with many local and global players. The key leaders follow several strategies to improve their market position, such as mergers, acquisitions, expansions, product innovations, and extending product portfolio, to boost their market share globally. For instance, In July 2020, Microsoft acquired Metaswitch Network, a provider of virtualized network software and data, voice, and communications solutions for operators. The acquisition goes together with Microsoft's Communication portfolio and is likely to help them to bring innovative solutions that drive the development of new communications markets. The known players included in the report Amazon Web Services Inc., Avaya Inc., IBM Corporation, Google Inc, Artificial Solutions International AB, Microsoft Corporation, Nuance Communications, Inc., SAP SE, Oracle Corporation, and Zendesk, Inc.
In this research report, the contact center intelligence market is segmented by solution, service, technology, end-user, and region.
Analysis by Solution:
By solution, the report is categorized into chatbot, intelligent virtual assistant (IVA), and intelligent interactive voice response (IVR) System. The intelligent Interactive Voice Response (IVR) system segment dominates the solution segment with a 47.5% market share in 2019. It is due to its extensive requirement for identifying, segmenting, and routing calls to the most suitable agent. Moreover, it can put forward essential opportunities to get better interactions with customers also help businesses in escalating operational efficiency, thus contribute to the vast market demand in the forecast period.
Analysis by Service:
By service, the report is categorized into integration & deployment, support & maintenance, training & consulting, and managed services. The integration and deployment segment dominated the market and accounted for over one-third share of the global revenue in 2019. It is due to enterprises growing emphasis on increasing the contact center's productivity and improving the customer service experience. Moreover, several enterprises are majorly focusing on incorporating AI assistance in their contact centers as it assists in better understanding of customer trends and also allows organizations to facilitate customer interaction channels with operational, training, and decision-making analytics thus, contributing to the growth of integration and deployment segment in the forecast period.
Analysis by Technology:
By technology, the report is categorized into natural language processing, machine learning, automatic speech recognition, computer vision, video recognition. The computer vision segment dominates the technology segment with a one–third market share in 2019. It is due to numerous benefits associated with computer vision technology. For instance, it allows contact centers to automatically pull out and evaluate data from both videos and stills. It has effective object recognition potential that helps categorize the nature of the customer call and reviews its urgency. Moreover, the computer vision-enabled platform can potentially identify the appropriate agent and department depending on the customer’s requirement for efficient service handling, contributing to the growth of the computer vision segment in the forecast period.
Analysis by End-User:
By end-user, the report is categorized into BFSI, consumer goods & retail, government, healthcare, IT & telecom, travel & hospitality, and others. The IT & telecom segment dominates the technology segment with over one-fourth share of the global market revenue in 2019. It is due to telecom companies are predominantly considering supporting the large volumes of data they are producing to improve customer experience and maintain the customer base. Moreover, the continued rollout of mobile and broadband service and growing pressure on communications service providers to present high-quality services and enhanced customer experience contribute to more market demand from the IT & telecom segment in the forecast period.
Analysis by Region:
In the regional outlook of the global contact center intelligence market, the North American region dominates with a maximum market share of 30% in 2019. It is due to the presence of well-established economies like the U.S. and Canada coupled with massive investment in new technologies by the vendors present in these regions. The market players, mainly in the U.S., always focused on leveraging advanced technologies like deep learning, artificial intelligence(AI), and machine learning (ML) to lead globally as a part of their constant business stratagem. Moreover, speedy technological advancement and the presence of various key players such as Amazon Web Services, IBM Corporation, and Microsoft Corporation contributes to the development of the contact center intelligence market across North America
Market Segmentation covered in the Report:
- Intelligent Virtual Assistant (IVA)
- Intelligent Interactive Voice Response (IVR) System
- Integration & Deployment
- Support & Maintenance
- Training & Consulting
- Managed Services
- Natural Language Processing
- Machine Learning
- Automatic Speech Recognition
- Computer Vision
- Video Recognition
- Consumer Goods & Retail
- IT & Telecom
- Travel & Hospitality
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.