Market research firm MarketsandMarkets valued the worldwide market for customer service artificial intelligence at $12.06 billion last year and expects it to reach $47.82 billion in 2030, growing at a compound annual rate of 25.8 percent.
AI adoption in customer service is increasingly focused on implementing proactive solutions that allow businesses to anticipate customer needs and address potential issues before they escalate, the firm concluded, noting that this shift from reactive to proactive service fosters trust and loyalty.
By leveraging predictive analytics, companies can analyze historical data to forecast customer behavior, facilitating timely interventions, according to the firm, which said that this approach not only resolves issues before they arise but also strengthens customer relationships, leading to increased retention and loyalty.
Another driver of adoption is intelligent routing, which optimizes efficiency and customer satisfaction, according to MarketsandMarkets.Other AI technologies, such as natural language processing, deep learning, and robotic process automation are also dominating the market "due to their versatility and transformative capabilities across customer service or support," it said.
In the report, the firm stated that NLP facilitates sentiment analysis, chatbots, and voice assistants, allowing businesses to provide personalized interactions; deep learning improves predictive analytics for better decision-making and proactive support; and RPA automates repetitive tasks like ticket management and data entry, streamlining workflows. "Together, these technologies significantly boost efficiency and customer satisfaction while reducing costs," it said.
MarketsandMarkets also noted that the self-service delivery mode is increasingly leading the AI for customer service market as consumers demand faster, more efficient support. "These channels alleviate the burden on customer service agents, allowing them to focus on more complex issues," it said. "By integrating various support tools into a cohesive platform, organizations can enhance customer satisfaction while reducing operational costs."
The report identified the major players in the AI for customer service market as Microsoft, IBM, Google, Amazon Web Services, Salesforce, Atlassian, ServiceNow, SAP, Zendesk, Sprinklr, OpenAI, Aisera, UiPath, HubSpot, NICE, Intercom, Qualtrics, Freshworks, LivePerson, HelpShift, Yellow.ai, Cogito, SmartAction, Talkdesk, Five9, RingCentral, Nextiva, Kore.ai, Dynamic Yield, Jio Haptik, Oracle, Afiniti, Kommunicate, Help Scout, Gorgias, Atera, Ada, Kustomer, Levity, Cognigy, Engageware, Netomi, Level AI, Sybill AI, OneAI, Brainfish, SentiSum, Balto, Tovie AI, Guru, Tidio, Quiq, Aircall, OneReach.ai, Cresta, Deepdesk, Front, Fullview, Crescendo AI, and Gridspace.