Research firm Technavio expects the global contact center artificial intelligence (AI) market to grow by $4.3 billion through 2028, representing a 27.17 percent compound annual growth rate.
Call centers are essential for providing customer service, but delays in resolving queries can lead to customer dissatisfaction and potential loss of business, the firm noted, adding that to address this issue, call centers are integrating AI, mostly in the form of chatbots and intelligent virtual assistants, to handle simple queries efficiently, freeing up human agents to focus on more complex issues.
AI enables predictive call routing, interactive voice response, call analytics, and emotional intelligence, offering omnichannel solutions and quality assurance technology, according to Technavio, while natural language processing and machine learning help companies understand customer needs and provide solutions.
By providing quick and accurate responses, chatbots enhance the overall customer experience, contributing to business success, it said further.
Technavio has found that the financial services sector is among the largest adopters of contact center AI, with the rise of mobile technology facilitating authentication, detail exchange, and transaction conduct. Leading banks like Bank of America, J.P. Morgan Chase, and Capital One have integrated AI technologies to enhance customer engagement and automate operations.
In the competitive financial services industry, superior customer service is vital for customer satisfaction and cost reduction, according too Technavio, which also found that unaddressed inquiries result in missed revenue opportunities and increased attrition. Chatbots, it said, assist with banking activities, such as balance checking, bill payment, and fund transfers, and help customers plan for their savings goals and optimize spending, while AI predictive systems, integrated with customer accounts, can analyze spending patterns and offer real-time financial advice.
The retail, IT and telecom, energy, and healthcare sectors are also major adopters of AI-powered chatbots and intelligent virtual assistants, according to Technavio.
Across industries, though, integration issues between front-end and back-end knowledge bases pose a challenge, the firm said. Other challenges include privacy and data security concerns, the need for continuous monitoring and maintenance, system integration and interoperability.
In its report, Technavio identified Alphabet, Amazon, Artificial Solutions, Avaamo, Avaya, Conversica, Creative Virtual, EdgeVerve Systems, Inbenta Holdings, Jio Haptik Technologies, Kore.ai , Microsoft, NICE, Nuance Communications, Oracle, Pypestream, Rulai, SAP, Talkdesk, and Zendesk as industry leaders.