Study: Contact Center Intelligence Market Rise Sharply

Published On: October 26, 2020Categories: Buzz, Uncategorized

The global contact center intelligence market size was valued at USD 1.07 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 23.5% through 2027, according to Grand View Research. The rising profile of Artificial Intelligence (AI)-based solutions is a key driver, according to the report. AI assistance helps to personalized customer support while improving call deflection rates, reducing agent training costs, and achieving shorter handling times.

The intelligent Interactive Voice Response (IVR) system segment led the market and accounted for more than 45% share of the global revenue in 2019. The IVA segment is expected to register the highest CAGR over the forecast period. With businesses going digital, customers are preferring online interaction tools over telephone conversations with the agents, thereby creating growth opportunities for the IVA segment over the forecast period.

The integration and deployment segment dominated the market and accounted for more than a 40% share of the global revenue in 2019. The integration and deployment segment is expected to continue its dominance over the forecast period as enterprises are putting a strong emphasis on improving the productivity of contact centers and enhancing customer service experience.

The managed services segment is anticipated to register high growth over the forecast period. Managed services for AI-based contact centers help businesses in managing complex multi-vendor infrastructure so that in-house agents can focus on revenue-generating projects, such as customer services.

North American region dominated the market and accounted for over 30% share of global revenue in 2019. Organizations, particularly in the U.S., have leveraged deep learning, AI, and ML technologies to stay ahead in the market as a part of their ongoing business strategies.

Channel Impact®
The data reflect a huge channel opportunity in this market segment as AI and ML become increasingly embedded in the contact center market – particularly CCaaS.

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