What is AI for Customer Service Market?
AI for Customer Service can play a significant role in assisting customers in finding the right information more efficiently. Artificial intelligence assists in the analysis of customer data and key metrics, as well as the recommendation of products or services to customers based on their browsing or buying preferences. Chatbots are one of the most common applications of AI in customer service. Businesses are already using chatbots of varying complexity to handle routine questions like delivery dates, balances owed, order status, and anything else derived from internal systems.
|Unit||Value (USD Million)|
|Key Companies Profiled||IBM (United States), Ant Group (China), Chatra (India), ClickDesk (India), Freshworks (United States), Huawei (China), Kayako (United Kingdom), LivePerson (United States), Olark (United States) and Provide Support (United States)|
The market study is being classified by Type (On-Premise and Cloud-Based), by Application (Business to Business (B2B), Business to Customer (B2C) and Others) and major geographies with country level break-up.
The global AI for Customer Service is Fragmented Due to Technology advancements in the IoT-connected devices. So the Players are Focusing on decentralized finance, and Customer services and investing more money in the new smart finance technology, such as artificial intelligence (AI), machine learning (ML), and mathematical expectation (ME). These will enhance their Market Presence. The Companies are also Planning Strategic Activities like Partnerships, Mergers, and Acquisitions which will help them to Sustain in the Market and Maintain their Competitive Edge. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global AI for Customer Service market throughout the forecasted period. IBM (United States), Ant Group (China), Chatra (India), ClickDesk (India), Freshworks (United States), Huawei (China), Kayako (United Kingdom), LivePerson (United States), Olark (United States) and Provide Support (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Salesforce Essentials (San Francisco), SnapEngage (United States), Tidio (United States) and Others.
Analyst at AMA Research have segmented the market study of Global AI for Customer Service market by Type, Application and Region.
On the basis of geography, the market of AI for Customer Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing demand for AI-powered customer support services
- Increased Investment in the Development of Artificial Intelligence Technology by Key Players
- Customer Engagement via Social Media Platforms Is On the Rise
- Automation Is Becoming More Popular In Businesses
- Increase in the Number of New Businesses
- Lack Of Understanding About Conservational AI Solutions
- AI And Machine Learning-Based Technology Advancements for Real-Time Actionable Customer Insights
- Integration of Advanced Artificial Intelligence Capabilities to Enhance Existing Conversational AI Offerings
- Concerns about Data Privacy and Security during a Pandemic
- Chatbots and Virtual Assistants Are Inaccurate
Market Leaders and some development strategies
On 10th January 2022, VENICE, Calif. and COPENHAGEN, Ted Mico, announced that the AI platform powering the customer service revolution has expanded into the European market by signing an exciting new partnership with Dixa, the Denmark-based customer service platform that anticipates customers' needs and empowers brands to meet them.
On 27th January 2022, Visionstate Corporation Visionstate or the Company is pleased to announce the soft launch of its new ViCCi 2.0 customer service kiosk, which is powered by cutting-edge conversational chatbot artificial intelligence (AI). The company plans to officially launch the new product in the spring of 2022 at a large Canadian shopping Centre.
New laws will soon shape how companies use artificial intelligence, according to regulators and lawmakers around the world AI. The five largest federal financial regulators in the United States issued a request for information on how banks use AI in late March, indicating that new guidance for the finance sector is on the way. Just a few weeks later, the United States Federal Trade Commission issued an unusually bold set of guidelines on truth, fairness, and equity in AI, broadly defining unfairness, and thus the illegal use of AI, as any act that causes more harm than good.
Key Target Audience
New Entrants/Investors, Research Organizations and Universities, AI for Customer Service Distributor, Consulting Companies, Investors and Venture Capitalists, Government Bodies and End Users
Frequently Asked Questions (FAQ):1. Which factors would majorly drive the AI for Customer Service Market?
"Increasing demand for AI-powered customer support services
" is seen as one of major growth factors of AI for Customer Service Market in years to come.2. Can we have customized study for AI for Customer Service Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.3. Which region will lead the Global AI for Customer Service Market?
United States will lead AI for Customer Service Market in coming years.