Overview and Scope
Generative AI in customer services refers to the use of artificial intelligence systems that can autonomously generate human-like responses to customer queries or issues. These systems typically employ natural language processing and machine learning techniques to understand and generate relevant and contextually appropriate responses, enhancing the efficiency and scalability of customer service operations.
Sizing and Forecast
The generative AI in customer services market size has grown exponentially in recent years. It will grow from $0.40 billion in 2023 to $0.51 billion in 2024 at a compound annual growth rate (CAGR) of 27.5%. The growth in the historic period can be attributed to emergence of chatbots, advancements in natural language processing, rising volume of customer data, and focus on customer experience.
The generative AI in customer services market size is expected to see exponential growth in the next few years. It will grow to $1.38 billion in 2028 at a compound annual growth rate (CAGR) of 28.0%. The growth in the forecast period can be attributed to integration with IoT devices, expansion of multilingual support, emphasis on ethical AI, augmented reality (AR) integration, focus on emotional intelligence. Major trends in the forecast period include expansion of AI-powered recommendations, rise of AI-powered virtual assistants, increased focus on emotional engagement, integration with social media platforms, and adoption of AI-powered sentiment analysis.
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Segmentation & Regional Insights
The generative ai in customer services market covered in this report is segmented –
1) By Deployment : Cloud Based, On Premise, Hybrid
2) By Application : Chatbot, Virtual Assistants, Personalized Recommendations, Sentiment Analysis, Other Applications
3) By Industry : Retail, Banking Financial Services And Insurance (BFSI), Information Technology (IT) And Telecommunications, Travel And Hospitality, Healthcare, Other Industries
North America was the largest region in the generative AI in customer services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative ai in customer services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising application of AI in customer services by the travel and hospitality sector is expected to propel the growth of generative AI in the customer services market going forward. The travel and hospitality sector encompasses businesses and services related to travel, tourism, accommodation, dining, entertainment, and recreation. AI in customer services revolutionizes the travel and tourism industry by providing personalized, efficient, and accessible assistance to travelers, enhancing their overall experience and driving business growth for travel companies. For instance, in June 2022, according to reports shared by the US Department of Commerce 2021 Highlights, a US-based executive department of the federal government, international arrivals for travel and tourism in US states increased to 22.1 million in 2021 from 19.2 million in 2020. Therefore, the rising application of AI in customer services by the travel and hospitality sector drives the generative AI in the customer services market.
Key Industry Players
Major companies operating in the generative ai in customer services market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, salesforce.com inc., Twilio Inc., Nuance Communications Inc., Zendesk Inc., Verint Systems Inc., LivePerson Inc., Intercom Inc., Adastra Corporation, Boost.ai AS, Haptik Inc., Helpshift Inc., Rasa Technologies Inc., Cognigy Inc., DigitalGenius Corporation, SmartAction LLC, Solvvy Inc., ObserveAI Inc., Pypestream Inc., Inbenta Technologies Inc.
The generative ai in customer services market report table of contents includes:
1. Executive Summary
2. Generative AI In Customer Services Market Characteristics
3. Generative AI In Customer Services Market Trends And Strategies
4. Generative AI In Customer Services Market – Macro Economic Scenario
5. Global Generative AI In Customer Services Market Size and Growth
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31. Generative AI In Customer Services Market Other Major And Innovative Companies
32. Global Generative AI In Customer Services Market Competitive Benchmarking
33. Global Generative AI In Customer Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Generative AI In Customer Services Market
35. Generative AI In Customer Services Market Future Outlook and Potential Analysis
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