Korea Call Center AI Market Size, Share, Growth & Trends Analysis Report By Component, Deployment, Industry Verticals: Opportunity Analysis and Industry Forecast, 2020–2030

Call Center AI Market - Korea Opportunity Analysis 2030

The Korea call center AI market size was valued at $42.14 million in 2020, and is projected to reach $350.08 million by 2030, registering a CAGR of 23.7% from 2020 to 2030. The work environment required in call centers is emotionally, physically, and mentally challenging. It requires dealing with hectic schedules, low budgets, handling furious customers, adjusting to shift timings, and many more. In the middle of this, a call center agent is expected to meet the fundamental requirement of ensuring excellent customer satisfaction. Right from the opening phrase of the call till the call ends, the agent is expected to carefully listen to the customer’s problem, analyze it, and provide an effective solution.

AI call centers have recently risen in popularity as they can reduce tasks handled by traditional call center agents by using speech recognition and natural language processing technology to respond to simple and repetitive user queries. This has created a positive scenario for the AI call center market, thereby elevating the revenue margin.

On the basis of component, the solution segment dominated the Korea call center AI market share in 2020, and is expected to continue this trend during the forecast period. This is attributed to colossal adoption of chatbots/IVAs across various operations. Currently, BFSI has the highest adoption of call center platforms and solutions as compared to other verticals. Call center AI solutions help financial institutions in flawlessly connecting with customers, improving customer experience, and lowering the response time, thereby increasing the overall efficiency.

By deployment, the global call center AI market share was dominated by the cloud segment in 2020, and is expected to maintain its dominance in the upcoming years, owing to growing popularity of interactive voice response (IVR) solutions to enable quick resolution of queries over calls. Software allows customers to resolve product-related matters by themselves rather than depending on customer care executives.

In addition, increase in integration of new systems with existing ones at workplace and rapid surge in demand for implementation of new contact center software are expected to fuel the growth of this segment.

South Korea has witnessed huge investments in AI technology from service and manufacturing sector companies in the past few years. According to a study conducted by the Korea Herald, service and manufacturing sectors have been ramping up their AI deployments and consist of over 91% of the country’s total AI solution consumption.

Moreover, positive results from AI deployments in many sectors are influencing more organizations in the region to increase their investments in AI technology. Increasing AI capabilities and digital transformation in the region is expected to drive the growth of the Korea call center AI industry. Social media platforms have developed into a critical component of modern enterprises. Every company has been expanding its presence on social media platforms to reach its consumers with more ease. South Korea has the highest percentage (95%) of the population with internet accessibility along with one of the highest social media penetration rates with over 90% of the population availing social media services in some form. With high social media users, companies in South Korea are keen to provide superior customer support services through them. Therefore, this factor creates great opportunities for AI-powered call center and consumer support services in South Korea.

The report focuses on the growth prospects, restraints, and Korea call center AI market analysis. The study provides Porter’s five forces analysis of the call center AI industry to understand impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the Call center AI market trends.

The Korea call center AI industry is segmented on the basis of component, deployment, and industry vertical. Based on component, the market is divided into compute platforms, solution, and service. Based on deployment, it is bifurcated into on-premise and cloud. Based on industry vertical, the market is fragmented into BFSI, retail and e-commerce, telecom, healthcare, media and entertainment, travel and hospitality, and others.

COVID Impact Analysis

Post COVID-19, the size of the Korea Call Center AI Market is estimated to grow from $42.14 million in 2020 to reach $350.08 million by 2030, at a CAGR of 23.7%. AI call centers have recently risen in popularity as they can reduce tasks handled by traditional call center agents by using speech recognition and natural language processing technology to respond to simple and repetitive user queries. This has created a positive scenario for the AI call center market, thereby elevating the revenue margin. For instance, in June 2021, SK Telecom Co., South Korea's largest mobile carrier, teamed up with U.S. call center technology company Genesys to launch a contact center service powered by AI. This partnership provides call center software to over 10,000 companies across 100 countries to integrate their technologies for a cloud-based AI call center service.

Top impacting factors

Improved customer experience & customer response time and enhanced data analytical capabilities are the major factors is propelling the market growth during the forecast period. However, high installation and training cost coupled with privacy and security concern is mainly restraining the market growth. Further, rise in focus of Korean companies in AI technology and growth of social media platform have emerged to prove to be lucrative opportunities for the overall Korea call center AI market growth.

Improved customer experience and customer response time

One of the major advantages of using artificial intelligence in call centers/customer service centers is that it helps to solve client problems. By analyzing client complaints from databases at a much faster rate than conventional processes (human executives), predictive and analytical AI software could provide faster answers and solutions to customers than humans. Moreover, AI systems can search data from subjects mentioned by the consumer during a phone call to address problems faster than traditional contact centers. This saves the time consumed by both client and organization, creating a higher efficiency.

Faster response times and better analytical capabilities are promising great opportunities for the future growth of the Korea call center AI market analysis.

Improved data analytical capabilities

In certain scenarios, dealing with customer inquiries in real-time tends out to be difficult for a customer care executive, as consumers might not have the exact context of inquiring. However, with the help of AI, previous consumer interactions and chat data can be analyzed in seconds and brief information can be provided to the executive regarding the customer. Amazon, in collaboration with its subsidiary Amazon Web Services, has created particular algorithms focused on analyzing consumer demands and providing correct replies based on those needs, owing to its huge in-house data scientists and analysts.

Furthermore, Korean tech giant LG Uplus Corp. is seeking opportunities in the call center AI market with a recent partnership with LG CNS Co. to develop specialized services for local financial companies.

Key Benefits For Stakeholders

• The study provides an in-depth analysis of the Korea Call center AI market size along with the current trends and future estimations to elucidate imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on the Korea call center AI market trends is provided in the report.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
• The quantitative analysis of Korea Call center AI market forecast for the period 2020–2030 is provided to determine the market potential.

KEY MARKET SEGMENTS

By Component

• Compute Platforms
• Solution
• Service

By Deployment

• On-premise
• Cloud

By Industry Verticals

• BFSI
• Retail and E-Commerce
• Telecom
• Healthcare
• Media and Entertainment
• Travel and Hospitality
• Others

Scope of the Korea Call Center AI Market Report

CHAPTER 1:INTRODUCTION

1.1.REPORT DESCRIPTION
1.2.KEY BENEFITS FOR STAKEHOLDERS
1.3.KEY MARKET SEGMENTS
1.4.RESEARCH METHODOLOGY

1.4.1.Secondary research
1.4.2.Primary research
1.4.3.Analyst tools & models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.KEY FINDINGS

2.1.1.Top impacting factors
2.1.2.Top investment pockets

2.2.CXO PERSPECTIVE

CHAPTER 3:MARKET OVERVIEW

3.1.MARKET DEFINITION AND SCOPE
3.2.PORTER'S FIVE FORCES ANALYSIS
3.3.MARKET DYNAMICS

3.3.1.Drivers

3.3.1.1.Improved customer experience and customer response time
3.3.1.2.Improved data analytical capabilities

3.3.2.Restraints

3.3.2.1.High installation and training costs
3.3.2.2.Privacy and security concerns

3.3.3.Opportunities

3.3.3.1.Growing interest of Korean companies in AI technology
3.3.3.2.Growth of social media platforms

3.4.COVID-19 IMPACT ANALYSIS ON THE KOREA CALL CENTER AI MARKET

3.4.1.Impact on market size
3.4.2.Consumer trends, preferences, and budget impact
3.4.3.Economic impact
3.4.4.Key player strategies to tackle negative impact
3.4.5.Opportunity window

CHAPTER 4:KOREA CALL CENTER AI MARKET, BY COMPONENT

4.1.OVERVIEW
4.2.COMPUTE PLATFORM

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast

4.3.SOLUTION

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast

4.4.SERVICE

4.4.1.Key market trends, growth factors, and opportunities
4.4.2.Market size and forecast

CHAPTER 5:KOREA CALL CENTER AI MARKET, BY DEPLOYMENT

5.1.OVERVIEW
5.2.ON-PREMISE

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast

5.3.CLOUD

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast

CHAPTER 6:KOREA CALL CENTER AI MARKET, BY INDUSTRY VERTICAL

6.1.OVERVIEW
6.2.BFSI

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast

6.3.RETAIL AND E-COMMERCE

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast

6.4.TELECOM

6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast

6.5.HEALTHCARE

6.5.1.Key market trends, growth factors, and opportunities
6.5.2.Market size and forecast

6.6.MEDIA AND ENTERTAINMENT

6.6.1.Key market trends, growth factors, and opportunities
6.6.2.Market size and forecast

6.7.TRAVEL AND HOSPITALITY

6.7.1.Key market trends, growth factors, and opportunities
6.7.2.Market size and forecast

6.8.OTHERS

6.8.1.Key market trends, growth factors, and opportunities
6.8.2.Market size and forecast

Table 01.Korea Call Center Ai Market Revenue, By Component, 2020-2030 ($Million) 

Table 02.Korea Call Center Ai Market Revenue For Compute Platform, 2020-2030 ($Million) 

Table 03.Korea Call Center Ai Market Revenue For Solution, 2020-2030 ($Million) 

Table 04.Korea Call Center Ai Market Revenue For Service, 2020-2030 ($Million) 

Table 05.Korea Call Center Ai Market Revenue, By Deployment, 2020-2030 ($Million) 

Table 06.Korea Call Center Ai Market Revenue For On-Premise, 2020-2030 ($Million) 

Table 07.Korea Call Center Ai Market Revenue For Cloud, 2020-2030 ($Million) 

Table 08.Korea Call Center Ai Market Revenue, By Industry Vertical, 2020-2030 ($Million) 

Table 09.Korea Call Center Ai Market Revenue For Bfsi, 2020-2030 ($Million) 

Table 10.Korea Call Center Ai Market Revenue For Retail And E-Commerce, 2020-2030 ($Million) 

Table 11.Korea Call Center Ai Market Revenue For Telecom, 2020-2030 ($Million) 

Table 12.Korea Call Center Ai Market Revenue For Healthcare, 2020-2030 ($Million) 

Table 13.Korea Call Center Ai Market Revenue For Media And Entertainment, 2020-2030 ($Million) 

Table 14.Korea Call Center Ai Market Revenue For Travel And Hospitality, 2020-2030 ($Million) 

Table 15.Korea Call Center Ai Market Revenue For Others, 2020-2030 ($Million) 

List Of Figures

Figure 01.Key Market Segments

Figure 02.Korea Call Center Ai Market, 2020-2030

Figure 03.Top Impacting Factor

Figure 04.Top Investment Pockets

Figure 05.Moderate-To-High Bargaining Power Of Suppliers

Figure 06.Moderate-To-High Bargaining Power Of Buyers

Figure 07.Moderate Threat Of Substitutes

Figure 08.Moderate-To-High Threat Of New Entrants

Figure 09.High Competitive Rivalry

Figure 10.Drivers, Restraints, And Opportunities

Figure 11.Korea Call Center Ai Market Revenue, By Component, 2020-2030 ($Million) 

Figure 12.Korea Call Center Ai Market Revenue, By Deployment, 2020-2030 ($Million) 

Figure 13.Korea Call Center Ai Market Revenue, By Industry Vertical, 2020-2030 ($Million)