1001 Startup Ideas - AI enabled chatbots for customer service

Market Definition With the rise in customer service standards and customer expectations, the customer service market is growing fast around the world. According to Radiant Insights report, the Global Outsourced Customer Care Services market was valued USD 62.5 billion in 2014, with estimation of USD 84.7 billion by 2020, growing at 5.2% from 2014 to 2020. Out of this, the Customer Interaction Service market was USD 51.6 billion in 2014 and expected to reach USD 68.6 billion by 2020, growing at a CAGR of 12.1%. These interactions include communication across different channels, like email, instant message, social media, telephone, and SMS. Currently, North America leads in the segment with the industry share of 55.1% in 2014.