Top 6 Use Cases for AI in CX

Best-in-class companies understand they are in the customer experience (CX) business, and McKinsey reports that successful ones are seeing revenue gains of 5% to 10% and cost reductions of 15% to 25% within 2 to 3 years. The evolution of CX is being driven by several key factors, including the digitization of society and data, customer demand for more control and better outcomes in their commercial relationships, and the correlation between emotional connection and customer satisfaction. Tractica has identified six use cases where artificial intelligence (AI)-driven solutions will propel CX: customer service virtual digital assistants (VDAs); live agent assist; e-commerce and sales VDAs, sentiment/emotion analysis for product/market research; sentiment/emotion analysis in retail; and sentiment/emotion analysis in healthcare. Collectively, spending on AI-driven software for these use cases will reach more than $3.2 billion in 2021 and grow to more than $9.3 billion in 2025. This Tractica white paper explores the market issues surrounding these six use cases.