Interactive Voice Response Market Scenario:
Interactive Voice Response (IVR) is an automated system employed over the telephone to interact with callers to gather relevant information which then allows the system to direct the call accordingly. The system works by use of keypad response of voice response and is employed by many organizations. Market Research Future’s report on the global interactive voice response market sheds light on the various factors and figures of the market while making educated predictions about its future. The interactive voice response market is expected to witness growth at a CAGR of 7% during the forecast period from 2017 to 2023. Increasingly being employed by a variety of business organizations, the global market is expected to reach an estimated value of USD 3.7 Bn by the end of 2023.
Businesses are increasing their customer relationship management activities in an effort to sustain long-term relationships; this is a significant factor which is encouraging the growth of the IVR market. IVR systems are employed in a wide number of industry verticals making them fairly pervasive as they can easily be tailored to suit the organization’s needs. IVR assists in ongoing customer relations by keeping up communication with them, and this can also be a good way to collect customer feedback which can ultimately be used to improve relations. The advent of cloud computing has significantly impacted the IVR marker. Interactive Voice Response Market can be deployed over the cloud which is highly advantageous as it reduces the need for physical infrastructure. With unique offerings from cloud service providers and lack of infrastructure, IVR systems are easily accessible to companies of all sizes, thus increasing market value. IVR systems are used to facilitate seamless communications with customers as it directs them to the concerned department of an organization, helps provide information, and increases brand awareness. The cost savings and optimization of organizational resources are another significant factors. Increasing number of BPOS and contact centers to handle customer service has driven increased use of IVR systems. Moreover, reduced operational costs, and increased efficiency in customer service are are driving the market.
Some IVR menus can be complex and lengthy which can be cumbersome for customers, thus challenging market growth. However, ongoing implementation of advanced technologies to make IVE systems a smooth and pleasant experience for customers who interact with it is expected to reveal opportunities in the market for further growth down the line.
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Interactive Voice Response Market Competitive Landscape:
The global interactive voice response market is host to a number of key players. This includes names such as Convergys Corporation, Nuance Communications, Inc., Avaya Inc., IVR Lab, Verizon Communications Inc., 8X8, Inc., Genesys Telecommunication Laboratories, Inc., AT&T Inc., West Corporation, Cisco Systems, Inc., and others.
Cisco Systems Inc. is one of the major players in the global market. The company has designed an IP interactive voice response product. The product empowers business enterprises by simplifying the complexity that is associated with business process integration, increases the flexibility level, and offers much more efficient service in a network hosting. Another key company in the market is Convergys Corporation. The company boasts an IVR platform that offers both Intervoice (Intelligent Voice Portal) and Edify (EVIP) platforms.
May 2019, Ahli United Bank (AUB) made an announcement stating its plans on upgrading its interactive voice response service to an all new Visual IVR.
Interactive Voice Response Market Segmentation:
The global interactive voice response market is segmented in terms of technology, solution, deployment, service, application, organization size, and vertical.
- By solutions, the market includes outbound, call routing, and self-service.
- By technology, the market includes text to speech, speech based, and touch tone based.
- By service, the market includes maintenance & support, training & education, and installation.
- By deployment, the market divides into on-premise and on-cloud.
- By organization size, the market segments into large enterprises and SMEs.
- By verticals, the market comprises transportation & logistics, education & government, IT & telecommunication, healthcare, media & entertainment, consumer goods, retail travel, and others.
Interactive Voice Response Market Regional Analysis:
The global interactive voice response market covers the following regions for its geographical analysis: North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The North American regional market holds the highest share of the global interactive voice response market. The market is expected to maintain its stay at the top of the standings by accruing significant growth during the forecast period. The presence of a strong network infrastructure as well as the presence of several key players across developed nations like the US and Canada is another key driver of the regional market. In these countries, the adoption rate of IVR is high and is spread across a number of organizations, of all sizes and industries.
Elsewhere in Asia Pacific, the region is anticipated to grow during the forecast period with the highest growth percentage. This is primarily due to the potential IVR holds in the rapidly emerging economies of the region, like India and China. Additionally, international business organizations are setting up more and more BPOs in Asia Pacific as well as other contact centers to leverage the low operational costs and the relatively cheap labor costs. This is subsequently increasing the market value of the region during the forecast period. Lastly, the growing adoption of IVR by businesses herein is adding to the region’s growth potential.
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
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List of Tables
Table 1 Interactive Voice Response Market, By Solution
Table 2 Interactive Voice Response Market, By Technology
Table 3 Interactive Voice Response Market, By Service
List of Figures
Figure 1 Research Type
Figure 2 Interactive Voice Response Market: By Solution (%)
Figure 3 Interactive Voice Response Market: By Technology (%)
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