Interactive Voice Response Market, By Solution (Call Routing, Outbound, Self-Service), By Technology (Speech Based, Touch Tone Based, Text to Speech), By Service (Maintenance & Support), By Deployment (Cloud, On-Premise) - Forecast 2023
Market Insights
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 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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Market Segmentation
The global interactive voice response market is segmented on the basis of solution, technology, service, application, deployment, vertical, organization size, and region. Solutions offered in the IVR market include call routing, outbound, and self-service.
Technologies used in IVR include touch-tone based, text to speech, and speech based. Services offered in the IVR market include training & education, maintenance & support, and installation. Deployment of IVR can be done on- cloud and on-premise. Organization of various sizes uses IVR, including large organizations and small & medium organizations. IVR is employed in industry verticals which in the report include IT & telecommunication, healthcare, education & government, transportation & logistics, consumer goods & retail travel, media & entertainment, and others.
Regional Analysis
North America accounts for the highest share of the market due to the presence of strong network infrastructure and the presence of key players who are present in the developed countries of this region. U.S and Canada are among the developed countries of the region, and IVR is adopted on a large scale in these countries across organizations of all sizes.
Meanwhile, the Asia Pacific is expected to witness growth at the highest CAGR due to the potential of IVR is the regions rapidly emerging economies. Moreover, international business organizations are increasingly setting up BPOs and other contact centers in the APAC to leverage reduced operational costs and comparatively cheap labor, thus increasing the regions market value over the forecast period. Increasingly, business organizations in emerging markets are also employing IVR which adds to the regions swift growth.
Key Players
Eminent players that have been found to have a significant role in the market have been included in MRFR’s report. Players include Avaya Inc., Convergys Corporation, Genesys Telecommunication Laboratories, Inc., 8X8, Inc., Nuance Communications, Inc., West Corporation, Cisco Systems, Inc., AT&T Inc., IVR Lab, Verizon Communications Inc., and others
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Interactive Voice Response Market, By Solution (Call Routing, Outbound, Self-Service), By Technology (Speech Based, Touch Tone Based, Text to Speech), By Service (Maintenance & Support), By Deployment (Cloud, On-Premise) - Forecast 2023Market InsightsInteractive 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.
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.
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 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.
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.
U.S and Canada are among the developed countries of the region, and IVR is adopted on a large scale in these countries across organizations of all sizes.
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The report "Interactive Voice Response Market by Technology (Touch-Tone and Speech), Deployment (Cloud and on Premise), Vertical (BFSI, Pharma and Healthcare, ITES), Organization Size, Solution, Service, And Geography - Global Forecast to 2023", The interactive voice response (IVR) market was valued at USD 3.73 Billion in 2017 and is expected to reach USD 5.54 Billion by 2023, at a CAGR of 6.83% during the forecast period.
On the other hand, IVR analytics plays an essential role in fueling the market growth, as it helps the companies to achieve customer satisfaction by capturing, tracking, and evaluating the entire call experience.
IVR analytics solutions address issues such as root cause of common drop-off points and misunderstood menus and prompts, as well as customer reticence in using IVR systems.
Speech-based IVRs expected to grow at a high CAGR between 2017 and 2023 The IVR market for speech-based IVRs is gaining momentum as it integrates the natural language processing (NLP) technology that helps to reduce the amount of time spent by an individual to get a particular query resolved as well as reduces the call duration.
Moreover, using this technology, the user is not restricted to the use of the limited ten digit keypad inputs.
APAC mainly consists of developing economies, such as China and India, which have a huge potential for the growth of interactive voice response systems in various verticals such as telecommunications, government and public sector, education, and pharma and healthcare.
The AI & analytics reports are produced by Market Research Future, which contains market alternatives for progress.
As enterprises are concentrating on minimizing cost, the spread of the interactive voice response market size is appraised to gain traction in the forecast period ahead.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/4274 Competitive Outlook:The simplification of the market processes is estimated to create further situations that lead to an increase in the growth momentum of the market.
The employment of analytical tools is estimated to spur the enhancement of the products being distributed at a global scale in the market, to meet the specific requirements of the user demographic in a particular region.
The solutions segment in the interactive voice response market comprises of outbound, call routing, and self-service.
The technology segment in the interactive voice response market consists of text to speech, touch-tone based, and speech-based.
The North American region has the top market share in the interactive voice response market due to well-organized IVR systems implemented by telecommunication businesses, improved network organization, and huge adoption by small and large enterprises.
