Global Interactive Voice Response Market, By Solution (Call Routing, Outbound, Self-Service), By Technology (Speech Based, Touch Tone Based, Text to Speech) and is expected to grow at approximately USD 3.7 Billion by 2023, at 7% of CAGR between 2017 and 2023
Pune, India - July 18, 2019 /MarketersMedia/ —
Interactive Voice Response Market Scenario:
The global interactive voice response market is expected to grow in the forthcoming years at a steady pace. Market Research Future (MRFR), in its report, mentioned that a growth percentage of 7% is expected from the market during the forecast period between 2017 and 2023. Add to this, the market is anticipated to garner a valuation of USD 3.7 billion by the end of the forecast period.
With businesses growing their CRM activities to sustain long-term relationships, there has been a significant boom noticed in the global Interactive Voice Response Market. These systems are employed at a wide scale across a number of industry verticals, thereby making it pervasive as they can be tailored in accordance to the needs of the organization. However, one of the biggest factors that has impacted the global IVR market is the advent of cloud computing. Advancements and adoption of the same is projected to strikingly boost the global market of IVR systems.
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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.
Intended Audience:
• Investors and consultants
• System Integrators
• Government Organizations
• Research/Consultancy firms
• Technology solution providers
• IT Solution Providers
• Educational Institutes
Table of Contents
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
Continued…
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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
Continued…
List of Figures
Figure 1 Research Type
Figure 2 Interactive Voice Response Market: By Solution (%)
Figure 3 Interactive Voice Response Market: By Technology (%)
Continued…
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Source: MarketersMedia
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