Interactive Voice Response Market: Increasing Demand for IVR-Based Outbound Services
[178 Pages Report] The interactive voice response (IVR) market was valued at USD 3.44 Billion in 2016 and is expected to reach USD 5.54 Billion by 2023, at a CAGR of 6.83% during the forecast period. The base year considered for the study is 2016 and the forecast period is between 2017 and 2023.
The overall interactive voice response market is projected to exhibit a lucrative growth potential between 2017 and 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. The growth of the IVR market is attributed to the increasing integration of advanced technologies and rise in the cloud-based services that meet the industry standards for the IVR systems.
The report covers the interactive voice response market on the basis of deployment mode, technology, organization size, vertical, solution, services, and geography. The market, by vertical, has been segmented into BFSI; travel and hospitality; pharma and healthcare; telecommunications; government and public sector; transportation and logistics; ITES; media, retail, and e-commerce; education; and others. BFSI accounted for the largest share of the IVR market in 2016. The enormous growth in IT investments in the banking and financial sector has helped the growth of IVR applications around the globe. The companies are generating more revenue due to the implementation of IVRs that resolves the customer’s queries and fulfills their requests continuously regardless of the time or place. This helps in resolving the customer queries without the need for a live agent, thereby reducing the cost.
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The major share of the IVR market was held by the small and medium enterprises (SMEs), which are using IVRs to increase their solution offerings such as call routing and outbound solutions. Moreover, the major share was occupied by the touch-tone-based technology; however, growth is expected to be witnessed by the speech-based technology as it allow integration of speech recognition, which is being largely leveraged by the BFSI; pharma and healthcare; government and public sector; and media, retail, and e-commerce verticals.
North America contributed significantly to the growth of the overall interactive voice response market in 2016. However, the IVR market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period owing to the rising number of new small and medium enterprises (SMEs) and large enterprises in this region. The presence of a huge end-user base in advanced economies such as Japan and South Korea, and the growing demand for enhanced customer service and a higher level of customer interaction is also expected to fuel the growth of the IVR market in this region
The key market players in the North America are inContact Inc. (US), Nuance Communications, Inc. (US), Convergys Corporation (US), Avaya Inc. (US), Cisco Systems, Inc. (US), AT&T Inc. (US), West Corporation (US), Genesys Telecommunication Laboratories, Inc. (US), Verizon Communications Inc. (US), and 24/7 Customer, Inc. (US).
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