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.
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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.
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.
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. This, in turn, helps the organizations to achieve a higher cost optimization. The speech-based technology also helps in the eradication of the usage of complex DTMF commands. Moreover, using this technology, the user is not restricted to the use of the limited ten digit keypad inputs.
North America expected to hold the largest share of the interactive voice response market, while APAC likely to witness the highest CAGR between 2017 and 2023
North America held the largest share of the interactive voice response market in 2016. Advancements in the interactive voice response technology for flawless communication and security, as well as the ease of accomplishing a task without the help of an agent are the crucial factors driving the growth of the interactive voice response market in North America. Growing number of applications in the BFSI, pharma and healthcare, government and public sector, and education, especially in North America, is driving the growth of the overall interactive voice response market.
The interactive voice response market in Asia Pacific (APAC) would grow at the fastest rate and is expected to have a huge market potential in the coming years. 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 presence of excellent transportation facilities and big car manufacturers, such as Toyota Motor Corporation (Japan) and Nissan Motor Corporation (Japan) is also expected to fuel the growth of the interactive voice response market for the transportation and logistics vertical.
The key market players in the North America areinContact 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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