Interactive Voice Response (IVR) Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030
The global Interactive Voice Response (IVR) Market is projected to register a CAGR of 5.70% during the forecast period from 2022 to 2030.
Interactive Voice Response (IVR) Market Overview:
People around the world are familiar with automated voices giving instructions. As a matter of fact, sometimes, this brings a lot of value to an organization. Interactive voice response (IVR) is a telephony menu system that allows identification, segmentation and routing of callers to the most appropriate agent of an organization. Interactive voice response (IVR) does not waste time and leads to cost saving for any organization. Interactive voice response also organizes the job of an agent. Interactive voice response offers many advantageous features. For instance, it allows one to record customized greetings and messages so that when a customer calls an organization, they will have a more personalized experience. Interactive voice response (IVR) also offers features, such as pre-recorded IVR messages, information about callers, customer support automation, etc.
Interactive Voice Response (IVR) market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Interactive Voice Response (IVR) market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.
Significant Interactive Voice Response (IVR) Market Dynamics and Growth Factors:
Some of the drivers for the interactive voice response (IVR) market are increasing number of operational BPOs and individual contact centers all round the world. Increasing number of customer support and sales teams across organizations will also drive the market for interactive voice response. Another factor which might act as a driver for the Interactive voice response (IVR) is that interactive voice response systems reduce the operational cost and increase the efficiency of agents.
However, some restraints have also evolved in the Interactive voice response (IVR) market. Some of the restraints are that interactive voice response menus are too long sometimes and are difficult to understand and also contain too much information. Another factor which might act as a restraint for the market is the voice prompt, which sometimes makes it difficult to understand content.
The Interactive Voice Response (IVR) market research report is categorized based on type, applications and region.
Market Key Players:
inContact, Nuance, Genesys Telecommunication Laboratories, 8x8, AT&T, Avaya, Aspect Software Parent, 24/7 Customer, Verizon Communications, Five9, Cisco Systems, Convergys, West Corporation, IVR Lab, NewVoiceMedia, and others.
- Speech Based
- Touch-tone Based
- Travel and Hospitality
- Pharma and Healthcare
- Government and Public Sector
- Transportation and Logistics
- Media, Retail, and E-commerce
Geographically, the global Interactive Voice Response (IVR) market has been analysed in various regions such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA).
North America region dominates the Interactive voice response (IVR) market due to early adoption of advanced technologies such as artificial intelligence (AI), natural language processing (NLP) and others. Asia-Pacific, on the other hand, is projected to undergo substantial during the forecast period owing to the high IVR systems growth potential in different industry verticals, including BFSI, healthcare, telecommunication, government and public sector.
Further the regions are divided into countries as follows
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Interactive Voice Response (IVR) Market report scope
CAGR of 5.70% during the forecast period.
Speech Based, Touch-tone Based
BFSI, Travel and Hospitality, Pharma and Healthcare, Telecommunications, Government and Public Sector, Transportation and Logistics, ITES, Media, Retail, and E-commerce, Education
inContact, Nuance, Genesys Telecommunication Laboratories, 8x8, AT&T, Avaya, Aspect Software Parent, 24/7 Customer, Verizon Communications, Five9, Cisco Systems, Convergys, West Corporation, IVR Lab, NewVoiceMedia
Regions and Countries Covered
2017 to 2022
2023 to 2030
Key Takeaways from this Interactive Voice Response (IVR) Report
- Estimate Interactive Voice Response (IVR) market potential through analysing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Interactive Voice Response (IVR) market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions
At what CAGR is the Interactive Voice Response (IVR) market projected to grow in the forecast period 2022 to 2030?
What are the types of Interactive Voice Response (IVR) market?
What are the applications of Interactive Voice Response (IVR) market?
Who are the top players in Interactive Voice Response (IVR) market?
Which application segment is expected to drive the growth of the Interactive Voice Response (IVR) market in the next 5 years?
Which are the key deployments types adopting Interactive Voice Response (IVR) market?