Interactive Voice Response (IVR) Market

IVR Market: Global Size, Trends, Competitive, Historical & Forecast Analysis 2021-2027. Growing integration of advanced technologies and increasing number of operational BPO’s are the key factors drive the growth of IVR System market

Brandessence Market Research has published a new report title and According to the Study, “IVR (Interactive Voice Response) Market is valued at USD 3.72 billion in 2017 and expected to reach USD 7.17 billion by 2027 with a CAGR of 6.79% over the forecast period”.

Scope of IVR Market Report:

People around the world are familiar with automated voices giving instructions as it brings value to the organization by saving time and money. Interactive Voice Response (IVR) is a telephony menu system which allows identification, segmentation and forwarding of callers to the most appropriate agent of an organization. Interactive voice response leads to cost saving for organization as it does not waste time. Interactive voice response also organizes the job of an agent by categorizing and directing the customer query to the specified agent. Interactive voice response offers many advantageous features such as it enhances the first contact resolution with increased efficiency and customer feels satisfied.

The outbreak of the COVID-19 has medium impact on the growth of the IVR market. After an initial breakdown of the business implications of the pandemic and its induced economic crisis, the demand for Interactive Voice Response is expected to increase owing to the increasing demand for rapid response which helps to resolve the problems with high quality care. Furthermore, evolving customer support strategies in unprecedent time for better customer experience and service is likely to support the market growth.

Global Interactive Voice Response Market Segmentation:

The market is segmented based on technology, deployment mode, organisation size, services, vertical and solution. On the basis of technology, it is classified as Speech Based and Touch-tone Based. On the basis of deployment mode, it is classified as Cloud and On Premise. On the basis of organisation size, it is classified as Small and Medium Enterprise (SME) and Large Enterprise. On the basis of services, it is classified as Installation, Training & Education and Maintenance & Support. On the basis of vertical it is classified as BFSI, Travel and Hospitality, Pharma and Healthcare, Telecommunications, Government and Public Sector, Transportation and Logistics, ITES, Education and Media, Retail, and E-commerce. On the basis of solution, it is classified as Call Routing, Outbound And Self-Service.

By Technology

• Speech Based
• Touch-tone Based

By Deployment Mode

• Cloud
• On Premise

By Organization Size

• Small and Medium Enterprise (SME)
• Large Enterprise

By Services

• Installation
• Training & Education
• Maintenance & Support

By Vertical

• BFSI
• Travel and Hospitality
• Pharma and Healthcare
• Telecommunications
• Government and Public Sector
• Transportation and Logistics
• ITES
• Media, Retail, and E-commerce
• Education
• Others

By Solution

• Call Routing
• Outbound
• Self-Service

The regions covered in this IVR Market report are North America, Europe, Asia-Pacific and Rest of the World. On the base of country level, the marketplace is sub divided into U.S., Mexico, Canada, U.K., Germany, France, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.

Key Players for Interactive Voice Response Market

8X8, Inc., Nuance Communications, Inc., Convergys Corporation, Avaya Inc., Cisco Systems, Inc., AT&T Inc., West Corporation, Genesys Telecommunication Laboratories, Inc., Verizon Communications Inc., IVR Lab, Aspect Software Parent Inc., 24/7 Customer, Inc., inContact Inc., NewVoiceMedia, and Five9, Inc.

Click Here to know more about Companies

News: Aspect Announces Integration with Google’s Verified Calls

September 8th, 2020 Aspect company declared that, they plan to integrate its products of enterprise contact center diallers with that of newly introduced service of Verified Calls by Google.  The new service aims to resolve the problem of segregating legitimate inbound calls versus spammers in the following ways:

Increasing number of operational BPOs and individual contact centres drives the growth of IVR market.

The major factors driving the growth of interactive voice response market are increasing number of operational BPOs and individual contact centers all round the world. For interactive voice response market, growing number of customer support and sales teams across organizations will also drive the market. Interactive voice response systems reduce the operational cost and increase the efficiency of agents this is another factor which is expected to augment the growth of interactive voice response market over the forecast period.

However, the interactive voice response menus are too long sometimes and are difficult to understand and also contain too much information. The voice prompt, which sometimes makes it difficult to understand content are some factors which may negatively affect the market growth over the forecast period.

North America is expected to dominate IVR Market

North America dominated the IVR System market in terms of market share followed by Europe and Asia Pacific. Developments 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 major factors expected to drive the growth of the interactive voice response market in the region. Due to early adoption of advanced technologies such as artificial intelligence (AI), natural language processing (AI) in the U.S. increases the demand of the market in North America. Additionally, the growing number of IVR applications in the healthcare, BFSI, government, and education, especially in North America, is driving the growth of the overall interactive voice response market over the forecast period.

Report Analysis	Details
Historical data	2015 - 2020
Forecast Period	2021 - 2027
Market Size in 2020:	USD 3.72 billion
Base year considered	2020
Forecast Period CAGR %:	6.79 %
Market Size Expected in 2027:	USD 7.17 billion
Tables, Charts & Figures:	175
Pages	200
Key Players/Companies	8X8, Inc., Nuance Communications, Inc., Convergys Corporation, Avaya Inc., Cisco Systems, Inc., AT&T Inc., West Corporation, Genesys Telecommunication Laboratories, Inc., Verizon Communications Inc., IVR Lab, Aspect Software Parent Inc., 24/7 Customer, Inc., inContact Inc., NewVoiceMedia, and Five9, Inc.
Segments Covered	By Technology, By Deployment Mode, By Organization Size, By Services, By Vertical, By Solution
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

Key Benefits for Interactive Voice Response (IVR) Market Report:

• IVR Market report covers in-depth historical and forecast analysis.
• IVR Marketplace research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
• Interactive Voice Response Market report helps to identify opportunities in marketplace.
• IVR Market report covers extensive analysis of emerging trends and competitive landscape.

Interactive Voice Response Market By Regional & Country Level:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA