Market Scenario:
Market Research Future (MRFR) projects the global Interactive Voice Response Industry to reach approximately USD 3.7 billion at a CAGR of 7% from 2017 to 2023 (forecast period).
People all over the world are accustomed to automated voices providing instructions. In fact, this can add a significant amount of value to a company. IVR is a telephony menu system that allows callers to be identified, segmented, and routed to the most appropriate agent within an organization. Any firm can save money by using interactive voice response since it saves time. The job of an agent is also organized by interactive voice response. There are numerous advantages to using interactive voice response.
The expanding cloud infrastructure, which reduces the cost of self-service applications, is one of the primary drivers of the interactive voice response industry. Cloud hosting is a crucial aspect that is assisting the market of interactive voice response technology. It provides rapid elasticity, allowing cloud tools to swiftly modify resources to match demand. It is made up of outstanding tools and automation techniques for managing customer portals and control panels, which aids in providing effective service.
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Competitive Outlook:
The prominent players in the interactive voice response market are – 8X8, Inc. (U.S.), Nuance Communications, Inc. (U.S.), Convergys Corporation (U.S.), Avaya Inc. (U.S.), Cisco Systems, Inc. (U.S.), AT&T Inc. (U.S.), West Corporation (U.S.), Genesys Telecommunication Laboratories, Inc. (U.S.), Verizon Communications Inc. (U.S.), IVR Lab (U.S.) and others.
Segmentation:
The global interactive voice response market has been segmented into solution, technology, service, deployment, organization size, and vertical.
By solution, the global interactive voice response market has been segmented into call routing, outbound, and self-service.
By technology, the global interactive voice response market has been segmented into speech-based, touch-tone-based, and text to speech.
By service, the global interactive voice response market has been segmented into installation, training & education, maintenance & support.
By deployment, the global interactive voice response market has been segmented into cloud and on-premise.
By organization size, the global interactive voice response market has been segmented into small and medium organizations and large organizations.
By vertical, the global interactive voice response market has been segmented into BFSI, IT & telecommunication, healthcare, education and government, transportation & logistics, consumer goods & retail, travel, media & entertainment, and others.
Regional Analysis:
Region-wise, the global interactive voice response market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America has the largest market share in the interactive voice response industry, owing to improved network infrastructure, effective IVR systems installed by telecommunication firms, and widespread usage by small and large businesses. Because of the strong development potential of IVR systems in several business verticals such as telecommunication, BFSI, healthcare, and government and public sector, the Asia Pacific region is predicted to develop at the fastest CAGR.
Industry News
The global interactive voice response market is set to reach approximately USD 3.7 Billion at a CAGR of 7% from 2017 to 2023 (forecast period). There are numerous advantages to using an interactive voice response system. An interactive voice response system improves first contact resolution by transferring the call to an employee who can fix the customer's problem. Interactive voice response improves customer service efficiency while also allowing customers to feel completely satisfied.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
Continued….
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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