DUBLIN, Feb. 4, 2022 /PRNewswire/ — The “Interactive Voice Response (IVR) Systems – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Interactive Voice Response (IVR) Systems Market to Reach US$6.7 Billion by the Year 2026
Interactive Voice Response (IVR) operates as a telecommunication technology that facilitates interaction between a computer machine and human beings through usage of DTMF and voice tones input through a keypad. The primary market drivers for IVR are the rise in cloud infrastructure, the increasing adoption of advanced technologies, and the growing number of calls. One of the pioneering technologies, Artificial Intelligence (AI), has been finding increasing adoption to make the IVR industry progressive.
The dual-tone technology and the speech technology applications reduce the hold time and drop-off time for each call, increasing the outbound call frequency that results in automating repetitive tasks, which improves the agent efficiency. Such reasons fuel the market growth of the IVR system. IVR analytics trigger market growth by helping the companies achieve customer satisfaction by capturing and tracking, and evaluating the overall call experience.
Amid the COVID-19 crisis, the global market for Interactive Voice Response (IVR) Systems estimated at US$4.2 Billion in the year 2020, is projected to reach a revised size of US$6.7Billion by 2026, growing at a CAGR of 7.9% over the analysis period. Touchtone-based, one of the segments analyzed in the report, is projected to grow at a 7.4% CAGR to reach US$4.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Speech-Based segment is readjusted to a revised 8.6% CAGR for the next 7-year period.
This segment currently accounts for a 40.1% share of the global Interactive Voice Response (IVR) Systems market. The speech-based IVR segment is gaining traction by integrating with the natural language programming (NLP), assisting in reducing the time spent to solve a query by an individual, which reduces the call duration, helping to achieve reduce the cost for an organization.
The U.S. Market is Estimated at $1.4 Billion in 2021, While China is Forecast to Reach $1.1 Billion by 2026
The Interactive Voice Response (IVR) Systems market in the U.S. is estimated at US$1.4 Billion in the year 2021. The country currently accounts for a 31.4% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$1.1 Billion in the year 2026 trailing a CAGR of 9.3% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.7% and 7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.9% CAGR while Rest of European market (as defined in the study) will reach US$1.2 Billion by the end of the analysis period.
North America’s large market share of the IVR market is primarily due to an efficient implementation of IVR systems by telecommunication companies, improved network infrastructure, flawless security and communications, ease of accomplishment of a task without needing the service of an agent, and large-scale adoption of IVR systems by large and small enterprises.
Additionally, early implementation of advanced technologies like natural language processing (NLP), and artificial intelligence in the US propels market demand in North America
The report profiles 98 companies including many key and niche players such as:
- 7.ai, Inc.
- Aspect Software, Inc.
- AT&T, Inc.
- Avaya, Inc.
- Cisco Systems, Inc.
- Connect First, Inc.
- Convergys Corp.
- Database Systems Corp.
- Dialogic Corporation
- E-Complish, Inc.
- Enghouse Systems Limited
- Mitel Networks Corporation
- Nuance Communications, Inc.
- True Image Interactive, Inc.
- Verizon Communications, Inc.
- Voicent Communications, Inc.
- West Corporation
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- A Review of Notable Trends in the IVR Market
- Growth of Call Centers Industry Presents Opportunities for IVR Systems Market
- Tracking Call Center Statistics
- Rise in Customer Calls in Call Centers & Need to Efficiency Address the Calls Gives Impetus to IVR Systems
- Pandemic Presents Challenging Environment
- Improvements in Operational Efficiency: Need of the Hour
- American Companies Revamping the Client-Service Operations
- Rising Integration of Advanced Technologies Boosts Growth in IVR Systems Market
- Incorporation of Advanced Technologies in the Contact Centers
- Rising Adoption of Artificial Intelligence in the Contact Centers
- Increased Adoption of Chatbots and Simpler Applications
- Ensuring Security and Privacy of Data at the Contact Centers
- Artificial Intelligence, Machine Learning & NLP Hold Tremendous Potential for IVR Systems
- NLP and NLU Critical IVR Technologies Bringing Change
- Rapid Rise in Cloud-based Services Fuel Need for IVR Systems
- Demand for API based Sophisticated Flexible Systems on the Rise
- Growing Importance of IVRs in Increasing Efficiency and Scalability of Organizations
- Demand for IVR-based Outbound Services Continues to Grow
- Maximizing Contact Center’s Agent Resources with Integrated Inbound IVR Solutions
- IVR Holds Tremendous Role in Improving Customer service
- Speech Enabled IVR Becoming the Preferred User Interface
- Conversational IVR and Future Trends
- IVR Solutions Enhance Services in BFSI Industry
- IVR Systems in Banking
- Select IVR Applications in the Banking Sector
- Cloud Telephony Transforms BFSI Sector
- COVID-19: A Panic Button for Banks & Fintechs
- Growing Importance of IVR Systems in Pharmaceutical & Healthcare Industry
- Healthcare Call Center IVR Software for Seamless Patient Experience
- The New Normal in Retail Industry Post COVID-19 to Provide Boost to IVR Systems Market
- Robust Rise of e-Commerce & m-Commerce to Support Market Growth
- Pandemic Fast Forwards eCommerce Growth
- Use of Omni-Channel IVR Systems Gain Momentum
- IVR Systems in Utilities
- Challenges Facing IVR Systems Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/8evnxl
Research and Markets
Laura Wood, Senior Manager
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