Global Interactive Voice Response Market, By Technology (Speech Based, Touch-Tone Based), Deployment Mode (Cloud, On Premise), Organization Size (Small and Medium Enterprise (SME), Large Enterprise), Services (Installation, Training and Education, Maintenance and Support), Vertical (BFSI, Travel and Hospitality, Pharma and Healthcare, Telecommunications, Government and Public Sector, Transportation and Logistics, ITES, Media, Retail, and E-commerce, Education, Others), Solution (Call Routing, Outbound, Self-Service), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa)- Industry Trends and Forecast to 2029
Interactive voice response market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the interactive voice response market to exhibit a CAGR of 5.70% for the forecast period of 2022 to 2029.
Interactive voice response or IVR refers to a technology which allows humans to interact with an automated telephone system. Apparently, it receives a combination of telephone input and keypad selection tone to basically provide appropriate responses to inquiries in the form of voice, email, fax, callback, and other contact methods. The major purpose of interactive voice response is to interact with callers, collect information and direct the incoming calls to the appropriate recipients.
The rising number of customer support and sales teams across organizations, rising cloud infrastructure, increasing adoption rate of IVRs along with growing number of operational BPOs and individual contact centers all around the world will emerge as the major factor driving market growth. Furthermore, the growing demand for IVR-based outbound services and increasing IVR application areas will further aggravate the market value. However, the irrelevant options and additional information within a menu act as a restraint for the market.
In addition to this, growing integration of advanced technologies coupled with growing demand for IVR-based outbound services and increasing IVR application areas are estimated to create new opportunities for growing the market within the forecast period. The growing security concerns in data encryption results as a challenge for the market.
This interactive voice response market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on interactive voice response market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Interactive Voice Response Market Scope and Market Size
The interactive voice response market is segmented on the basis of technology, deployment mode, organization size, services, vertical, and solution. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of technology, the interactive voice response market has been segmented into speech based and touch-tone based.
- On the basis of deployment mode, the interactive voice response market has been segmented into cloud and on premise.
- On the basis of organization size, the interactive voice response market has been segmented into small and medium enterprise (SME), and large enterprise.
- On the basis of services, the interactive voice response market has been segmented into installation, training and education, and maintenance and support.
- On the basis of vertical, the interactive voice response market 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, and education, others.
- On the basis of solution, the interactive voice response market has been segmented into call routing, outbound, and self-service.
Interactive Voice Response Market Country Level Analysis
The interactive voice response market is analyzed and market size, volume information is provided by technology, deployment mode, organization size, services, vertical, and solution as referenced above.
The countries covered in the interactive voice response market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America region dominates the interactive voice response 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.
The country section of the interactive voice response market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Interactive Voice Response Market Share Analysis
The interactive voice response market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to interactive voice response market.
Some of the major players operating in the interactive voice response market report are 8x8, Inc, Nuance Communications, Inc., Avaya Inc., Cisco Systems, AT&T Intellectual Property, Intrado, Nortex Communications, Nuance Communications, Inc., paragon semvox GmbH, Raytheon Technologies Corporation, Sensory Inc., Voice Technologies Ltd, VoiceVault., Genesys, Verizon Communications, IVR Lab, Vector Capital., 7.ai, Inc., and Five9 Inc., among others.