Market Analysis: Global Interactive Voice Response Market
The Global Interactive Voice Response Market accounted for USD 4.1 billion in 2017 and is projected to grow at a CAGR of 6.2% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Market Definition: Global Interactive Voice Response Market
Interactive voice response (IVR) is an automated telephony system that helps in interacting with callers and collects the information in order to deliver it to the appropriate recipients. This technology includes the usage of voice and keypad DTMF tone input to communicate with the user’s host system. It is widely applicable in banking, financial services and insurance, travel and hospitality, pharma and healthcare, telecommunications, government and public sector, transportation and logistics, information technology-enabled services, media, retail, and e-commerce, education among others. Product development has contributed to the market of interactive voice response for instance, in September 2011, Tata Communications launched a new cloud-based platform for the global contact center industry. Furthermore, in February 2018, Avaya launched commercially available, end-to-end NENA i3 compliant Next Generation 911 (NG911) solution under the partnership of Beta 80.
Major Market Drivers and Restraints:
- Rising demand for cloud-based technologies
- Increased amalgamation of advanced technologies
- Advent of IVRs for enhancing scalability and organizations
- Increased security concerns
Market Segmentation: Global Interactive Voice Response Market
- Based on technology the market is segmented into speech based and touch-tone based.
- On the basis of deployment mode, the market is segmented into cloud and on premise. The cloud segment is sub segmented into hosted.
- On the basis of organization size, the market is segmented into small and medium enterprises (SMEs) and large enterprises.
- On the basis of service, the market is segmented into installation, training and education, maintenance and support.
- On the basis of solution, the market is segmented into call routing, outbound and self-service.
- On the basis of vertical, the market is segmented into Banking, Financial services and Insurance, travel and hospitality, pharma and healthcare, telecommunications, government and public sector, transportation and logistics, information technology-enabled services, media, retail, and e-commerce, education, others.
- Based on geography the global interactive voice response market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
Competitive Landscape: Global Interactive Voice Response Market
The global interactive voice response market is consolidated due to the presence of limited number of players concentrated in few countries. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Major Market Competitors: Global Interactive Voice Response Market
Some of the major players in the market are NICE inContact, Nuance Communications, Inc., Genesys, 8x8, Inc., AT&T Intellectual Property, Avaya Inc., Aspect Software Parent, Inc., 7.ai, Inc., Verizon, Five9, Inc., Cisco Systems, Inc., Convergys, West Corporation, IVR Lab, NewVoiceMedia among others.
Research Methodology: Global Interactive Voice Response Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.