Global Interactive Voice Response Market
By Organization Size (Large Enterprises, Small and Medium Organizations), Component (Solution, Services), Deployment Model (Cloud-based, On-premise), Technology (Touch-tone Based, Speech Based), Vertical, and Regional Market Size, Status and Forecast to 2025
The Global Interactive Voice Response Market was valued at USD 3.64 billion in 2016 and is projected to reach USD 6.64 billion by 2025, growing at a CAGR of 6.91% from 2017 to 2025.
Interactive voice response (IVR) is a technology that allows humans to interact with computers using voice or a dual-tone multifrequency signaling keypad. IVR allows customers to find answers to their own inquiries by speaking or giving inputs via a telephone keypad. IVRs allow you to Configure a personalized IVR message and prompts, Use pre-recorded IVR messages, Collect information about your callers, Automate customer support, Prioritize calls based on value, Thrive with high call volumes, Route the caller to the right agent or department, and Improve your company’s image.
1. Market Drivers
1.1 Increasing IVR application areas
1.2 Increasing demand for IVE-based outbound services
1.3 Rising adoption of IVRs to increase scalability and efficiency of organizations
1.4 Increasing cloud-based services equipped with high industry standards
1.5 Growing integration of advanced technologies
2. Market Restraints
2.1 Concerns for data security
2.2 Effects of additional information and irrelevant options within a menu on usability of IVRs
The Global Interactive Voice Response Market is segmented on the organization size, component, deployment model, technology, vertical, and region.
1. Organization Size:
1.1 Large Enterprises
1.2 Small and Medium Organizations
2. By Deployment Mode:
3. By Component:
3.1.3 Call Routing
3.2.1 Training & Education
3.2.2 Maintenance & Support
4. By Technology:
4.1 Touch-tone Based
4.2 Speech Based
5. By Vertical:
5.2 Government and Public Sector
5.3 IT and Telecom
5.4 Banking, Financial Services, and Insurance (BFSI)
5.5 Travel and Hospitality
5.6 Media, Retail and e-commerce
6. By Region:
6.1 North America (U.S., Canada, Mexico)
6.2 Europe (Germany, UK, France, Rest of Europe)
6.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
6.4 Latin America (Brazil, Argentina, Rest of Latin America)
6.5 Middle East & Africa
The major players in the market are as follows:
1. Genesys Telecommunication Laboratories, Inc.
2. Avaya Inc.
3. AT&T Inc.
4. Aspect Software Parent, Inc.
5. West Corporation
6. Cisco Systems, Inc.
7. IVR Lab
8. Verizon Communications Inc.
9. Nuance Communications, Inc.
10. 24/7 Customer, Inc.
11. inContact Inc.
13. Convergys Corporation
14. 8x8, Inc.
15. Five9, Inc.
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.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Interactive Voice Response Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. 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.
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