What is Interactive voice response (IVR) Software Market?
The global interactive voice response software market is expected to grow at a healthy pace during the forecast period, according to the AMA study. The growing adoption of IVR to boost the organisational efficiency and the growing integration of advanced technologies are some of the major factors aiding into the growth for the market.
The market study is being classified, by Application (Call Management (Centre, Logging, Routing, Recording), Multiple Scripts, Phone Key Input, Survey Management, Text-to-Speech, Voice Customization, Voice Mail and Others) and major geographies with country level break-up.
Avaya, Inc. (United States), AT&T Inc. (United States), AVOXI(United States), Servetel(India), Zendesk(United States), Ozonetel Systems ( United States), Phonexa(United States), Vonage (United States), SmartAction(United States), Replicant(United States) and Cisco Systems(United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are 8X8, Inc.(United States) and Verizon Communications(United States).
The vendors in this market are majorly focusing on providing new & innovative solutions to the customers in order to remain competitive in the market. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Interactive voice response (IVR) Software market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Interactive voice response (IVR) Software market by Type, Application and Region.
On the basis of geography, the market of Interactive voice response (IVR) Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- The Growing Adoption of IVRs to Boost the Organisational Efficiency
- The Growing Integration of Advanced Technologies
Market Trend
- Upgrading of IVR Software into Visual IVR
- The Industry 4.0 Revolution is Boosting the Demand for IVR Software Due to Growing Automation Across Different Industries
Restraints
- Security Concerns Regarding Data Encryption
Opportunities
- Rising Number of Applications for IVR Technologies
Challenges
- Outbreak of COVID-19 Hampering the Economy Growth of Different End-Use Industries Across the World which is Expected to Hamper the Growth for the Market During the Forcast Period.
In May 2019, Ahli United Bank (AUB) announced upgrading its IVR (Interactive Voice Response) system to a new Visual IVR. The latest service, AUB said, allows customers to communicate with the Bank’s Contact Centre through a Visual Interactive Voice Response (VIVR) system when they call AUB’s Phone Banking.
Codes and Standards Related to Interactive Voice Response