About Interactive Voice Response Systems
An interactive Voice Response System is a telephone menu system that allows callers to be identified, segmented, and routed to the most appropriate agent within an organization. Any firm can save money by using interactive voice response because it does not waste time. Agents' jobs are also better organized with interactive voice responses. There are numerous advantages to using interactive voice response. It records bespoke welcomes and messages, for example, so that when a customer phones a company, they get a more personalized experience. Pre-recorded IVR messages, caller information, customer support automation, and other capabilities are available with interactive voice response. The growing number of operational BPOs and individual contact centers around the world are some of the key drivers for interactive voice response. The market for interactive voice response will also be driven by the growing number of customer care and sales teams across enterprises. Another aspect that could drive the interactive voice response market is the fact that interactive voice response systems save operational costs and improve agent efficiency.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Interactive Voice Response Systems market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
8X8, Inc. (United States), Nuance Communications Inc. (United States), Convergys Corporation (United States), Avaya Inc. (United States), Intermedia (United States), Cisco Systems, Inc. (United States), AT&T Inc. (United States), West Corporation (United States), Genesys Telecommunication Laboratories, Inc. (United States), Verizon Communications Inc. (United States) and IVR Lab (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Aspect Software Parent Inc. (United States), 24/7 Customer, Inc. (United States), inContact Inc. (United States) and NewVoiceMedia (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Interactive Voice Response Systems market by Type (Service [Installation, Training & Education, Maintenance & Support] and Solution [Call Routing, Outbound, Self-Service]) and Region.
On the basis of geography, the market of Interactive Voice Response Systems 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). If we see Market by Deployment Mode, the sub-segment i.e. On-Premises will boost the Interactive Voice Response Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User Industry, the sub-segment i.e. Travel and Hospitality will boost the Interactive Voice Response Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Speech Based will boost the Interactive Voice Response Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of IVRs to Increase Scalability and Efficiency of Organizations
Market Growth Drivers:
Increasing Integration of Advanced Technologies and A rise in Cloud-Based Services Equipped With High Industry Standards Increases IVR Acceptability
Challenges:
Increasing Security Concerns in Data Encryption
Restraints:
Difficult to Understand and also Contain too Much Information
Opportunities:
Growing IVR Application Areas and Increasing Demand for IVR-Based Outbound Services
Market Leaders and their expansionary development strategies
In September 2023, Writesonic, the company that specialises AI assistance tools, has announced the launch of Audiosonic, a feature that transforms text into human-like audio. Audiosonic is designed for people with visual and reading disabilities, who make up 2.55 percent of the global population. The feature makes it easy to generate conversion-optimized content for blog posts, ads, emails, and podcasts.
November 2020 – Intermedia, a leading provider of unified communications and collaboration solutions to businesses and the partners that serve them, announced the launch of "Easy-IVR," an intuitive, wizard-based tool that allows businesses to build interactive voice response systems (IVRs) in a fraction of the time it normally takes – all with little to no assistance.
Key Target Audience
Research institutes or organizations, Market research and consulting firms, Software Providers and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.