About IVR System
Interactive Voice Response (IVR) System is an automated telephony system that allows the human caller to interact with the system (back end framework) by voice, or a combination of voice and touch-tone (DTMF) commands. IVR systems provide scalability to contact centers which remove the need for human attendants to answer calls. They enable intelligent, segmented call routing based on the information they gather, allowing for faster call resolution.
Attributes | Details |
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Study Period | 2018-2030 |
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 IVR System 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), 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), IVR Lab (United States) and Aspect Software Parent Inc. (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 24/7 Customer, Inc. (United States), inContact Inc. (United States), NewVoiceMedia (United Kingdom) and Five9, Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global IVR System market by , Application (Banking Financial Services and Insurance (BFSI), Healthcare, Hospitality, IT & Telecommunication and Others) and Region.
On the basis of geography, the market of IVR System 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 Technology, the sub-segment i.e. Speech Based will boost the IVR System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Installation will boost the IVR System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Solution, the sub-segment i.e. Call Routing will boost the IVR System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Incorporation of voice biometrics
Market Growth Drivers:
Rising Number of Operational BPOs and Individual Contact Centers and Increasing Number of Customer Support and Sales Teams across Organizations
Challenges:
Interactive Voice Response Menus are Too Long Sometimes
Restraints:
Increasing Security Concerns in Data Encryption
Opportunities:
Growing IVR Application Areas and Increasing Demand for IVR-Based Outbound Services
Market Leaders and their expansionary development strategies
In Nov 2019, Five9 Acquires Whendu To Drive Contact Center Cloud Migration. Cloud contact center software specialist Five9 is acquiring iPaaS specialist When to help enterprises migrate to the cloud.
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.
Key Target Audience
Investors and consultants, System Integrators, Government Organizations, Research/Consultancy firms, Technology solution providers, IT Solution Providers and Educational Institutes
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.