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Interactive Voice Response Market Insights:The key drivers of interactive voice response market is the growing cloud infrastructure that minimizes the cost of self-service application. Cloud hosting is one significant factor that is aiding the market of interactive voice response technology it offers rapid elasticity that allow cloud tools to adjust resources quickly in order to meet the demands. It comprised of excellent tools & automation techniques that manages customers portals and control panels helps in delivering efficient service.
Cisco Systems, Inc. is a key player in interactive voice response market, it has designed an IP interactive voice response product that empowers business organization by simplifying the complexity related to business process integration, increased flexibility and offers more efficient service in network hosting. IVR enhances call control, platform management, speech integration and reporting services. Convergys Corporation is one of the prominent player in interactive voice response market. Its IVR platform offers both the Edify (EVIP) and Intervoice (Intelligent Voice Portal) platforms.
The Interactive Voice Response Market is segmented on the basis of solution, technology, service, deployment, organization size and vertical. Cloud solution accounts for highest market share as it helps enterprises by minimizing cost associated with the IT infrastructure. Cloud solution enable enterprise to focus on core business competencies. It provides enterprises with data protection and security, efficiently manage storage and privacy issues, offers data integrity and provides information related to governance and make enterprise legally prepared.
The interactive voice response market is expected to grow at approximately USD 3.7 Billion by 2023, at 7% of CAGR between 2017 and 2023.
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Major Key Players:
Eminent players that have been found to have a significant role in the market have been included in MRFR’s report. Players include Avaya Inc., Convergys Corporation, Genesys Telecommunication Laboratories, Inc., 8X8, Inc., Nuance Communications, Inc., West Corporation, Cisco Systems, Inc., AT&T Inc., IVR Lab, Verizon Communications Inc., and others.
Market Segmentation:
The global interactive voice response market is segmented on the basis of solution, technology, service, application, deployment, vertical, organization size, and region. Solutions offered in the IVR market include call routing, outbound, and self-service.
Technologies used in IVR include touch-tone based, text to speech, and speech based. Services offered in the IVR market include training & education, maintenance & support, and installation. Deployment of IVR can be done on- cloud and on-premise. Organization of various sizes uses IVR, including large organizations and small & medium organizations. IVR is employed in industry verticals which in the report include IT & telecommunication, healthcare, education & government, transportation & logistics, consumer goods & retail travel, media & entertainment, and others.
Regional Analysis:
North America accounts for the highest share of the market due to the presence of strong network infrastructure and the presence of key players who are present in the developed countries of this region. U.S and Canada are among the developed countries of the region, and IVR is adopted on a large scale in these countries across organizations of all sizes.
Meanwhile, the Asia Pacific is expected to witness growth at the highest CAGR due to the potential of IVR is the regions rapidly emerging economies. Moreover, international business organizations are increasingly setting up BPOs and other contact centers in the APAC to leverage reduced operational costs and comparatively cheap labor, thus increasing the regions market value over the forecast period. Increasingly, business organizations in emerging markets are also employing IVR which adds to the regions swift growth.
Intended Audience:
• Investors and consultants
• System Integrators
• Government Organizations
• Research/Consultancy firms
• Technology solution providers
• IT Solution Providers
• Educational Institutes
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Table of Contents
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
Continued…
List of Tables
Table 1 Interactive Voice Response Market, By Solution
Table 2 Interactive Voice Response Market, By Technology
Table 3 Interactive Voice Response Market, By Service
Continued…
List of Figures
Figure 1 Research Type
Figure 2 Interactive Voice Response Market: By Solution (%)
Figure 3 Interactive Voice Response Market: By Technology (%)
Continued…
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