Interactive Voice Response Market Analysis 2017-2023: Key Findings, Top Players Profiles and Future Prospects
The interactive voice response turns as a pillar for business operation and helps organizations modernize their daily operations, such as increasing sales, offers better customer experience, interact more detailed with customers and many more. North America accounts for highest market share in interactive voice response market due to the timely adoption of cloud based networks. The early adoption of IVR is helping the North American market generate highest revenue. The growing IT management complexity combined with the capability to deploy new applications faster are the primary drivers for cloud based adoption in this region. Countries such as US, Canada and Mexico is generating highest revenue in interactive voice response market.
The Interactive Voice Response Market is growing rapidly over 7% of CAGR and is expected to reach at USD 3.7 billion by the end of forecast period.
Interactive Voice Response Market Players:
• 8X8, Inc. (U.S.)
• Nuance Communications, Inc. (U.S.)
• Convergys Corporation (U.S.)
• Avaya Inc. (U.S.)
• Cisco Systems, Inc. (U.S.)
• AT&T Inc. (U.S.)
• West Corporation (U.S.)
• Genesys Telecommunication Laboratories, Inc. (U.S.)
• Verizon Communications Inc. (U.S.)
• IVR Lab (U.S.)
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Interactive Voice Response Market Segmentation
The interactive voice response market has been segmented on the basis of vertical. It includes education, healthcare, government and others. In education sector, interactive voice response content BFSI and healthcare verticals by offering self-service systems that interacts with human and offers great customer satisfaction.
Market Research Analysis:
Regional analysis for interactive voice response market is studied in different geographic regions as North America, Europe, Asia-Pacific and Rest of World. North America region is mainly dominating the market due to adoption of advanced marketing techniques in enhancing business and increase adoption of IVR analytics by organization at cloud platform. North America region is one of the prominent player in the market due to advanced technological implementation in telecommunication industry. European region is also gaining growth owing to growing demand from citizens and huge investment by enterprise in interactive voice response market. Asia-Pacific region is the fastest growing player in the interactive voice response market owing to advanced technological development from countries such as China and India is boosting the market growth. Increasing urbanization, business expansion, industrial developments and growing telecommunication sector is driving the growth of interactive voice response market in the region. Growing economies such as India, Japan, and China accounted for the largest market share due to growing IT network in this region. The region consists of many small and medium size enterprise that is contributing towards the growth of market from the region. BFSI and telecommunication sector accounts for high market share in IVR market.
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