According to the Market Statsville Group (MSG), the Global Interactive Voice Response Market is expected to grow from USD 5,019.4 million in 2022 to USD 10,034.6 million by 2033, at a CAGR of 6.5% from 2023 to 2033.
Global interactive voice response market growth is driven by the rise in disposable income. And with the continuous evolution in technology, IVR solutions have changed a lot in recent years. The adoption of conversational IVR design in various business sectors has been tremendously driving the growth of the interactive voice response market for the upcoming period. And on the other hand, insufficient data encryption and security concerns will resist the market growth of this market for the forecast period. Moreover, innovative marketing strategies by the key market players will create huge market opportunities in this market for the forecasting period.
Global Interactive Voice Response Market Definition
IVR (interactive voice response) is a telephone system feature interacts with callers and gathers information by providing them with a menu of alternatives. Then it takes action based on the caller's keypad or voice response. IVRs are commonly used by businesses or contact centres to route calls depending on the choices made by the caller. Based on these alternatives, it may determine if the caller wants to speak with the billing department, the technical support team, or a human operator. Furthermore, a well-designed IVR software system may help to improve contact center operations and KPIs while also enhancing customer satisfaction. An effective interactive voice response system can help consumers to find answers and do simple tasks by their own, especially during the peak call volumes.
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Global Interactive Voice Response Market Dynamics
Drivers: Rising Integration of Advanced Technologies
With the continuous evolution in technology, IVR solutions have changed a lot in recent years. The adoption of conversational IVR design in various business sectors has been tremendously driving the growth of the Interactive Voice Response Market. AS consumer expectations changed while interacting with digital assistants like Google assistant, Alexa, and Siri. Consumers have fully adapted to speaking naturally to automated systems, which deliberately increase the adoption of conversational IVR designs. Additionally, organizations are creating their own persona, when a consumer interacts with them; they instinctively assign some personality traits to it anyway, further seems like talking to a new person for the first time. It becomes the part of the company, a voice of brand just like a phone number or URL. Thus, creating a good relationship between the company and the customer as well as advertising its own brand. The modern IVR includes telephone surveys, information retrieval, order status and emergency notifications. Enables customers to get answers and resolve problems on their own (self-service), also decrease the customer care costs. Moreover, the use of AI in IVR, not only makes the same decisions that a person can, but it can also teach itself better decision-making. For instance: an insurance company has AI working IVR. When a customer calls for the fourth time to check the claim status, the smart AI will recognize that request, infer for the updating as per the customer’s request, and can escalate the call as necessary. Thus, AI with IVR system delivers faster and more efficient customer interactions, while at the same time it reduces the cost and time, thereby augmenting the growth of the Interactive Voice Response market.
Scope of the Global Interactive Voice Response Market
The study categorizes the interactive voice response market based on technology, application and solution area at the regional and global levels.
By Technology Outlook (Sales, USD Billion, 2019-2033)
- Speech Based
- Touch Tone Based
- Text to Speech
By Solution Outlook (Sales, USD Billion, 2019-2033)
- Call Routing
- 10 – 13 Meters
- 14 -19 Meters
- Above 20 Meters
By Application Outlook (Sales, USD Billion, 2019-2033)
- BFSI
- Consumer Goods & Retail
- Education And Government
- Healthcare
- IT & Telecommunication
- Media & Entertainment
- Transportation & Logistics
- Travel
- Others
By Region Outlook (Sales, USD Billion, 2019-2033)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
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Touch Tone Based segment accounts for the largest market share by technology
Based on the technology, the market is devided into speech based, touch tone based and text to speech. The touch-tone based segment will dominate the market in 2022 for the global interactive voice response market. Incoming callers can acquire information without speaking to an agent by using a voice response system with pre-recorded instructions, or they can use menu selections through touch-tone keypad selection to have their call routed to certain departments or specialists. And on the other hand, text to speech will account the highest CAGR in the market for the forecasting period.
North America is projected to account for the highest market share by region
Based on the regions, the global interactive voice response market has been segmented across Asia-Pacific, North America, South America, Europe, and the Middle East & Africa. North America is expected to witness the highest market share in 2022. However, the IVR market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period due to increasing number of new small and medium enterprises (SMEs) and major organizations in this area. The existence of a large end-user base in advanced economies like as South Korea and Japan, as well as the rising desire for improved customer service and a higher degree of customer contact, are projected to drive the growth of the IVR market in this area.
Key Market Players in the Global Interactive Voice Response Market
The interactive voice response market is extremely cutthroat, and significant competitors in the sector are using strategies including collaboration, product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
Major key players in the global interactive voice response market are:
- Genesys Telecommunication Laboratories, Inc
- Avaya Inc
- AT&T Inc
- Aspect Software Parent, Inc
- West Corporation
- Cisco Systems, Inc
- IVR Lab
- Verizon Communications Inc
- New Voice Media
- Nuance Communications, Inc.
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Recent Development
- In November 2021, TeamSense, has launched a new product that ensures every employee has equal access to their innovative absence reporting tool. TeamSense launched interactive voice response-to-text product for those without mobile or email access
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