Interactive Voice Response Market by Technology (Touch-Tone and Speech)worth 5.54 Billion USD by 202

[178 Pages Report] The interactive voice response (IVR) market was valued at USD 3.44 Billion in 2016 and is expected to reach USD 5.54 Billion by 2023, at a CAGR of 6.83% during the forecast period. The base year considered for the study is 2016 and the forecast period is between 2017 and 2023.

Objectives of the Study:

• Define, describe, and forecast the interactive voice response market, in terms of value, segmented on the basis of technology, deployment mode, solution, organization size, service, vertical, and geography
• Forecast the market size, in terms of value, for various segments with regard to four main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
• Provide detailed information regarding the major factors influencing the growth of the interactive voice response market (drivers, restraints, opportunities, and industry-specific challenges)
• Analyze micromarkets with respect to individual growth trends, prospects, and contribution to the overall market
• Provide a detailed overview of the value chain of the market
• Analyze opportunities for various stakeholders by identifying the high-growth segments of the market
• Profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
• Analyze competitive developments such as partnerships and joint ventures, mergers and acquisitions, product developments, expansions, and research and development (R&D) in the market
• Benchmark players within the market using the proprietary "Competitive Leadership Mapping" framework, which analyzes the market players on various parameters within the broad categories of business strategy excellence and strength of product portfolio

Increasing integration of advanced technologies to drive the growth of interactive voice response market

Natural language processing (NLP) is one of the leading technology that has been gaining increased adoption in the past decade of the progression of the interactive voice response (IVR) industry. NLP technology is used to analyze spoken natural language, and the IVRs supporting NLP are able to generate natural language response. This has helped in developing conversational systems. Using NLP technology, the IVR solutions have been designed to be smarter. On the other hand, IVR analytics plays an essential role in fueling the market growth, as it helps the companies to achieve customer satisfaction by capturing, tracking, and evaluating the entire call experience. IVR analytics solutions address issues such as root cause of common drop-off points and misunderstood menus and prompts, as well as customer reticence in using IVR systems. Once the issues are understood, an organization can make enhancements to its IVR solution, thereby making it easier for customers to use the self-service solution.

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Speech-based IVRs expected to grow at a high CAGR between 2017 and 2023

The IVR market for speech-based IVRs is gaining momentum as it integrates the natural language processing (NLP) technology that helps to reduce the amount of time spent by an individual to get a particular query resolved as well as reduces the call duration. This, in turn, helps the organizations to achieve a higher cost optimization. The speech-based technology also helps in the eradication of the usage of complex DTMF commands. Moreover, using this technology, the user is not restricted to the use of the limited ten digit keypad inputs.

North America expected to hold the largest share of the interactive voice response market, while APAC likely to witness the highest CAGR between 2017 and 2023

North America held the largest share of the interactive voice response market in 2016. Advancements in the interactive voice response technology for flawless communication and security, as well as the ease of accomplishing a task without the help of an agent are the crucial factors driving the growth of the interactive voice response market in North America. Growing number of applications in the BFSI, pharma and healthcare, government and public sector, and education, especially in North America, is driving the growth of the overall interactive voice response market.

The interactive voice response market in Asia Pacific (APAC) would grow at the fastest rate and is expected to have a huge market potential in the coming years. APAC mainly consists of developing economies, such as China and India, which have a huge potential for the growth of interactive voice response systems in various verticals such as telecommunications, government and public sector, education, and pharma and healthcare. The presence of excellent transportation facilities and big car manufacturers, such as Toyota Motor Corporation (Japan) and Nissan Motor Corporation (Japan) is also expected to fuel the growth of the interactive voice response market for the transportation and logistics vertical.

The key market players in the North America are inContact Inc. (US), Nuance Communications, Inc. (US), Convergys Corporation (US), Avaya Inc. (US), Cisco Systems, Inc. (US), AT&T Inc. (US), West Corporation (US), Genesys Telecommunication Laboratories, Inc. (US), Verizon Communications Inc. (US), and 24/7 Customer, Inc. (US).

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