Overview and Scope
Interactive voice response (IVR) is a technology that allows a computer to interact with humans using voice and DTMF tone input via a keypad. IVR improves efficiency and the customer experience by handling large call volumes and offering self-service options.
Sizing and Forecast
The interactive voice response market size has grown strongly in recent years. It will grow from $5.16 billion in 2023 to $5.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to rising usage of internet services and cell phone, growing number of customer care and sales teams across enterprises, rise in demand of enhancing customer relationship management.
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Segmentation & Regional Insights
The interactive voice response market covered in this report is segmented –
1) By Services: Installation, Training And Education, Maintenance And Support
2) By Technology: Speech Based, Touch-Tone Based
3) By Deployment Mode: Cloud, On Premises
4) By Organization Size: Small Medium Enterprise (SME), Large Enterprise
5) By Industry Verticals: Banking, Financial Services and Insurance(BFSI), Travel And Hospitality, Pharma And Healthcare, Telecommunications, Government And Public Sector, Transportation And Logistics, Information Technology Enabled Services(ITES), Media, Retail, And E-commerce, Education, Other Industries
North America was the largest region in the interactive voice response market in 2023. The regions covered in the interactive voice response market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing internet penetration is expected to propel the growth of the interactive voice response market going forward. Internet penetration refers to the percentage of a population or a specific geographic area that has access to the Internet. Interactive Voice Response (IVR) systems can contribute to improving Internet penetration by providing an accessible and user-friendly interface for individuals who may not have direct access to the Internet or prefer voice-based interactions. For instance, in 2022, according to The International Telecommunication Union, a Switzerland-based government agency, an estimated 5.3 billion people, or 66 percent of the world’s population, use the Internet and the internet penetration increased with a growth rate of 6.1% over 2021, up from 5.1% for 2020-2021. Therefore, increasing internet penetration drives the interactive voice response market.
Key Industry Players
Major companies operating in the interactive voice response market report are Verizon Communications Inc., AT&T Inc., TD Synnex, Cisco Systems Inc., Twilio Inc., Avaya Inc., Genesys Telecommunication Laboratories Inc., West Corporation, [24]7.ai Inc., Five9 Inc., 8X8 Inc., Aspect Software Parent Inc., Ameyo (Drishti Soft Solutions Pvt. Ltd.), Exotel Techcom Pvt. Ltd., Bitrix Inc., Callfire Inc., Handygo Technologies Pvt. Ltd., Agnity Global Inc., Istonish Inc., Evamp & Saanga, Nuance Communications Inc., Bay Talkitec Pvt. Ltd., IVR Lab, inContact Inc., Arise Virtual Solutions Inc.
The interactive voice response market report table of contents includes:
1. Executive Summary
2. Interactive Voice Response Market Characteristics
3. Interactive Voice Response Market Trends And Strategies
4. Interactive Voice Response Market – Macro Economic Scenario
5. Global Interactive Voice Response Market Size and Growth
…..
32. Global Interactive Voice Response Market Competitive Benchmarking
33. Global Interactive Voice Response Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Interactive Voice Response Market
35. Interactive Voice Response Market Future Outlook and Potential Analysis
36. Appendix
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