(MENAFNEditorial) iCrowdNewswire - Oct 20, 2017
The Interactive Voice Response Market Report states increasing scalability and efficiency of organizations is contributing to the growth of the interactive voice response market. The Interactive Voice Response Market is growing and the experts have predicted the future stats of Interactive Voice Response. Interactive Voice Response Market report contains the top corporate profiles and strategies with industry analysis and trends.
The complete report of Interactive Voice Response Market by Technology (Touch-Tone and Speech), Deployment (Cloud and on Premise), Vertical (BFSI, Pharma and Healthcare, ITES), Organization Size, Solution, Service, And Geography - Global Forecast to 2023 is now available on
The interactive voice response (IVR) market was valued at USD 3.73 billion in 2017 and is expected to reach USD 5.54 billion by 2023, at a CAGR of 6.83% during the forecast period. IVRs are implemented in multiple enterprises due to its ability to help improve the productivity and effectiveness of the organization. A scalable architecture is achievable using the latest IVRs. The ability of IVRs to route callers to the appropriate department is one of the major reasons for their increased adoption in small and medium enterprises (SMEs) and large enterprises.
The IVRs help in routing calls to the concerned agent to save the caller's time. This results in higher customer satisfaction along with effective customer services. A higher level of customer satisfaction further increases the probability of selling to a new as well as an existing prospect. On the other hand, the complexity of the IVRs due to the presence of multiple irrelevant options is one of the restraining factors in the market. The additional information confuses the customer in selecting a particular option from a list of options in the menu. Hence, sometimes the customers prefer to talk to the customer service person directly instead of talking to a machine. Limiting the menu options helps the system to remember the customer's choices as well as minimizes the time required for the customer to choose from a list of multiple options.
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Break of primary participants in Interactive Voice Response Market was as mentioned below:
By Company Type: Tier 1 =33 %, Tier 2 =45%, and Tier 3 =22%
By Designation: C-level Executives=33%, Directors=25%, and Others =42%
By Region: North America = 35%, Europe = 29%, APAC=24%, and RoW =12%
Major players of Interactive Voice Response Market Report are:
The prominent players profiled in this report are 8X8, 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), IVR Lab (US), Aspect Software Parent Inc. (US), 24/7 Customer, Inc. (US), in Contact Inc. (US), New Voice Media (UK), and Five9, Inc. (US).
FAQ's regarding the Interactive Voice Response Market Report are:
What is Market Penetration of Interactive Voice Response?
Comprehensive information on the product portfolios of the top players in the Interactive Voice Response market
What is Product Development/Innovation of Interactive Voice Response?
Detailed insights on the upcoming technologies, R & D activities, and product launches in the Interactive Voice Response market
What is Competitive Assessment of Interactive Voice Response?
In-depth assessment of the market strategies, geographic and business segments, and product portfolios of the leading players in the Interactive Voice Response market
What is Market Development of Interactive Voice Response?
Comprehensive information about emerging markets. This report analyzes the market for various Interactive Voice Response products across geographies
What is Market Diversification of Interactive Voice Response?
Exhaustive information about new products, untapped geographies, recent developments, and investments in the Interactive Voice Response market
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There is an increasing adoption of cloud infrastructure because of the ability to provide their self-service applications at a minimal cost. This infrastructure helps the organizations to reduce the operating expense (OPEX) allowing them to achieve a considerably higher level of efficiency. The hosted cloud deployment mode offers ease of data accessibility from anywhere at any time. Moreover, the hosted cloud offers ease of integration with the existing server, which operates on its own physical hardware in minimal time.
North America held the largest share of the interactive voice response market in 2016. The increasing demand for cloud-based IVRs in SMEs is likely to drive the growth of the interactive voice response market in North America. 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. Moreover, the tremendous growth of IP contact centers in the US has propelled the growth of the interactive voice response market. The overall interactive voice response market in this region is highly fragmented with the presence of some large and several medium-sized companies that offer solutions for various verticals such as BFSI, pharma and healthcare, government and public sector, and education.8X8, 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), 24/7 Customer, Inc. (US), and Five9, Inc. (US) are some of the major companies that offer IVR solutions in North America.
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