ID: MRFR/ICT/2921-HCR | February 2023 | Region: Global | 100 Pages
Segmentation | |||||||||||||||||
|
|
|
|
||||||||||||||
Companies Profiled | |
---|---|
Key Players | |
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.) |
Market Driving Forces | |
---|---|
Drivers | |
The key drivers of interactive voice response market is the growing cloud infrastructure that minimizes the cost of self-service application. |
Market Overview
In the present scenario, the Global Interactive Voice Response Market has an estimation of USD 17.2 Billion to grow its market size at the end of 2030. The global market has expected to reach a 7.30% CAGR in the forecast period of 2022-2030. Geographically, the North American region is registered to generate the highest Interactive Voice Response Market Size for the forecast period due to the efficient IVR systems implementation in the region by telecommunication companies, better network infrastructure, and large-scale adoption of interactive voice response by small and large enterprises. Moreover, the Asia-Pacific region is predicted to generate the highest CAGR for the forecast period due to the high IVR systems growth potential in different industry verticals, including BFSI, healthcare, telecommunication, government, and the public sector.
The cost of self-service application is minimizing with the continuous efforts of the Interactive Voice Response Market’s key players as they are giving more focus on the increasing cloud infrastructure. The interactive voice response technology market uses cloud hosting that offers rapid elasticity that adjusts resources quickly with allowing the cloud tools. In delivering efficient service to the intended audiences, the customers’ portals and control panels have been managed with excellent tools & automation techniques. The Interactive Voice Response Market is classified based on the deployment, organization size, solution, technology, service, and vertical. The cloud solution segment is offering minimizing costs associated with the IT infrastructure and core business competencies, which is helpful for the enterprises and further predicted to generate higher Interactive Voice Response Market Sales for the forecast period. Along with that, the cloud solution segment is offering enterprises to efficiently manage storage and privacy issues, offers data integrity, data protection, and security, and provides information related to governance.
The Interactive Voice Response Market Sales report has given the focus on the overall research and development of the global market in the forecast period. Along with that, this report has also highlighted the COVID 19 analysis to understand its impact on the global market. Moreover, the market dynamics, segmental overview, regional analysis, competitive analysis, and recent developments have been discussed to understand the present competencies and future growth aspects of the Global Interactive Voice Response Market.
COVID-19 Impact Analysis
The global pandemic has impacted the global Interactive Voice Response Market in various regions. The global market has also faced a halt for the first half of the year 2020. The global market has lost its demand across the regions. Along with that, the global market has lost its supply chain and investors due to the global lockdown across various regions. The pandemic has brought many challenges for the Interactive Voice Response Market.
Thus, the Interactive Voice Response Market Players are working hard to enhance the customer’s demand by providing better services by applying various ideas and strategies. Although the global pandemic has slowed down the progressive growth of the global market, the continuous efforts of the global players have revived the pandemic situation.
Global Market DynamicsÂ
Market segmentation Overview
Regional Overview
According to the regional overview, the global Interactive Voice Response Market has its business across various regions such as Europe, Asia-Pacific, North America, South America, and other parts of the world.
Out of all these regions, the North America region is registered to generate the highest Interactive Voice Response Market Size for the forecast period due to the efficient IVR systems implementation in the region by telecommunication companies, better network infrastructure, and large scale adoption of interactive voice response by small and large enterprises. Moreover, the Asia-Pacific region is predicted to generate the highest CAGR for the forecast period due to the high IVR systems growth potential in different industry verticals, including BFSI, healthcare, telecommunication, government, and the public sector.
Competitive Analysis
The global Interactive Voice Response Market has potential key players who are developing the growth of the market. These market key players are:
The collective efforts of the global key players can enhance the global growth of the Interactive Voice Response Market.
Recent Developments
Report Overview
The Interactive Voice Response Market report has given the focus on the overall research and development of the global market in the forecast period. Along with that, this report has also highlighted the COVID 19 analysis to understand its impact on the global market. Moreover, the market dynamics, segmental overview, regional analysis, competitive analysis, and recent developments have been discussed to understand the present competencies and future growth aspects of the Interactive Voice Response Market.
Segmental Table:
By Solutions
By Technology
By Services
By Deployment
By Organisation Size
By Verticals
Report Attribute/Metric | Details |
---|---|
Market Size | USD 17.2 billion |
CAGR | 7.30% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Solution, By Technology, By Deployment |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | 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.) |
Key Market Opportunities | Asia-Pacific region is expected to grow at highest CAGR owing to high growth potential of IVR systems in different industry verticals that includes telecommunication, BFSI, healthcare and government and public sector. |
Key Market Drivers | The key drivers of interactive voice response market is the growing cloud infrastructure that minimizes the cost of self-service application. |
The interactive voice response market is expected to mark 7.30% CAGR by 2030.
The interactive voice response market is anticipated to gain momentum due to the rising demand for advanced technologies to enhance customer relationship management.
The interactive voice response market is prognosticated to attain a valuation of USD 17.2 Bn by 2030.
The segments of the interactive voice response market, by solution, are call routing, self-service, and outbound.
The segments of the interactive voice response market, by technology, are speech based, touch tone based, and text to speech.