PUNE, India, September 1, 2017 /PRNewswire/ --
The report "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", published by MarketsandMarkets™, the 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. The growth of the interactive voice response (IVR) market is attributed the increasing integration of advanced technologies and rise in cloud-based services that meet the industry standards for the IVR systems.
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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.
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.
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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.
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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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