SAN FRANCISCO, Nov. 16, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Interactive Voice Response (IVR) Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 20; Released: November 2021
Executive Pool: 4139
Companies: 98 - Players covered include 7.ai, Inc.; Aspect Software, Inc.; AT&T, Inc.; Avaya, Inc.; Cisco Systems, Inc.; Connect First, Inc.; Convergys Corp.; Database Systems Corp.; Dialogic Corporation; DialogTech; E-Complish, Inc.; Enghouse Systems Limited; Mitel Networks Corporation; Nuance Communications, Inc.; True Image Interactive, Inc.; Verizon Communications, Inc.; Voicent Communications, Inc.; West Corporation and Others.
Coverage: All major geographies and key segments
Segments: Technology (Touchtone-based, Speech-based); End-Use (BFSI, Travel & Hospitality, Pharma & Healthcare, Telecommunications, Retail & eCommerce, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Interactive Voice Response (IVR) Systems Market to Reach US$6.7 Billion by the Year 2026
Interactive Voice Response (IVR) operates as a telecommunication technology that facilitates interaction between a computer machine and human beings through usage of DTMF and voice tones input through a keypad. The primary market drivers for IVR are the rise in cloud infrastructure, the increasing adoption of advanced technologies, and the growing number of calls. One of the pioneering technologies, Artificial Intelligence (AI), has been finding increasing adoption to make the IVR industry progressive. The dual-tone technology and the speech technology applications reduce the hold time and drop-off time for each call, increasing the outbound call frequency that results in automating repetitive tasks, which improves the agent efficiency. Such reasons fuel the market growth of the IVR system. IVR analytics trigger market growth by helping the companies achieve customer satisfaction by capturing and tracking, and evaluating the overall call experience.
Amid the COVID-19 crisis, the global market for Interactive Voice Response (IVR) Systems estimated at US$4.2 Billion in the year 2020, is projected to reach a revised size of US$6.7Billion by 2026, growing at a CAGR of 7.9% over the analysis period. Touchtone-based, one of the segments analyzed in the report, is projected to grow at a 7.4% CAGR to reach US$4.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Speech-Based segment is readjusted to a revised 8.6% CAGR for the next 7-year period. This segment currently accounts for a 40.1% share of the global Interactive Voice Response (IVR) Systems market. The speech-based IVR segment is gaining traction by integrating with the natural language programming (NLP), assisting in reducing the time spent to solve a query by an individual, which reduces the call duration, helping to achieve reduce the cost for an organization.
The U.S. Market is Estimated at $1.4 Billion in 2021, While China is Forecast to Reach $1.1 Billion by 2026
The Interactive Voice Response (IVR) Systems market in the U.S. is estimated at US$1.4 Billion in the year 2021. The country currently accounts for a 31.4% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.1 Billion in the year 2026 trailing a CAGR of 9.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.7% and 7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.9% CAGR while Rest of European market (as defined in the study) will reach US$1.2 Billion by the end of the analysis period. North America's large market share of the IVR market is primarily due to an efficient implementation of IVR systems by telecommunication companies, improved network infrastructure, flawless security and communications, ease of accomplishment of a task without needing the service of an agent, and large-scale adoption of IVR systems by large and small enterprises. Additionally, early implementation of advanced technologies like natural language processing (NLP), and artificial intelligence in the US propels market demand in North America. Asia-Pacific market is driven by significant uptake of IVR systems in several industry verticals like BFSI, telecommunications, public and government sector, healthcare, and rising number of SMEs, as well as large enterprises in the region. More
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