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North American IVR and Web-Based Self-Service Markets
Frost & Sullivan, July 2006
This Frost & Sullivan research service titled North American IVR and Web-Based Self-Service Markets provides comprehensive market analysis, industry trends, drivers and challenges, estimated market size and forecasts, and market share by both IVR and web-based self-service channels. In this research service, expert analysts from Frost & Sullivan thoroughly examine the following applications: IVR, web-based self-service, hosted IVR, hosted self-service.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Interactive voice response
- Web-based self-service
- Hosted self-service
Technologies
The following technologies are is covered in this research:
- Contact center
- Customer relationship management (CRM) / Enterprise software
- Enterprise software/contact center
Market Overview
Demand for High-Technology Self-Service Creates New Spheres of Revenue Growth for Interactive Voice Response and Web-Based Self-Service Vendors
With customer service rapidly gaining significance, customer relationship management mechanisms and technologies are becoming an integral part of the overall customer service portfolio. The mounting pressure on service organizations to retain a satisfied customer base, the necessity to control customer service costs, and the need to improve quality of customer service have paved the way for technologies such as interactive voice response (IVR) and web-based self-service solutions.
The North American IVR and web-based self-service market is characterized by the presence of both enterprise vendors and best-of-breed solution vendors that are continually seeking to achieve dual objectives of revenue growth and cost optimization These vendors are now focusing on building greater operational efficiency, improving workflows, and allocating resources to achieve optimal levels of customer service, while containing the costs of their solutions. Small and medium businesses are constantly looking for low-cost solutions that help them provide higher value to their customer base, says the analyst of this research service. As these businesses grow, their needs for low-cost customer service solutions are also likely to grow. This can provide vendors with an excellent revenue stream for a longer period.
Greater Value and Scope for Investments in Integrated Customer Service Solutions
Catering to the varied needs of different customer segments with individual profiles is a huge challenge and companies are finding it difficult to derive complete value from their IVR and web-based self-service investments. The highly competitive nature of the industry is creating an increased need for value-added service delivery, with greater scope for cross-sell and up-sell to the installed base.
Vendors are integrating their IVR and web-based solutions with business intelligence software to identify customer behavior towards, customizing their marketing efforts to individual requirements. Vendors are also integrating their customer relationship management (CRM) systems, back-end systems, and databases and bringing in greater robustness into their IT infrastructure to develop a strong background for their web-based self-service solutions. With the saturation levels in the enterprise segment for IVR solutions, vendors are creating hosted IVR, improving the customer experience in the automated IVR menus, creating cross-sell functionality in IVR, and attracting companies into emerging areas such as Internet protocol (IP)-based IVR. The transition from traditional IVR solutions to IP-based IVR solutions can help vendors provide better value services to their customers, says the analyst.
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