Amid the COVID-19 crisis, the global market for Interactive Voice Response (IVR) Systems estimated at US$4.1 Billion in the year 2020, is projected to reach a revised size of US$6.1 Billion by 2027, growing at a CAGR of 5.6% over the period 2020-2027.Touchtone-based, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR to reach US$3.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Speech-based segment is readjusted to a revised 5.8% CAGR for the next 7-year period. This segment currently accounts for a 39.8% share of the global Interactive Voice Response (IVR) Systems market.
The U. S. Accounts for Over 27.1% of Global Market Size in 2020, While China is Forecast to Grow at a 8.7% CAGR for the Period of 2020-2027
The Interactive Voice Response (IVR) Systems market in the U. S. is estimated at US$1.1 Billion in the year 2020. The country currently accounts for a 27.09% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.3 Billion in the year 2027 trailing a CAGR of 8.5% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 5.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR while Rest of European market (as defined in the study) will reach US$1.3 Billion by the year 2027.The publisher brings years of research experience to this 19th edition of our report. The 322-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Competitors identified in this market include, among others
- 7.ai, Inc.
- Aspect Software, Inc.
- AT&T, Inc.
- Avaya, Inc.
- Cisco Systems, Inc.
- Connect First, Inc.
- Convergys Corp.
- Database Systems Corp.
- Dialogic Corporation
- E-Complish, Inc.
- Enghouse Systems Limited
- Mitel Networks Corporation
- Nuance Communications, Inc.
- True Image Interactive, Inc.
- Verizon Communications, Inc.
- Voicent Communications, Inc.
- West Corporation
The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Customer Service Automation Continues to Play a Crucial Role in Shaping Brand Experiences
Opportunity for IVR Stands Amplified Against the Backdrop of Droids Taking Over Live Customer Care Agents
Recent Market Activity
IVR: Technology/Market Overview
Global Competitor Market Shares
Interactive Voice Response (IVR) Systems Competitor Market Share Scenario Worldwide (in %): 2020 & 2029
Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
7 Inc. (USA)
Aspect Software, Inc. (USA)
AT&T, Inc. (USA)
Aumtech, Inc. (USA)
Avaya, Inc. (USA)
Cisco Systems, Inc. (USA)
Connect First, Inc. (USA)
Convergys Corp. (USA)
Database Systems Corp. (USA)
Dialogic Corporation (Canada)
E-Complish, Inc. (USA)
Enghouse Systems Limited (Canada)
Mitel Networks Corporation (Canada)
Nuance Communications, Inc. (USA)
True Image Interactive, Inc. (USA)
Verizon Communications, Inc. (USA)
Voicent Communications, Inc. (USA)
West Corporation (USA)
3. MARKET TRENDS & DRIVERS
Noteworthy Trends, Drivers & Issues
Healthy Outlook for the World Call Center Industry to Offer Trickle Down Benefits to the IVR Market
Mobile Telephony Revolution Creates Explosion in Inbound Call Volumes & Spurs Opportunities for IVR for Automating Call Handling
Continued Use of Telemarketing to Create Valuable Sales Leads, Drives Opportunities for Outbound IVR
The Ballooning eCommerce Market Fuels Demand for IVR
Choice of Recorded Voice Gains Prominence in IVR Development & Deployment
Advanced Natural Language Interactive IVR Comes of Age
The Rise of Conversational Commerce Drives the Popularity of Speech Enabled IVR
Focus On Customer Experience Monitoring Drives Home the Importance of IVR Analytics
Focus On Personalized Marketing & Customer Service Drives Opportunities for Personalized IVR
Cloud Based IVR Makes Its Disruptive Emergence in the Market
Growing Complexity of IVR Infrastructure Maintenance Spurs Interest in Managed IVR Solutions
Convergence of Big Data & Customer Experience Fuel the Emergence of Smart IVR Technology Solutions
Growing Popularity of IVR Payment Processing to Benefit Market Growth
Rise in IVR Security Threats Spurs Demand for Voice Biometrics Based IVR
Healthcare Consumerism Drives Demand for IVR in the Healthcare Industry
Lack of Human Touch: A Key Perspective Bottleneck to Growth
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
GEOGRAPHIC MARKET ANALYSIS
Market Facts & Figures
US Interactive Voice Response (IVR) Systems Market Share (in %) by Company: 2020 & 2025
Market Facts & Figures
European Interactive Voice Response (IVR) Systems Market: Competitor Market Share Scenario (in %) for 2020 & 2025
REST OF EUROPE
REST OF ASIA-PACIFIC
REST OF LATIN AMERICA
UNITED ARAB EMIRATES
REST OF MIDDLE EAST
Total Companies Profiled: 82