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Interactive Voice Response (IVR) Systems - Global Market Trajectory & Analytics

  • ID: 338501
  • Report
  • February 2022
  • Region: Global
  • 593 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • 8x8, Inc.
  • Alvaria, Inc.
  • Atos SE
  • Avaya Inc.
  • Cisco Systems, Inc.
  • Five9, Inc.

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.

Select Competitors (Total 98 Featured) -

  • [24]7.ai, Inc.
  • 8x8, Inc.
  • Alvaria, Inc.
  • Atos SE
  • Avaya Inc.
  • Cisco Systems, Inc.
  • Five9, Inc.
  • Genesys
  • NICE inContact
  • IVR Lab LLC
  • NEC Corporation of America
  • Nuance Communications, Inc.
  • RingCentral, Inc.
  • Verizon Communications Inc.
  • Vonage Holdings Corp.

FEATURED COMPANIES

  • 8x8, Inc.
  • Alvaria, Inc.
  • Atos SE
  • Avaya Inc.
  • Cisco Systems, Inc.
  • Five9, Inc.

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Impact of COVID-19 Pandemic on Call Centers
  • With Telehealth Growing Amidst the COVID-19 Pandemic, IVR Systems Emerge as Critical Technology to Enable Services
  • SMEs Increasingly Rely on Cloud Telephony amidst COVID-19 Pandemic
  • Interactive Voice Response (IVR) Systems: An Introduction
  • Features of Interactive Voice Response System
  • Advantages of Interactive Voice Response Technology
  • Types of IVR
  • Various Use Cases of IVR
  • Significance of IVR for Small Businesses
  • Global Market Prospects & Outlook
  • Growth Opportunities and Constraints for IVR Systems Market
  • Analysis by Technology
  • World Interactive Voice Response (IVR) Systems Market by Technology (2021 & 2027): Percentage Breakdown of Revenues for Touchtone-Based, and Speech-Based
  • Analysis by End-Use
  • World Interactive Voice Response (IVR) Systems Market by End-Use (2021 & 2027): Percentage Breakdown of Revenues for BFSI, Travel & Hospitality, Pharma & Healthcare, Telecommunication & ITES, Retail & Ecommerce, and Other End-Uses
  • Regional Analysis
  • World Interactive Voice Response (IVR) Systems Market by Region: Percentage Breakdown of Revenues for Developed and Developing Regions (2021 & 2027)
  • World Interactive Voice Response (IVR) Systems Market - Geographic Regions Ranked by CAGR (Value) for 2020-2027: China, Asia-Pacific, Latin America, Africa, Middle East, Europe, USA, Canada, and Japan
  • Competitive Scenario
  • Select Popular IVR Systems
  • Select IVR Service Providers
  • Recent Market Activity
  • Interactive Voice Response (IVR) Systems - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • A Review of Notable Trends in the IVR Market
  • Growth of Call Centers Industry Presents Opportunities for IVR Systems Market
  • Global Call Centers Market by Deployment (in %) for 2021
  • Global Call Centers Market by End-Use (in %) for 2021
  • Tracking Call Center Statistics
  • Rise in Customer Calls in Call Centers & Need to Efficiency Address the Calls Gives Impetus to IVR Systems
  • Pandemic Presents Challenging Environment
  • Improvements in Operational Efficiency: Need of the Hour
  • American Companies Revamping the Client-Service Operations
  • Rising Integration of Advanced Technologies Boosts Growth in IVR Systems Market
  • Incorporation of Advanced Technologies in the Contact Centers
  • Rising Adoption of Artificial Intelligence in the Contact Centers
  • Increased Adoption of Chatbots and Simpler Applications
  • Ensuring Security and Privacy of Data at the Contact Centers
  • Artificial Intelligence, Machine Learning & NLP Hold Tremendous Potential for IVR Systems
  • NLP and NLU Critical IVR Technologies Bringing Change
  • Rapid Rise in Cloud-based Services Fuel Need for IVR Systems
  • Global Public Cloud Services: Percentage Market Share by Service Type for 2020 and 2022
  • Demand for API based Sophisticated Flexible Systems on the Rise
  • Growing Importance of IVRs in Increasing Efficiency and Scalability of Organizations
  • Demand for IVR-based Outbound Services Continues to Grow
  • Maximizing Contact Center’s Agent Resources with Integrated Inbound IVR Solutions
  • IVR Holds Tremendous Role in Improving Customer service
  • Speech Enabled IVR Becoming the Preferred User Interface
  • Conversational IVR and Future Trends
  • IVR Solutions Enhance Services in BFSI Industry
  • IVR Systems in Banking
  • Select IVR Applications in the Banking Sector
  • Cloud Telephony Transforms BFSI Sector
  • COVID-19: A Panic Button for Banks & Fintechs
  • Global Volume of Non-Cash Transactions (In Billion) for the Years 2018, 2020 & 2022
  • Growing Importance of IVR Systems in Pharmaceutical & Healthcare Industry
  • Healthcare Call Center IVR Software for Seamless Patient Experience
  • The New Normal in Retail Industry Post COVID-19 to Provide Boost to IVR Systems Market
  • Global Department Stores Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • Robust Rise of e-Commerce & m-Commerce to Support Market Growth
  • Global B2C E-Commerce Sales in US$ Trillion for the Years 2019 to 2025
  • Retail M-Commerce Sales as % of Retail E-commerce Sales Worldwide for the Years 2016, 2018, 2020 & 2022
  • Pandemic Fast Forwards eCommerce Growth
  • Global B2C e-Commerce Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • Use of Omni-Channel IVR Systems Gain Momentum
  • IVR Systems in Utilities
  • Challenges Facing IVR Systems Market

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Interactive Voice Response (IVR) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)

CANADA

JAPAN

  • Interactive Voice Response (IVR) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)

CHINA

  • Interactive Voice Response (IVR) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)

EUROPE

  • Interactive Voice Response (IVR) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)

FRANCE

  • Interactive Voice Response (IVR) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Interactive Voice Response (IVR) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • Interactive Voice Response (IVR) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Interactive Voice Response (IVR) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)

AUSTRALIA

  • Interactive Voice Response (IVR) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)

INDIA

  • Interactive Voice Response (IVR) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
  • Impact of COVID-19 on IVR Systems Market
  • Robust Growth of Domestic Call Center Market: Opportunity for IVR Systems

SOUTH KOREA


REST OF ASIA-PACIFIC

LATIN AMERICA

  • Interactive Voice Response (IVR) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)

ARGENTINA


BRAZIL


MEXICO


REST OF LATIN AMERICA

MIDDLE EAST

  • Interactive Voice Response (IVR) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)

IRAN


ISRAEL


SAUDI ARABIA


UNITED ARAB EMIRATES


REST OF MIDDLE EAST

AFRICA

  • Interactive Voice Response (IVR) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)

IV. COMPETITION

  • Total Companies Profiled: 98

A selection of companies mentioned in this report includes:

  • [24]7.ai, Inc.
  • 8x8, Inc.
  • Alvaria, Inc.
  • Atos SE
  • Avaya Inc.
  • Cisco Systems, Inc.
  • Five9, Inc.
  • Genesys
  • NICE inContact
  • IVR Lab LLC
  • NEC Corporation of America
  • Nuance Communications, Inc.
  • RingCentral, Inc.
  • Verizon Communications Inc.
  • Vonage Holdings Corp.