Interactive Voice Response Global Market Report 2024

The interactive voice response market size has grown strongly in recent years. It will grow from $5.16 billion in 2023 to $5.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to the rising usage of internet services and cell phones, the growing number of customer care and sales teams across enterprises, and the rise in demand for enhancing customer relationship management.

The interactive voice response market size is expected to see strong growth in the next few years. It will grow to $7.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The forecasted growth in the upcoming period can be attributed to several factors, including the increasing popularity of personalized IVR systems, a rise in internet penetration, and the growth of cloud-based IVR solutions. Major trends expected during this period include the expansion of microfinance and digital banking services, an increase in partnerships, collaborations, and investments, as well as ongoing product innovations and technological advancements in the interactive voice response (IVR) industry.

Increasing internet penetration is expected to drive the growth of the interactive voice response (IVR) market. IVR systems can help improve internet penetration by providing an accessible and user-friendly interface for individuals who may not have direct access to the internet or prefer voice-based interactions. For example, in 2022, it was reported that an estimated 5.3 billion people, or 66 percent of the world's population, use the internet, with a growth rate of 6.1% over 2021. This growth in internet penetration is expected to fuel the demand for IVR systems as a means of enhancing accessibility and user experience.

Major companies in the interactive voice response (IVR) market are innovating with products such as interactive voice response-to-text products to stay competitive. These products aim to ensure equal access to information and communication for all employees, regardless of their device capabilities. For example, in November 2021, TeamSense, a US-based company offering IVR products, launched an interactive voice response-to-text product. This product is designed for hourly workers who may not have access to mobile devices or email, enabling them to communicate their attendance status without relying on these technologies. It is part of TeamSense's suite of tools, which also includes a text-based self-service portal for attendance management and communication.

In November 2021, 8x8 Inc., a US-based provider of Voice over IP products, acquired Fuze for $250 million. This acquisition is expected to help 8x8 reach a broader market segment and strengthen its position in the industry by integrating Fuze's cloud-based communications and collaboration solutions, including its IVR solution, into its portfolio.

Major companies operating in the interactive voice response market report are Verizon Communications Inc., AT&T Inc., TD Synnex, Cisco Systems Inc., Twilio Inc., Avaya Inc., Genesys Telecommunication Laboratories Inc., West Corporation, [24]7.ai Inc., Five9 Inc., 8X8 Inc., Aspect Software Parent Inc., Ameyo (Drishti Soft Solutions Pvt. Ltd.), Exotel Techcom Pvt. Ltd., Bitrix Inc., Callfire Inc., Handygo Technologies Pvt. Ltd., Agnity Global Inc., Istonish Inc., Evamp & Saanga, Nuance Communications Inc., Bay Talkitec Pvt. Ltd., IVR Lab, inContact Inc., Arise Virtual Solutions Inc.

North America was the largest region in the interactive voice response market in 2023. The regions covered in the interactive voice response market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the interactive voice response market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Interactive Voice Response (IVR) is a technology that enables computer systems to interact with humans using voice and DTMF tone input via a keypad. IVR systems enhance efficiency and improve the customer experience by managing high call volumes and providing self-service options.

The primary service types in IVR include installation, training and education, maintenance, and support. Installation involves implementing automated telephony systems that interact with callers through voice. IVR technologies can be speech-based or touch-tone-based, deployed through the cloud or on-premise, and cater to organizations of varying sizes, including small and medium enterprises (SMEs) and large enterprises. IVR systems find applications across various industry verticals, including banking, financial services and insurance (BFSI), travel and hospitality, pharmaceuticals and healthcare, telecommunications, government and public sector, transportation and logistics, information technology-enabled services (ITES), media, retail and e-commerce, education, and others.

The interactive voice response market research report is one of a series of new reports that provides interactive voice response market statistics, including interactive voice response industry global market size, regional shares, competitors with an interactive voice response market share, detailed interactive voice response market segments, market trends and opportunities, and any further data you may need to thrive in the interactive voice response industry. This interactive voice response market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The interactive voice response (IVR) market consists of revenues earned by entities providing IVR services such as customer support, information retrieval, call routing, payment processing, surveys and feedback collection, emergency notifications and alerts, language selection, personalized messages, voice mail, and call-back services. The market value includes the value of related goods sold by the service provider or included within the service offering. The interactive voice response (IVR) market also consists of sales of computer hardware, telephony hardware, and text-to-speech (TTS) devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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