Market Overview:
The global interactive voice response system market is expected to grow at a CAGR of 10.8% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for cloud-based IVRS systems and the rising adoption of IVRS systems by small and medium businesses (SMBs). The global interactive voice response system market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into cloud-based and on-premise IVRS systems. Cloud-based IVRS systems are expected to witness higher growth during the forecast period as they offer several advantages such as scalability, flexibility, and low cost of ownership over on-premise solutions. On the basis of application, BFSI sector accounted for majority share in 2017 owing to increasing demand for automated customer service solutions from banks and other financial institutions across different geographies.
Product Definition:
An Interactive Voice Response system (IVR) is a telephone system that interacts with callers, allowing them to enter information by pressing buttons on the phone keypad. This information can then be used to route the call to the appropriate person or department, or to provide automated responses. IVR systems are often used by businesses to handle customer inquiries and complaints.
Cloud Based:
Cloud-based IVR system is a service that provides Interactive Voice Response (IVR) functionalities on the web. It uses the internet as a medium to deliver voice response services to customers over telephonic or other electronic means. Cloud-based IVR systems are used in various sectors such as healthcare, telecom, BFSI and government organizations for managing their business operations efficiently.
On-Premise:
On-premise Interactive Voice Response (IVR) system is a computer software application installed at the customer's site. It works on the principle of digitized voice data being entered by a user via keyboard and then processed to generate the result. The IVR system can be used for various applications such as customer service, automated call distribution, interactive advertising and telemarketing among others.
Application Insights:
The retail segment dominated the global interactive voice response system market, accounting for over 24.0% share of the overall revenue in 2017. The growing e-commerce industry has led to an increase in customer queries regarding product availability and price information. To provide a quick response to these queries, many retailers have started using IVR systems that can dial up the retailer¢â‚¬â„¢s website from a remote location and check if there is any new information about a particular product or if it has been reduced in price since last week. This capability of IVR systems allows retailers to provide customized marketing messages based on past inquiries made by customers thereby driving its adoption across this sector.
The media & entertainment segment accounted for 19.9% share of the total revenue in 2017 owing to rising demand among end users for music.
Regional Analysis:
The market in North America is expected to grow at a significant rate over the forecast period. This growth can be attributed to the increasing adoption of IVR solutions in call centers and customer service centers across various industries. The U.S., being one of the most developed countries, has been witnessing an increase in demand for communication technologies such as IVR since past few years, which is further fueling regional growth.
Asia Pacific is estimated to be one of the fastest-growing regions over the forecast period owing to several factors such as improving telecom infrastructure and rising number of MNCs operating out of India with vast customer base that requires efficient Customer Service Delivery (CSD) strategies for effective business operations.
Growth Factors:
- Increasing demand for automated customer service: The Interactive Voice Response System market is driven by the increasing demand for automated customer service to reduce the cost of customer service and improve efficiency.
- Rising number of smartphone users: The growth of the Interactive Voice Response System market is also driven by the rising number of smartphone users, as this technology offers an easy and convenient way to access interactive voice services.
- Proliferation of cloud-based solutions: The proliferation of cloud-based solutions is another key driver for the growth of the Interactive Voice Response System market, as it offers a more efficient and cost-effective way to deploy these systems.
- Growing need for contact center optimization: The growing need for contact center optimization is also driving demand for Interactive Voice Response Systems, as these systems can help organizations manage their resources more effectively and improve customer satisfaction levels.
Scope Of The Report
Report Attributes
Report Details
Report Title
Interactive Voice Response System Market Research Report
By Type
Cloud Based, On-Premise
By Application
BFSI, Travel and Hospitality, Pharma and Healthcare, Telecommunications, Government and Public Sector, Transportation and Logistics, ITES, Media, Retail, and E-commerce, Education
By Companies
inContact, Nuance Communications, Genesys Telecommunication Laboratories, 8x8, AT&T, Avaya, Aspect Software Parent, 24/7 Customer, Verizon Communications, Five9, Cisco Systems, Convergys Corporation, West Corporation, IVR Lab, NewVoiceMedia
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
139
Number of Tables & Figures
98
Customization Available
Yes, the report can be customized as per your need.
Global Interactive Voice Response System Market Report Segments:
The global Interactive Voice Response System market is segmented on the basis of:
Types
Cloud Based, On-Premise
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
BFSI, Travel and Hospitality, Pharma and Healthcare, Telecommunications, Government and Public Sector, Transportation and Logistics, ITES, Media, Retail, and E-commerce, Education
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- inContact
- Nuance Communications
- Genesys Telecommunication Laboratories
- 8x8
- AT&T
- Avaya
- Aspect Software Parent
- 24/7 Customer
- Verizon Communications
- Five9
- Cisco Systems
- Convergys Corporation
- West Corporation
- IVR Lab
- NewVoiceMedia
Highlights of The Interactive Voice Response System Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud Based
- On-Premise
- By Application:
- BFSI
- Travel and Hospitality
- Pharma and Healthcare
- Telecommunications
- Government and Public Sector
- Transportation and Logistics
- ITES
- Media, Retail, and E-commerce
- Education
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Interactive Voice Response System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
An Interactive Voice Response System (IVRS) is a telephone system that allows customers to interact with automated systems by voice. IVRs allow businesses to provide customer service and sales functions over the phone in a more efficient manner than traditional methods.
Some of the major players in the interactive voice response system market are inContact, Nuance Communications, Genesys Telecommunication Laboratories, 8x8, AT&T, Avaya, Aspect Software Parent, 24/7 Customer, Verizon Communications, Five9, Cisco Systems, Convergys Corporation, West Corporation, IVR Lab, NewVoiceMedia.
The interactive voice response system market is expected to grow at a compound annual growth rate of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Interactive Voice Response System Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Interactive Voice Response System Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Interactive Voice Response System Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Interactive Voice Response System Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Interactive Voice Response System Market Size & Forecast, 2018-2028
4.5.1 Interactive Voice Response System Market Size and Y-o-Y Growth
4.5.2 Interactive Voice Response System Market Absolute $ Opportunity
Chapter 5 Global Interactive Voice Response System Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Interactive Voice Response System Market Size Forecast by Type
5.2.1 Cloud Based
5.2.2 On-Premise
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Interactive Voice Response System Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Interactive Voice Response System Market Size Forecast by Applications
6.2.1 BFSI
6.2.2 Travel and Hospitality
6.2.3 Pharma and Healthcare
6.2.4 Telecommunications
6.2.5 Government and Public Sector
6.2.6 Transportation and Logistics
6.2.7 ITES
6.2.8 Media
6.2.9 Retail
6.2.10 and E-commerce
6.2.11 Education
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Interactive Voice Response System Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Interactive Voice Response System Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Interactive Voice Response System Analysis and Forecast
9.1 Introduction
9.2 North America Interactive Voice Response System Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Interactive Voice Response System Market Size Forecast by Type
9.6.1 Cloud Based
9.6.2 On-Premise
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Interactive Voice Response System Market Size Forecast by Applications
9.10.1 BFSI
9.10.2 Travel and Hospitality
9.10.3 Pharma and Healthcare
9.10.4 Telecommunications
9.10.5 Government and Public Sector
9.10.6 Transportation and Logistics
9.10.7 ITES
9.10.8 Media
9.10.9 Retail
9.10.10 and E-commerce
9.10.11 Education
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Interactive Voice Response System Analysis and Forecast
10.1 Introduction
10.2 Europe Interactive Voice Response System Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Interactive Voice Response System Market Size Forecast by Type
10.6.1 Cloud Based
10.6.2 On-Premise
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Interactive Voice Response System Market Size Forecast by Applications
10.10.1 BFSI
10.10.2 Travel and Hospitality
10.10.3 Pharma and Healthcare
10.10.4 Telecommunications
10.10.5 Government and Public Sector
10.10.6 Transportation and Logistics
10.10.7 ITES
10.10.8 Media
10.10.9 Retail
10.10.10 and E-commerce
10.10.11 Education
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Interactive Voice Response System Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Interactive Voice Response System Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Interactive Voice Response System Market Size Forecast by Type
11.6.1 Cloud Based
11.6.2 On-Premise
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Interactive Voice Response System Market Size Forecast by Applications
11.10.1 BFSI
11.10.2 Travel and Hospitality
11.10.3 Pharma and Healthcare
11.10.4 Telecommunications
11.10.5 Government and Public Sector
11.10.6 Transportation and Logistics
11.10.7 ITES
11.10.8 Media
11.10.9 Retail
11.10.10 and E-commerce
11.10.11 Education
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Interactive Voice Response System Analysis and Forecast
12.1 Introduction
12.2 Latin America Interactive Voice Response System Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Interactive Voice Response System Market Size Forecast by Type
12.6.1 Cloud Based
12.6.2 On-Premise
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Interactive Voice Response System Market Size Forecast by Applications
12.10.1 BFSI
12.10.2 Travel and Hospitality
12.10.3 Pharma and Healthcare
12.10.4 Telecommunications
12.10.5 Government and Public Sector
12.10.6 Transportation and Logistics
12.10.7 ITES
12.10.8 Media
12.10.9 Retail
12.10.10 and E-commerce
12.10.11 Education
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Interactive Voice Response System Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Interactive Voice Response System Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Interactive Voice Response System Market Size Forecast by Type
13.6.1 Cloud Based
13.6.2 On-Premise
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Interactive Voice Response System Market Size Forecast by Applications
13.10.1 BFSI
13.10.2 Travel and Hospitality
13.10.3 Pharma and Healthcare
13.10.4 Telecommunications
13.10.5 Government and Public Sector
13.10.6 Transportation and Logistics
13.10.7 ITES
13.10.8 Media
13.10.9 Retail
13.10.10 and E-commerce
13.10.11 Education
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Interactive Voice Response System Market: Competitive Dashboard
14.2 Global Interactive Voice Response System Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 inContact
14.3.2 Nuance Communications
14.3.3 Genesys Telecommunication Laboratories
14.3.4 8x8
14.3.5 AT&T
14.3.6 Avaya
14.3.7 Aspect Software Parent
14.3.8 24/7 Customer
14.3.9 Verizon Communications
14.3.10 Five9
14.3.11 Cisco Systems
14.3.12 Convergys Corporation
14.3.13 West Corporation
14.3.14 IVR Lab
14.3.15 NewVoiceMedia
