DUBLIN--(BUSINESS WIRE)--The "Interactive Voice Response (IVR) Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
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.
Select Competitors (Total 98 Featured):
- 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
Key Topics Covered:
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?
- 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
- Analysis by End-Use
- Regional Analysis
- Competitive Scenario
- Select Popular IVR Systems
- Select IVR Service Providers
- Recent Market Activity
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
- EXHIBIT 6: Global Call Centers Market by Deployment (in %) for 2021
- EXHIBIT 7: 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
- 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
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
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