Interactive Voice Response System Market by Technology, Deployment, and Geography - Forecast and Analysis 2021-2025

  • Published: Dec 2020
  • Pages: 120
  • SKU: IRTNTR46382

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The interactive voice response system market size has the potential to grow by USD 2.61 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 9.78%. 

This report provides a detailed analysis of the market by technology (speech technology and dual-tone technology), deployment (cloud-based and on-premises), geography (North America, Europe, APAC, South America, and MEA), and key vendors. 

Market Overview

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Market Competitive Analysis

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

 

  • AT&T Inc.
  • Atos SE
  • Avaya Holdings Corp.
  • Cisco Systems Inc.
  • Concentrix Corp.
  • NEC Corp.
  • NICE Ltd.
  • Nuance Communications Inc.
  • RingCentral Inc.
  • Verizon Communications Inc.

 

The interactive voice response system market is fragmented and the vendors are deploying growth strategies such as aiming for technological advances to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

The market players also significantly leverage external market drivers such as the rising number of calls to achieve growth opportunities. However, factors such as data privacy and security risks will challenge the growth of the market participants. To make the most of the opportunities and recover from post COVID19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the interactive voice response system market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies, 

This interactive voice response system market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities. 

Interactive Voice Response System Market: Key Drivers and Trends

  • One of the major factors driving the global interactive voice response system market growth is the rising number of calls by customers.
  • Organizations have been managing the increased number of calls and provide increased customer interaction with the help of IVR solutions.
  • The use of dual-tone and speech technology reduces the hold time and drop off time for each call. This has increased the number of outbound calls, which has resulted in the automation of the routine tasks that helps in improving the efficiency of the agent.
  • The increasing need to improve customer relationship management (CRM) will drive the growth prospects for the global IVR system market 
  • IVR systems are deployed in various companies as enterprise IVR solutions such as enterprise resource planning (ERP) and CRM for enterprise websites, which enable them to have continuous communication with their customers.
  • A few of the major factors responsible for the increasing rate of implementation of IVR systems in enterprises is to provide product or brand information to customers, increase brand awareness, and to encourage customers for signing up for the company's account.

 

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Interactive Voice Response System Market: Segmentation by Geography

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40% of the market’s growth will originate from North America during the forecast period. The US is one of the key markets for interactive voice response system in North America. Market growth in this region will be slower than the growth of the market in APAC, MEA, and South America.

The growing used of outbound IVR and increasing market for IVR in SMEs is one of the prime factors that will facilitate the interactive voice response system market growth in North America over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report. 

Interactive Voice Response System Market: Segmentation by Technology

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Speech technology-based IVR applications do not exploit the flexibility offered by natural language processing systems such as written or spoken language. Speech technology reduces the recognition time for vocabulary and enhances the security of data by testing vocal characteristics. Hence, the speech technology market segment will exhibit fast growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the interactive voice response system market size. Fetch actionable market insights on the post-COVID-19 impact on each segment.   

 

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Interactive Voice Response System Market: Key Highlights of the Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive interactive voice response system market growth during the next five years
  • Precise estimation of the interactive voice response system market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the interactive voice response system industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of interactive voice response system market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The interactive voice response system market growth will increase by $2615.04 million during 2020-2025.
The interactive voice response system market is expected to grow at a CAGR of 9.78% during 2020-2025.
Technavio has segmented the interactive voice response system market by technology (Speech technology and Dual-tone technology) ,deployment (Cloud-based and On-premises) , and geographic (North America, Europe, APAC, South America, and MEA).
AT&T Inc., Atos SE, Avaya Holdings Corp., Cisco Systems Inc., Concentrix Corp., NEC Corp., NICE Ltd., Nuance Communications Inc., RingCentral Inc., Verizon Communications Inc. are a few of the key vendors in the interactive voice response system market.
North America will register the highest growth rate of 40.07% among the other regions. Therefore, the interactive voice response system market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the interactive voice response system market growth are:
  • Increase in the number of calls
  • Rise in use of multi-channel and multi-modal access
The interactive voice response system market vendors should focus on grabbing business opportunities from the speech technology segment as it accounted for the largest market share in the base year.

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