Speech Based Interactive Voice Response Software Sales Market (2023) Size, Growth, Share, Revenue & Global Industry Trends | Complete Analysis and Forecast To 2029

Interactive Voice Response (IVR) is an automated telephony system technology that interacts with the callers, gathers the required information and routes the calls to the particular appropriate recipient.
With the modern, sophisticated IVR systems, you can gather the input and responses through spoken words with the voice recognition. Conversations are either pre-recorded or generated audio which assists, directs, or guides customers automatically without a live operator.
Within these interactions, clients can communicate by using either the touch-tone keypad selection or voice telephone input. The responses take the form of voice, call- back or any other related media.
IVR software enables an organization to use prerecorded greetings or menu options that a customer can access through a phone keypad. Advanced IVR systems may include speech recognition software to enable a customer to communicate with a computer. Many companies have augmented or replaced IVR systems with automated speech recognition technologies that enable callers to speak their requests instead of punching numbers into their phones. These voice recognition systems can frustrate callers if the system doesn't recognize a caller's questions.

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Market Analysis and Insights: Global Speech Based Interactive Voice Response Software Market
Due to the COVID-19 pandemic, the global Speech Based Interactive Voice Response Software market size is estimated to be worth US$ 2014.3 million in 2022 and is forecast to a readjusted size of US$ 4522 million by 2029 with a CAGR of 12.1% during the forecast period 2023-2029. Fully considering the economic change by this health crisis, Cloud-based accounting for % of the Speech Based Interactive Voice Response Software global market in 2022, is projected to value US$ million by 2029, growing at a revised % CAGR from 2023 to 2029. While Large Enterprise segment is altered to an % CAGR throughout this forecast period.

Global Speech Based Interactive Voice Response Software key players include Nuance, Convergys, Cisco, West Corporatio, etc. Global top four manufacturers hold a share about 40%. North America is the largest market, with a share over 35%.

Global Speech Based Interactive Voice Response Software Scope and Market Size
The global Speech Based Interactive Voice Response Software market is segmented by company, region (country), by Type and by Application. Players, stakeholders, and other participants in the global Speech Based Interactive Voice Response Software market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on sales, revenue and forecast by region (country), by Type and by Application for the period 2018-2029.

Segment by Type
- Cloud-based
- On Premise

Segment by Application
- Large Enterprise
- Medium Enterprise
- Small Enterprise

By Region
- United States
- Europe
- China
- Japan
- Southeast Asia
- India
- Other Regions

By Company
- 8X8, Inc. (US)
- Nuance Communications, Inc. (US)
- Convergys Corporation (US)
- Avaya Inc. (US)
- Cisco Systems, Inc. (US)
- Connect First (US)
- West Corporation (US)
- Genesys Telecommunication Laboratories, Inc. (US)
- Verizon Communications Inc. (US)
- IVR Lab (US)
- Aspect Software Parent Inc. (US)
- 24/7 Customer, Inc. (US)
- InContact Inc. (US)
- NewVoiceMedia (UK)
- Five9, Inc. (US)

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