Press release
Interactive Voice Response Market 2024 - By Size, Drivers, Trends, Competitors And Forecast To 2033
Interactive Voice Response Market
Interactive Voice Response Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $7.2 billion In 2028 At A CAGR Of 6.8% :
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 rising usage of internet services and cell phone, growing number of customer care and sales teams across enterprises, rise in demand of 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 growth in the forecast period can be attributed to growth in popularity of personalized IVR, increasing internet penetration, rise in cloud-based IVR. Major trends in the forecast period include microfinance and digital banking, partnerships, collaborations, investments, product innovations, technological advancements of interactive voice response.
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Interactive Voice Response Market Major Segments
The interactive voice response market covered in this report is segmented -
1) By Services: Installation, Training And Education, Maintenance And Support
2) By Technology: Speech Based, Touch-Tone Based
3) By Deployment Mode: Cloud, On Premises
4) By Organization Size: Small Medium Enterprise (SME), Large Enterprise
5) By Industry Verticals: Banking, Financial Services and Insurance(BFSI), Travel And Hospitality, Pharma And Healthcare, Telecommunications, Government And Public Sector, Transportation And Logistics, Information Technology Enabled Services(ITES), Media, Retail, And E-commerce, Education, Other Industries
Key Driver - Internet Penetration And Interactive Voice Response Market Growth
Increasing internet penetration is expected to propel the growth of the interactive voice response market going forward. Internet penetration refers to the percentage of a population or a specific geographic area that has access to the Internet. Interactive Voice Response (IVR) systems can contribute to improving 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 instance, in 2022, according to The International Telecommunication Union, a Switzerland-based government agency, an estimated 5.3 billion people, or 66 percent of the world's population, use the Internet and the internet penetration increased with a growth rate of 6.1% over 2021, up from 5.1% for 2020-2021. Therefore, increasing internet penetration drives the interactive voice response market.
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Prominent Trend - Increasing Focus On Product Innovations To Gain A Competitive Edge In The Market
Major companies operating in the interactive voice response market are developing innovative products, such as interactive voice response-to-text products, to gain a competitive edge in the market. Interactive voice response-to-text product aims to provide equal access to information and communication for all employees, regardless of their device capabilities. For instance, in November 2021, TeamSense, a US-based company that offers interactive voice response products, launched an interactive voice response-to-text product. This is designed for hourly workers who may not have access to mobile devices or email. This allows employees to communicate their attendance status without relying on mobile or email access. The product is part of TeamSense's suite of tools, which also includes a text-based self-service portal for attendance management and communication.
Interactive Voice Response Market Players
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.
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Largest And Fastest Growing Region In The Market
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Interactive Voice Response Market Report Structure
3. Interactive Voice Response Market Trends And Strategies
4. Interactive Voice Response Market - Macro Economic Scenario
5. Interactive Voice Response Market Size And Growth
…..
27. Interactive Voice Response Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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