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Interactive Voice Response Market Size Forecasted To Achieve $7.7 Billion By 2029 With Steady Growth
Interactive Voice Response Market
What Is the Interactive Voice Response Market Size and Projected Growth Rate?
The market size of interactive voice response has seen robust growth in recent times. The projection shows an increase from $5.53 billion in 2024 to $5.92 billion in 2025, representing a compound annual growth rate (CAGR) of 7.0%. The historical growth in this market is due to the increased use of internet services and mobile phones, the growth in the number of customer service and sales teams across various organizations, and an increasing demand for improved customer relationship management.
The market size of interactive voice response is predicted to witness a significant surge in the following years, expanding to $7.7 billion in 2029 with a compound annual growth rate (CAGR) of 6.8%. Such growth during the forecasted timeline is linked to an increase in the acceptance of personalized IVR, the expansion of internet accessibility, and a boost in cloud-based IVR. Some of the key trends likely to drive this growth in the forecast period include the rise of microfinance and digital banking, strategic partnerships and collaborations, investment influx, product innovation, and technological improvement in interactive voice response.
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What Are the Major Segments in the Interactive Voice Response Market?
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
Subsegments:
1) By Installation: System Setup And Configuration, Hardware Installation, Software Deployment, Integration With Existing Systems
2) By Training And Education: User Training Programs, Technical Training For IT Staff, Workshops And Seminars, Online Training Modules
3) By Maintenance And Support: Technical Support Services, Software Updates And Upgrades, System Monitoring And Troubleshooting, Performance Optimization Services
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What Are The Driving Interactive Voice Response Market Evolution?
The burgeoning internet accessibility is predicted to fuel the expansion of the interactive voice response market in the future. The term 'Internet penetration' pertains to the proportion of a populace or a distinct geographic region with Internet access. Interactive Voice Response (IVR) systems have the ability to enhance internet penetration by creating an easily adaptable, user-friendly platform for individuals who might not have straightforward access to the Internet or favour voice-guided communications. For example, in October 2023, the International Telecommunication Union, a telecommunications agency based in Switzerland, declared that 67% of the global population utilises the internet, which signifies a growth of 4.7% from 2022, and marks a rise from the 3.5% growth rate observed between 2021 and 2022. In underdeveloped nations, internet usage climbed to 27% of the population, an increase from 24% in 2022. Hence, the growth of internet penetration is propelling the interactive voice response market.
Which Firms Dominate The Interactive Voice Response Market Segments?
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.
What Trends Are Driving Growth in The Interactive Voice Response Market?
Significant businesses in the interactive voice response market are inventing novel products like interactive voice response-to-text items to stay competitive. These products intend to offer everyone in the company, regardless of their gadget proficiency, equal chances to access information and communication. A case in point is the US-based system software firm, Verint, which in May 2024 successfully implemented AI-powered bots, specifically the Verint Intelligent Virtual Assistant (IVA). This led to automation of around 80% of its customer communication traffic, enabling the firm to better allocate its human resources to improve the overall delivery of service.
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Which Is The Largest Region In The Interactive Voice Response Market?
North America was the largest region in the interactive voice response market in 2024. The regions covered in the interactive voice response market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Interactive Voice Response Market?
2. What is the CAGR expected in the Interactive Voice Response Market?
3. What Are the Key Innovations Transforming the Interactive Voice Response Industry?
4. Which Region Is Leading the Interactive Voice Response Market?
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