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Key Trends Influencing the Growth of the Interactive Voice Response Market in 2025: Increasing Focus On Product Innovations To Gain A Competitive Edge In The Market
Interactive Voice Response
What Is the Expected CAGR for the Interactive Voice Response Market Through 2025?
The market size for interactive voice response has experienced robust growth in the past few years. It is projected to expand from $5.53 billion in 2024 to $5.92 billion in 2025, representing a compound annual growth rate (CAGR) of 7.0%. This historical growth is linked to factors like increased use of internet and mobile phone services, expansion of customer service and sales teams within businesses, and a surge in demand for improved customer relationship management.
What's the Projected Size of the Global Interactive Voice Response Market by 2029?
In the coming years, the market size for interactive voice response is predicted to exhibit robust expansion, reaching $7.7 billion in 2029 at a compound annual growth rate (CAGR) of 6.8%. This forecasted growth can be linked to factors such as the increasing popularity of personalized IVR, higher internet penetration, and the upswing in cloud-based IVR. Key trends predicted to emerge during this forecast period include the rise of microfinance and digital banking, strategic alliances, investment influx, product enhancements, and technological evolution in the field of interactive voice response.
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Top Growth Drivers in the Interactive Voice Response Industry: What's Accelerating the Market?
The expansion of the interactive voice response market is anticipated to be propelled by the rising prevalence of internet accessibility. This refers to the proportion of a community or region that is capable of accessing the internet. Interactive Voice Response (IVR) systems can help enhance this penetration by offering an approachable and easy-to-use platform for users who might not have immediate internet access or who prefer voice interactions. For example, the International Telecommunication Union, a telecommunications agency based in Switzerland, disclosed that as of October 2023, 67% of the global population are utilizing the internet, demonstrating a 4.7% growth since 2022, an increase from the 3.5% growth witnessed from 2021 to 2022. In countries with lower income, the proportion of the population using the internet surged to 27%, rising from 24% in 2022. Therefore, the escalating internet penetration is driving the growth of the interactive voice response market.
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What Trends Will Shape the Interactive Voice Response Market Through 2029 and Beyond?
Leading corporations in the interactive voice response market are forging ahead with innovative strategies, such as the development of interactive voice response-to-text products, to secure competitive advantage. These products intend to ensure every employee gets equal access to communication and information, regardless of device constraints. As an example, Verint, a system software company based in the US, has successfully launched Verint Intelligent Virtual Assistant (IVA) - an AI-powered bot, in May 2024. This led to the automation of approximately 80% of their customer service interactions. By significantly automating customer dealings, the company is able to redistribute manpower efficiently, thereby improving its overall service provision.
What Are the Main 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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Which Top Companies are Driving Growth in the Interactive Voice Response Market?
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.
Which Regions Will Dominate the Interactive Voice Response Market Through 2029?
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.
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