Interactive Voice Response Market Research Report to 2022 by Radiant Insights

Based on the findings of a research report made available by Radiant Insights, Inc., the global interactive voice response (IVR) market is projected to witness steady growth over the forecast period (from 2016 to 2022). Growing need for improved Customer Relationship Management (CRM) is anticipated to augment overall market growth in future. Various companies can generate more revenue through IVRs as they can help resolve and fulfill customer queries at any time and place, thereby eliminating the need for a live agent. This, in turn, reduces overall costs.

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The complexity of these systems caused by the presence of many irrelevant options may have a negative impact on the global market. However, increasing incorporation of highly developed technologies and growing adoption of cloud-based services that meet market standards are likely to bolster market growth over the next five years.

Constant R&D and product development activities in the global interactive voice response market are also expected to spur overall growth. For instance, in the recent past, Nuance Communications, Inc. announced that its connected car voice technologies, Dragon Drive, can power in-car infotainment systems for several car models by BMW. The BMW 7 series was the first car series with a conversational UI created with Nuance’s barge-in and text-to-speech solutions, Natural Language Understanding (NLU), and hybrid embedded-cloud voice recognition. Together, they provide intuitive access to in-car connected services and functions while reducing distraction.

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The global IVR market is categorized on the basis of technology, deployment mode, service, end user, and region. Based on technology, the market is segmented into touch-tone based and speech based. By deployment mode, the market is categorized into on-premise and cloud. By way of service, the market is segmented into maintenance and support, installation, and training and education. Key consumers include education, travel and hospitality, Banking, Financial Services, and Insurance (BFSI), Information Technology Enabled Services (ITES), media, retail, and e-commerce, pharma and healthcare, transportation and logistics, telecommunications, government and public sector, and others.

Based on region, the market is divided into Latin America, North America, Europe, Southeast Asia, Asia Pacific (APAC), and Middle East and Africa (MEA). North America has accounted for significant share in the market in the past. Rapid developments in IVR technology for flawless communication are a key factor driving the regional market. Rising number of IVR applications in pharma, BFSI, healthcare, public, and government sectors in the region are also projected to boost market expansion.

The APAC IVR market is said to have high market potential and is estimated to witness rapid growth over the forecast period. Developing countries in this region have immense potential in terms of development of IVR systems in various sectors such as government and public, telecommunications, pharma, and education. This is likely to augment the market in future. In addition, excellent transport facilities and a strong presence of key automotive manufacturers such as Toyota Motor Corp. are likely to fuel the demand for IVR systems in the logistics segment, thereby propelling the APAC regional market.

Some of the prominent companies operating in the worldwide interactive voice response market are Verizon Communications Inc.; Nuance Communications, Inc.; Cisco Systems, Inc.; Genesys Telecommunication Laboratories, Inc.; Aspect Software Parent Inc.; and 24/7 Customer, Inc.