Global Interactive Voice Response Market, By Technology (Speech Based, Touch-Tone Based), Deployment Mode (Cloud, On Premise), Organization Size (Small and Medium Enterprise (SME), Large Enterprise), Services (Installation, Training and Education, Maintenance and Support), Vertical (BFSI, Travel and Hospitality, Pharma and Healthcare, Telecommunications, Government and Public Sector, Transportation and Logistics, ITES, Media, Retail, and E-commerce, Education, Others), Solution (Call Routing, Outbound, Self-Service) – Industry Trends and Forecast to 2030.
Interactive Voice Response Market Analysis and Size
Interactive voice response or IVR refers to a technology that allows humans to interact with an automated telephone system. Apparently, it receives a combination of telephone input and keypad selection tone to basically provide appropriate responses to inquiries in the form of voice, email, fax, call back, and other contact methods.
Data Bridge Market Research analyses that the global interactive voice response market which was USD 81,030 million in 2022, would rocket up to USD 185,560 million by 2030, and is expected to undergo a CAGR of 20.8% during the forecast period. This indicates the market value. “Speech Based” dominates the type segment of the global interactive voice response due to their sports and fitness segment is expected to dominate the market as due to Speech-based segments dominate the global interactive voice response market primarily due to the significant advantages they offer in terms of user experience, accessibility, and versatility. Speech-based IVR systems enable users to engage in conversations with the system using natural language, mimicking human interaction. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Interactive Voice Response Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customisable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Technology (Speech Based, Touch-Tone Based), Deployment Mode (Cloud, On Premise), Organization Size (Small and Medium Enterprise (SME), Large Enterprise), Services (Installation, Training and Education, Maintenance and Support), Vertical (BFSI, Travel and Hospitality, Pharma and Healthcare, Telecommunications, Government and Public Sector, Transportation and Logistics, ITES, Media, Retail, and E-commerce, Education, Others), Solution (Call Routing, Outbound, Self-Service)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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8x8, Inc (U.S.), Nuance Communications, Inc. (U.S.), Avaya Inc. (U.S.), Cisco Systems (France), ATandT Intellectual Property (U.S.), Intrado (U.S.), Nortex Communications (U.S.), Nuance Communications, Inc. (U.S.), paragon semvox GmbH (Geramany), Raytheon Technologies Corporation (U.S.), Sensory Inc. (U.S.), Voice Technologies Ltd (U.S.),, VoiceVault. (U.S.), Genesys (U.S.), Verizon Communications (U.S.), IVR Lab (U.S.), Vector Capital. (U.S.), [24]7.ai, Inc. (U.S.), and Five9 Inc. (U.S.)
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Market Opportunities
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Market Definition
Interactive voice response or IVR refers to a technology that allows humans to interact with an automated telephone system. Apparently, it receives a combination of telephone input and keypad selection tone to basically provide appropriate responses to inquiries in the form of voice, email, fax, call back, and other contact methods. The major purpose of interactive voice response is to interact with callers, collect information and direct incoming calls to the appropriate recipients.
Global Interactive Voice Response Dynamics
Drivers
- Technological Advancements of Interactive Voice Response
Advancements in technology have significantly impacted the smart payment market. This includes innovations in encryption, tokenization, and secure authentication methods, which enhance the security of digital transactions. Additionally, the development of blockchain and distributed ledger technology has opened up possibilities for more secure and transparent transactions, with cryptocurrencies like Bitcoin and Ethereum becoming viable payment options.
- Changing Consumer Preferences
Consumers increasingly favor convenient and secure payment methods. The shift from traditional cash and card payments to digital wallets and contactless payment methods is driven by the desire for faster, more efficient transactions. This is particularly evident in younger generations who are more tech-savvy and comfortable with mobile payments
Opportunities
- Microfinance and Digital Banking
Offering microfinance services and digital banking solutions tailored to underserved populations can help bridge the financial inclusion gap. This includes mobile-based banking and microloans.
- Integration of Internet of Things (IoT)
Additionally, the integration of internet of things (IoT) with interactive voice response also further offer numerous growth opportunities within the market. Real-time location data are being produced as a result of the internet of things (IoT) platforms' increasing use in business operations to provide customers with highly relevant and location-specific services. Additionally, the combination of interactive voice response and internet of things (IoT) devices gives users access to accurate data for geospatial data analysis. For instance, geographical data can be used to monitor an IoT-enabled valve from any location in the world
Restraint/Challenge
- High Cost
The pricey geographic information system will further derail the overall market’s growth. The Interactive Voice Responses expensive because in addition to the technology and software, it is necessary to have a properly qualified human workforce. Specialized knowledge is needed to comprehend and interpret the information gathered by global interactive voice response market, which is expensive to hire and train. This factor will therefore obstruct market growth over the forecast period.
Recent Developments
- In June 2022, Hexagon, a multibillion-dollar market leader in sensor, software, and digital reality solutions, is supporting start-ups to boost productivity and ESG. Hexagon Manufacturing Intelligence Division awarded SmartParts and RIIICO recognition. The manufacturing sector's efficiency and sustainability will rise thanks to the open innovation platform's assistance in scaling startups and expanding connectivity with top-tier businesses
- In June 2022, Construct Helix was introduced by Bentley Acceleration Initiatives, the company's internal incubator for strategic investments. Bentley Systems is a provider of infrastructure engineering software. By offering SaaS solutions that will enable a connected data environment, it is specifically designed to digitalize the flow of construction project workflows
Global Interactive Voice Responses cope
The global interactive voice response market is segmented on the basis of technology, deployment mode, organization size, services, vertical, and solution. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Technology
- Speech Based
- Touch-Tone Based
Deployment Mode
- Cloud
- On Premise
Organization Size
- Small Medium Enterprise (SME)
- Large Enterprise
Services
- Installation,
- Training and Education
- Maintenance and Support
Vertical
- BFSI
- Travel and Hospitality
- Pharma and Healthcare
- Telecommunications
- Government and Public Sector
- Transportation and Logistics
- ITES
- Media
- Retail and E-commerce
- Education
- Others
Solution
- Call Routing
- Outbound
- Self-Service
Global Interactive Voice Response Market Analysis/Insights
The global interactive voice response market is segmented on the basis of technology, deployment mode, organization size, services, vertical, and solution as referenced above.
The countries covered in the global interactive voice response market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the global interactive voice response market because of the high rate of adoption of interactive voice response technology within the region over the forecast period of 2022 to 2029. Moreover, the increased research and development proficiencies to improve the technology is further estimated to accelerate the expansion over the forecast period.
Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to rapid urbanization and the construction of smart cities within the region. The increasing awareness about interactive voice response technology is a significant contributor to the regional market expansion.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Interactive Voice Response Market Share Analysis
The global interactive voice response market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to global interactive voice response market.
Some of the major players operating in the global interactive voice response market are:
- 8x8, Inc (U.S.)
- Nuance Communications, Inc. (U.S.)
- Avaya Inc. (U.S.)
- Cisco Systems (France)
- ATandT Intellectual Property (U.S.
- Intrado (U.S.)
- Nortex Communications (U.S.)
- Nuance Communications, Inc. (U.S.)
- paragon semvox GmbH (Germany)
- Raytheon Technologies Corporation (U.S.)
- Sensory Inc. (U.S.)
- Voice Technologies Ltd (U.S.)
- VoiceVault. (U.S.)
- Genesys (U.S.)
- Verizon Communications (U.S.)
- IVR Lab (U.S.)
- Vector Capital. (U.S.)
- [24]7.ai, Inc. (U.S.)
- Five9 Inc. (U.S.)
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