Global Interactive Voice Response Market Size to Reach USD 9.99 Billion in 2032 | Emergen Research

Vancouver, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The anticipated global market size for interactive voice response (IVR) is projected to attain USD 9.99 billion by 2032. The most recent analysis by Emergen Research predicts a compound annual growth rate (CAGR) of 6.8% in revenue during the forecast period. The upswing in the adoption of IVRs, aimed at enhancing the scalability and operational efficiency of organizations, stands as a key driver contributing to the consistent growth in market revenue for interactive voice response systems.

An Interactive Voice Response System (IVRS) operates by receiving input through voice telephony and touch-tone keypad selections, subsequently delivering appropriate responses through channels such as voice, fax, callback, email, and other communication methods. To delve deeper into the concept of IVR and discover strategies for modernizing IVR applications to bolster contact center productivity and elevate customer satisfaction, explore the insights presented in this article.

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IVR systems can manage high call volumes automatically. An IVR system, for example, can provide clients the choice of waiting in a queue, requesting a callback, or selecting an automated service. It can also distribute calls evenly across reps to increase efficiency. To enhance operations, scalability, and customer experience, using a rules engine to automate repeated processes can help.

Most IVRS are now designed to offer a large range of menu options, which leads to unsatisfied consumers. As a result, a company's image suffers. Furthermore, many options for picking from a menu result in a substantially higher level of annoyance among callers due to lengthy wait periods. When calling customer service, customers prefer to speak with a live person rather than a machine. As a result of the presence of various irrelevant alternatives, one of the market restrictions is the IVRS's complexity.

Furthermore, the trend in most modern IVRS designs involves incorporating a wide array of menu options, which, ironically, can contribute to customer dissatisfaction. The excessive options tend to overwhelm callers and impede their ability to swiftly navigate the system. This complexity can inadvertently cast a negative light on the company's customer service capabilities.

Research indicates that extended periods of waiting and navigating through intricate menu structures can significantly elevate caller frustration. Many customers express a strong preference for direct interaction with a human representative, valuing the personalized assistance and prompt issue resolution that such interactions offer. This inclination towards human interaction is attributed to the desire for a more empathetic and intuitive exchange, something that automated systems struggle to provide.

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 Scope of Research

Major Companies and Competitive Landscape

The global interactive voice response market is consolidated, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective interactive voice responses. Some major players included in the global interactive voice response (IVR) market report are:

• inContact Inc.
• Nuance Communications, Inc.
• Genesys Telecommunication Laboratories, Inc.
• 8x8, Inc.
• AT&T Inc.
• Avaya Inc.
• Aspect Software Parent, Inc.
• 24/7 Customer, Inc.
• Verizon Communications Inc.
• Five9, Inc.

Strategic Development

• On 1 March 2023, MAI, a privately owned 3PL company located in Chicago that specializes in warehousing, fulfillment, and omnichannel contact services, said that it has acquired WASI, a privately held call center operator situated in Omaha, Nebraska, to join its MAI Voice division. With the acquisition on March 1, MAI Voice currently employs more than 200 individuals, including contact center representatives in all 50 states and Costa Rica. Live agent support, chat, e-mail, Interactive Voice Response (IVR), self-help, appointment-making, research and survey management, and AI choices are now part of MAI Voice's increased omnichannel solutions. MAI Voice serves clients in the home services, e-commerce, retail, state and federal government, education, technical services, roofing, survey and research, travel, and medical office industries.
• On 7 May 2023, with a live presentation of its artificial intelligence model for educational and corporate purposes, Chinese voice-recognition startup iflytek Co. entered the race to establish a rival to OpenAI Inc.'s ChatGPT, even as Beijing signals tighter regulation of the industry. At a ceremony in the eastern city of Hefei, the Chairman presented its SparkDesk, which uses voice-recognition prompts to ask the chatbot in Chinese and English to analyze student writings and construct hypothetical stories such as Confucius' presence at the 2008 Olympics in Beijing.

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Some Key Highlights From the Report

• The speech-based segment is expected to account for a significantly large revenue share in the global market over the forecast period. The fast use of voice solutions in the IVR sector is now being driven by advances in speech algorithms, natural language processing, vocabulary management, and language modeling. Aside from technological advancements, several market factors are combined to make voice the preferred IVR user interface now and in the future. This course examines current state of voice-enabled IVR applications, with an emphasis on phonetic speech recognition, features and advantages, and development and deployment processes.
• The Banking, Financial Services, and Insurance (BFSI) segment is expected to account for a significantly large revenue share in the global market over the forecast period. If a client's card is lost, damaged, or stolen, they do not need to call customer service lines and wait in vain to be connected to an employee. Customers can use an IVR to report the incident by dialing hotline number, selecting desired language, and following simple processes to get their card banned. They will receive a confirmation through Short Message Service (SMS) or letter after properly submitting the request. They can also request that a replacement card be issued. If a fraudulent transaction is identified in a customer's account, an IVR can quickly warn them. Though an SMS message can also do this, IVR allows the client to be immediately directed to a banking advisor.
• The interactive voice response market in North America accounted for largest revenue share in 2022. Factors such as increased activity by leading market players, such as new releases and product expansions, among others, are driving revenue growth of the market in this region. RTD's updated Next Ride IVR, an interactive voice response system, for example, makes it simple to know when a bus will arrive at a certain stop. Customers can contact 303-299-6000 to find out when a certain fixed-route bus or train will arrive at a specific stop. The real-time system, which is accessible by phone or online, tracks bus and rail delays as well as stops cancellations or suspensions. Next Ride IVR now features more accurate speech recognition, allowing callers to interact with the system without using a touch-tone keypad.

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For the purpose of this report, Emergen Research has segmented the global interactive voice response market on the technology, deployment mode, organization size, services, solution, vertical, and region:

• Technology Outlook (Revenue, USD Billion; 2019–2032)
  • Speech Based
  • Touch-Tone Based
• Deployment Mode Outlook (Revenue, USD Billion; 2019–2032)
  • Cloud
  • On-Premises
• Organization Size Outlook (Revenue, USD Billion; 2019–2032)
  • Small & Medium-Sized Enterprises (SMEs)
  • Large Enterprises
• Service Outlook (Revenue, USD Billion; 2019–2032)
  • Installation
  • Training & Education
  • Maintenance & Support
• Solution Outlook (Revenue, USD Billion; 2019–2032)
  • Call Routing
  • Outbound
  • Self-Service
• Vertical Outlook (Revenue, USD Billion; 2019–2032)
  • BFSI
  • Travel & Hospitality
  • Pharma & Healthcare
  • Telecommunications
  • Government & Public Sector
  • Transportation & Logistics
  • Information Technology-Enabled Services
  • Media, Retail, & E-Commerce
  • Education
  • Others
• Regional Outlook (Revenue, USD Billion, 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Spain
    5. BENELUX
    6. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Israel
    4. Rest of MEA

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