New York, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global interactive voice response market size is expected to expand at 6.5% CAGR from 2024 to 2036. The market is anticipated to garner a revenue of USD 9.6 billion by the end of 2036, up from a revenue of USD 4.5 billion in the year 2023. The growing need to save the churn rate is the major factor that has increased the adoption of interactive voice response by companies. Just a single customer out of every 26 dissatisfied customers will truly complain; the rest of them will merely leave.
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Therefore, it's up to the company to anticipate their actions, analyze client happiness, and make feedback an essential element of your product strategy. Moreover, around 96% of the world's respondents believe that customer service plays a key factor in their brand loyalty decision, and about 56% have terminated their involvement with a company simply because of a poor customer service experience. This is of particular significance these days, as customer expectations have risen significantly as a result of the widespread and readily available data. With reduced shifting barriers, each neglected complaint, lack of agility and proactivity, attitude, or lack of knowledge will cost the company a client who won't be afraid to express his discontent to customers.
Interactive Voice Response (IVR) Market: Key Takeaways
- Market in North America region to propel the highest growth
- The Large Enterprises segment to garner the highest growth
- Market in Asia Pacific region to grow at a highest rate
Growing Use of Voice Assistants is to Boost the Growth of the Interactive Voice Response (IVR) Market
In 2023, in the United States, around 86 million people are using Google voice assistants and over 81 million and 75 million are using Apple’s Siri and Amazon’s Alexa. When it comes to voice search, these voice assistants and other voice-enabled applications are changing the game. Each day, millions of people around the world are leveraging them to do internet searches. The market for voice-enabled applications has grown significantly in recent years. The global interactive voice response (ivr) market is anticipated to reach 8 billion units by 2023. This expansion has been here for a long time and will most certainly continue to rise. Consumers appear to be drawn to voice search because of its ease of use and simplicity. The research firm Google says that around 70% of people who possess a voice-activated speaker use it frequently as part of their daily routine.
Interactive Voice Response (IVR) Industry: Regional Overview
The global interactive voice response (IVR) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Adoption of Smart Home Devices is to Boost the Market Growth in North America Region
According to Smart Home Statistics, a total of 61 million households in the United States of America are expected to begin adopting smart home devices by the end of 2023. Moreover, nearly 46% of households want to convert their homes to smart homes. Therefore, the rising integration of smart home devices in households will increase the need for voice assistants, since it enhances the operability of these devices. Voice assistants may answer questions, provide information, set timers and reminders, function smart home devices, send messages, make calls, and do a variety of other things.
Expanding Base for Customer Services to Elevate Market Growth in Asia-Pacific
During the last few decades, Asia has established itself as an international center for business process outsourcing (BPO). Huge renowned businesses are learning that delegating tasks to developing Asian countries is a good method for obtaining work done promptly and at a lower cost. Work done in Australia and other Western countries can be outsourced to Asian countries, as it is highly beneficial for foreign companies since the labor in Asian countries is cheap. Outsourcing is capable of saving businesses up to 60% on labor expenditures. Moreover, Forescout Technologies has announced the establishment of a new Asia Pacific headquarters in Singapore, as well as a new support center in India, which will service both worldwide customer support and Asian operations.
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Interactive Voice Response (IVR), Segmentation by Organization Size
- Large Enterprises
- Small & Medium Organizations
On the basis of organization size, the interactive voice response (ivr) market large enterprises segment is expected to be responsible for the large market revenue over the projected time frame. The growth of the segment is majorly attributed to the rise in the number of large companies. The global number of large corporations from 2000 to 2021. In 2021, there were around 350,000 major enterprises employing 250 or more people worldwide, up from 340,000 in 2020. Introducing voice assistant technology into the organization's procedures would additionally improve your client experience, but will also increase your company's efficiency. Automating monotonous chores to a voice assistant will give your employees more time.
Interactive Voice Response (IVR), Segmentation by Deployment Model
- Cloud-Based
- On-Premises
Interactive Voice Response (IVR), Segmentation by Technology
- Touch-Tone Based
- Speed Based
Interactive Voice Response (IVR), Segmentation by Verticals
- BFSI
- Travel & Hospitality
- Telecommunications
- Transportation & Logistics
- Media
- Retail & E-Commerce
- Education
- ITES
- Healthcare
- Government & Public Sector
On the basis of verticals, the interactive voice response (ivr) market BFSI segment is expected to gain the highest market revenue over the forecasted period. Banks can utilize communication interfaces to boost brand awareness, focus on specific issues, increase customer appeal, innovate, and much more. Moreover, the BFSI sector is heavily investing in incorporating technology in the sector, which will enhance the efficiency of the BFSI sector. Artificial intelligence is one of the most cherished technologies in the banking sector. Moreover, in the global BFSI sector, around 70% of customer interaction is likely to have technology inclusion, which includes chatbots, mobile messaging, and machine learning.
A few of the well-known market leaders in the global interactive voice response (IVR) market that are profiled by Research Nester are 8X8, Inc., Nuance Communications, Inc., Convergys Corporation, Avaya Inc., Cisco Systems, Inc., AT&T Inc., Verizon Communications Inc., Genesys Telecommunication Laboratories, Inc., Aspect Software Parent Inc., and Five9, Inc.
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Recent Developments in the Interactive Voice Response (IVR) Market
December 2020, Genesys Telecommunication Laboratories, announced the launch of the new Future of Digital Customer Engagement. Genesys DX builds on the company's CX expertise and Genesys AI, predictive engagement to boost the Bold360 acquisition's conversational AI and dynamic knowledge base capabilities.
- March 2021, Avaya Inc., has announced the addition of new specifications in Avaya Spaces. It is one of the latest workstream collaboration (WSC) platforms. AI-enhanced conferences and easier, consolidated audio and video calling enabled by Avaya OneCloudTM CPaaS (Communications Platform as a Service) may now be supplemented with Avaya Spaces.
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