Interactive Voice Response Market Outlook, 2032
An interactive voice response (IVR) system is a computer-automated telephone system that uses voice prompts to interact with callers and direct them to the appropriate department or agent. IVR systems are used by businesses of all sizes to improve customer service, reduce costs, and increase efficiency.
The global interactive voice response market is expected to grow from USD 9.1 billion in 2022 to USD 17.15 billion by 2032, at a CAGR of 7.30%. The growth of the IVR market is being driven by the increasing adoption of IVR systems by businesses across a variety of industries, the growing popularity of mobile devices, and the rising demand for self-service customer service options.
Key Companies in the IVR Market:
Some of the key players in the interactive voice response industry include:
- Cisco Systems
- Amazon Web Services
- IBM
- Nuance Communications
- Avaya
- Convergys
- Five9
- InContact
- Oracle
- Teleperformance
- West Corporation
These companies offer a wide range of interactive voice response solutions, including cloud-based, on-premises, and hybrid solutions. They also offer a variety of features and functionalities, such as natural language processing, speech recognition, and analytics.
Get An Exclusive Sample Of the Research Report at:
https://www.marketresearchfuture.com/sample_request/4274
Market Segmentation
The interactive voice response market is segmented by technology, deployment, vertical, and region.
- By technology, the market is segmented into touch-tone IVR and speech-enabled IVR. Touch-tone IVR systems use DTMF tones to interact with callers, while speech-enabled IVR systems use speech recognition technology to understand caller requests.
- By deployment, the market is segmented into cloud-based IVR and on-premises IVR. Cloud-based IVR systems are hosted on the cloud and can be accessed by callers from anywhere. On-premises IVR systems are hosted on the customer's premises.
- By vertical, the market is segmented into BFSI, healthcare, retail, telecommunications, and others. The BFSI vertical is the largest market for IVR systems, followed by healthcare and retail.
- By region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is the largest market for IVR systems, followed by Europe and Asia Pacific.
Regional Insights
The Asia Pacific region is expected to be the fastest-growing market for IVR systems during the forecast period. This growth is being driven by the increasing adoption of IVR systems by businesses in emerging economies such as China, India, and Indonesia.
The North American market is also expected to grow at a significant rate during the forecast period. This growth is being driven by the increasing adoption of IVR systems by businesses in the United States and Canada.
Industry Latest News
- In January 2023, Cisco Systems announced the launch of its new IVR solution, Cisco Unified IVR. The solution is designed to help businesses improve customer service and reduce costs.
- In February 2023, Amazon Web Services announced the launch of its new interactive voice response service, Amazon Connect. The service is designed to help businesses create and deploy IVR systems quickly and easily.
- In March 2023, IBM announced the acquisition of Experian Interactive. The acquisition is expected to help IBM expand its IVR offerings and reach new customers.
Browse Complete Report: https://www.marketresearchfuture.com/reports/interactive-voice-response-market-4274
Check out more Related Insights:
Statistical Analytics Market Research Report - Global Forecast 2030
Security Analytics Market Research Report- Global Forecast 2030
About Market Research Future:
