Interactive Voice Response Market size worth $ 6.6 Billion, Globally, by 2030 at 6.19% CAGR: Verified Market Research®

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Jun 13, 2022, 09:15 ET

The factors such as the growing number of customer care and sales teams across enterprises, IVR systems save operational costs and improve agent efficiency, pre-recorded IVR messages, and information about callers, will lead the market growth.

JERSEY CITY, N.J., June 13, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Interactive Voice Response Market" By Organization Size (Large Enterprises, Small And Medium Organizations), By Deployment Model (Cloud-Based, On-Premises), By Technology (Touch-Tone Based, Speech Based), By Vertical (Healthcare, Government And Public Sector), and By Geography. According to Verified Market Research, the Interactive Voice Response Market size was valued at USD 4.1 Billion in 2021 and is projected to reach USD 6.6 Billion by 2030, growing at a CAGR of 6.19% from 2022 to 2030.

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Browse in-depth TOC on "Interactive Voice Response Market"

202 - Pages
126 – Tables
37 – Figures

Global Interactive Voice Response Market Overview

The rise in disposable income acts as a primary growth driver in the Global Interactive Voice Response Market. IVR is a technology that allows humans to communicate with an automated phone system. This system communicates with callers, gathers data, and routes incoming calls to the proper parties. It uses a combination of telephone input and keypad selection tone to respond to queries received via fax, callback, voice, email, and other communication channels. A computer-telephony integration system is an Interactive Voice Response system (CTI). You'll need a telephony board and dedicated IVR software to implement IVR technology in your contact center, which will allow you to pre-record greetings for callers. The growing number of operational BPOs and individual contact centers around the world are some of the key drivers for interactive voice response.

The market for interactive voice response will also be driven by the growing number of customer care and sales teams across enterprises. Another aspect that could drive the Interactive Voice Response Market is the fact that interactive voice response systems save operational costs and improve agent efficiency. In the interactive voice response (IVR) business, however, some constraints have emerged. Interactive voice response menus can be too extensive, difficult to grasp, and include too much information, to name a few limitations. Another aspect that may function as a market limitation is the voice prompt, which might make it difficult to interpret material at times which impedes the growth of the Interactive Voice Response Market.

Key Developments

In March 2021, Avaya Inc announced that they add new capabilities for Avaya Spaces, the modern workstream collaboration (WSC) platform that offers evolved Unified Communications capabilities via a user's preferred device.
In December 2020, Genesys Telecommunication Laboratories announced to launch of the Future of Digital Customer Engagement. New Genesys Digital business unit led by Barry O'Sullivan builds on the company's leadership in customer experience and AI.

Key Players

The major players in the market are Genesys Telecommunication Laboratories, Inc., Avaya Inc., AT&T Inc., Aspect Software Parent, Inc., West Corporation, Cisco Systems, Inc., IVR Lab, Verizon Communications Inc., New Voice Media, and Nuance Communications, Inc.

Verified Market Research has segmented the Global Interactive Voice Response Market On the basis of Organization Size, Deployment Model, Technology, Vertical, and Geography.

Interactive Voice Response Market, By Organization Size

Large Enterprises
Small And Medium Organizations

Interactive Voice Response Market, By Deployment Model

Cloud-Based
On-Premises

Interactive Voice Response Market, By Technology

Touch-Tone Based
Speech Based

Interactive Voice Response Market, By Vertical

Healthcare
Government And Public Sector
It And Telecom
Banking, Financial Services, And Insurance (BFSI)
Travel And Hospitality
Media, Retail And E-Commerce
Education
Others

Interactive Voice Response Market, by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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