Interactive Voice Response System Market: A Competitive Landscape And Professional Industry Survey 2020-2030
Interactive Voice Response System: Introduction
- An interactive voice response (IVR) system is an automated telephony technology used to automate inbound calls by the use of pre-recorded voice messages and touch-tone keypad selections with DTMF input using a keypad.
- An interactive voice response system consists of software applications, telephony equipment, a database, and any supporting infrastructure to interact with callers, and routes calls to the appropriate agent. The three types of interactive voice response systems include: IVR for Self-service, Hosted IVR, and Agent-assisted IVR. Interactive voice response offers various types of services to customers as per their requirement and business process.
- The global interactive voice response system market is projected to expand at a rapid pace during the forecast period, due to increase in demand to handle customer queries in real-time among end-users.
Global Interactive Voice Response System Market: Dynamics
Global Interactive Voice Response System Market: Key Drivers and Restraints
- Rise in need to handle and deal with incoming call spikes, increase customer service efficiency, and boost customer satisfaction when complemented with auto call backs is anticipated to propel the market during the forecast period.
- Increasing demand for interactive voice response based outbound services are driving the interactive voice response system market.
- Growing adoption of advanced technologies such as cloud computing, artificial intelligence, and robotic process automation among business process outsourcing companies is anticipated to boost the demand for interactive voice response systems during the forecast period.
- Increasing need to standardize business processes and demand for cost effective operations among organizations is also expected to boost the interactive voice response system market during the forecast period.
- Rising adoption of cloud-based solutions drives the need to manage cloud data, and this is expected to boost the demand for interactive voice response systems across the globe.
- However, rise in adoption of chatbots and virtual assistants is expected to hamper the interactive voice response system market during the forecast period.
- Increase in dynamic outsourcing service requirements is also projected to restrain the market in the next few years.
Impact of COVID-19 on the Global Interactive Voice Response System Market
- Increase in cases of COVID-19 across the globe is resulting in economic slowdown. The traditional call center outsourcing business has been adversely impacted in most countries due to partial or full lockdown. This in turn increases the demand for digital or automated solutions such as interactive voice response systems, to handle customer queries in real-time.
- As per Verizon Communications Inc., phone calls during the pandemic increased around 25%. According to AT&T Inc., rise in phone calls on wireless networks accounted for around 44% during the pandemic. Organizations are adopting various solutions to handle all the calls. For instance, some businesses are setting up an IVR to let callers self-route, play a personalized IVR message at the beginning of calls, etc. This in turn increases the demand for interactive voice systems. Hence, the global interactive voice response system market is expanding during COVID-19.
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North America to Hold Major Share of the Global Interactive Voice Response System Market
- In terms of region, the global interactive voice response system market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global interactive voice response system market in 2019, due to the early adoption of advanced technologies such as natural language processing, artificial intelligence (AI), robotics process automation, cognitive IVR, etc. in the U.S., which propels the interactive voice response system market in North America.
- The interactive voice response system market in Asia Pacific is projected to expand at a high CAGR during the forecast period. This can be attributed to the rising number of new small and medium enterprises (SMEs) and large enterprises in the region.
Global Interactive Voice Response System Market: Competition Landscape
Several local, regional, and international players are active in the interactive voice response system market with a strong presence. Rapid technological advancements have led to opportunities in this market. Interactive voice response system vendors are focused on inorganic growth strategies such as strategic collaborations, and merger and acquisitions with technology partners to develop innovative and advanced digital solutions to improve their offerings and market reach.
Key Players Operating in the Global Interactive Voice Response System Market Include:
- Aspect Software Inc.
- AT&T Inc.
- Atos SE
- Avaya Holdings Corp.
- Cisco Systems Inc.
- Concentrix Corp.
- Convergys Crop
- Dialogic Corporation
- Mitel Networks Corporation
- NEC Corporation
- NICE Ltd.
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