The Global Market for Interactive Voice Response (IVR) Systems is Projected to Reach US$3.5 Billion by 2022

Continued Focus on Customer Service Automation Sustains Demand for Interactive Voice Response (IVR) Systems, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Interactive Voice Response (IVR) Systems market. The global market for Interactive Voice Response (IVR) Systems is projected to reach US$3.5 billion by 2022, driven by the growing role played by customer service automation in shaping brand experiences.

Defined as automation of routine assistive services pertaining to enquiries related to product troubleshooting, maintenance, installation, billing etc., customer service automation plays a major role in relieving companies of customer care administration burden. In an economic climate where there is constant downward pressure on support budgets, customer service automation offers numerous benefits to manufacturing and service oriented companies. Few of these benefits include rapid access to product related information anytime, anywhere; enhanced productivity by over 40%; higher customer satisfaction; offers the convenience of self-service; accelerates orders and payments; and improves service delivery. Growing competition and increased product and service choices is leading customers to prefer brands that provide value for money and add value to life. Several factors are playing instrumental roles in eroding customer loyalty including inability of companies to meet customer expectations; ineffective loyalty programs; inability of the brand to provide personalized and unique relevance; and poor after sales services and support. The current digital era has further aggravated the decline in customer loyalty by making information about products and services transparent. The digital world has turned virtually every industry into a commodity market where price plays a key role in influencing customer choices and decisions. Against this backdrop, customer service remains vital to the overall health and well-being of companies in the 21st century.

Developments in computer telephony, cognitive computing and artificial intelligence are paving the way for computerized robots to take over live customer care agents. Increase in call throughput, ability to provide support in multiple languages, and reduced agent overheads are some of the benefits involved in turning over routine customer care tasks to the Droids. Few of the major factors driving growth in the IVR market include healthy outlook for the world call center industry and the ensuing increase in investments in call center equipment including IVR; mobile telephony revolution and the resulting rise in inbound customer service calls from mobile devices; continued use of telemarketing to create valuable sales leads; advances in natural language conversational IVR; growing popularity of personalized IVR; the rise of cloud based IVR; and strong customer adoption of IVR payment processing.

As stated by the new market research report on Interactive Voice Response (IVR) Systems, the United States represents the largest market worldwide. Developing markets are forecast to witness strong growth trailing a combined CAGR of 8.7% over the analysis period, led by the growing trend towards outsourcing contact center operations to low cost regions; focus on customer care by local businesses driven by intense competition and explosion of internet commerce; weakening customer loyalty amid countless choices and the resulting need to invest in automation technologies to ensure customer satisfaction by building the right brand experiences; and tendency among consumers in emerging markets to switch vendors, share negative product and service experiences and spread publicity through social media.

Major players in the market include [24]7 Inc., Aspect Software Inc., AT&T Inc., Avaya Inc., Cisco Systems Inc., Connect First Inc., Convergys Corp., Database Systems Corp., Dialogic Corporation, E-Complish Inc., Enghouse Systems Limited, Genesys, Healthcare Technology Systems (HTS), Mitel Networks Corporation, Nuance Communications Inc., True Image Interactive Inc., Verizon Communications Inc., Voicent Communications Inc., and West Corporation, among others

The research report titled “Interactive Voice Response (IVR) Systems: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the US, Canada, Europe, and Rest of World. Product segments analyzed in the report include IVRs Less than 24 Ports, 25 to 46 Ports, 47 to 64 Ports, and 65 & Above Ports.

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