The Global Market for Interactive Voice Response (IVR) Systems is Forecast to Reach US$3.9 Billion by 2024

Undivided Focus On Customer Service Automation Drives the Global Market 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 forecast to reach US$3.9 billion by 2024, driven by the undivided focus on automating customer service with a view to leverage benefits such as reduced customer wait time; lower operational expenses; increased customer satisfaction and improvement in overall customer care.

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 the major benefits offered by customer service automation 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.

The scenario is spurring opportunities for self-service IVR. Interactive voice response (IVR) systems, defined as computer systems, which provide automated telephonic support to customers by accessing predefined database information. While Asia Pacific, Latin America and the Caribbean represent emerging markets with strong potential for growth, North America and Europe represent relatively mature markets. The market in developed countries is forecast to witness strong replacement demand as companies in an attempt to optimize efficiency and sharpen competitiveness carry out strategic value assessment of their IVR systems. Legacy IVR systems are expensive to own, operate and maintain and have limited upgrade capabilities. Given the limitations of first-generation IVR systems in addressing the changing and growing customer service requirements of large enterprises, several large companies are deploying new, IVR technologies based on open-standards such as such as VXML and SALT. Introduction of VoiceXML is expected to speed up voice-enabled content development.

Few of the other major factors poised to positively impact market growth include growing adoption rates among SMBs; ballooning B2C eCommerce sales and the resulting focus on building customer relationships through IVR; developments in advanced natural language IVR; rise of conversational commerce and the resulting popularity of Speech Enabled IVR; proliferation of smartphones and mobile computing devices and ensuing demand for visual IVRs that offer easy click through menus on smartphone screens; and the disruptive emergence of cloud based IVR services.

As stated by the new market research report on Interactive Voice Response (IVR) Systems, the United States represents the largest market worldwide. Emerging markets rank as the fastest growing over the analysis period led by strong development of the services sector against the backdrop of stable economic growth, and increased consumer consumption of goods and services; innovative use of IVR systems by governments as a cost effective channel to handle public grievances 24x7; growing adoption among personal banking, mortgage banking, portfolio management, utility services and eCommerce companies; and gradual replacement of traditional SMS-based marketing campaigns with IVR.

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, DialogTech, E-Complish Inc., Enghouse Systems Limited, Genesys, 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 USA, Canada, Europe, and Rest of World. IVR Systems are analyzed by four major segments that include Less than 24 Ports, 25 to 46 Ports, 47 to 64 Ports, and 65 & Above Ports.

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