Interactive Voice Response Market Synopsis:
The interactive voice response market 2020 is supposed to gain quick mileage. The technology, even though it is at a nascent stage, is expected to gain popularity. It is anticipated to witness proliferating applications across major industry domains. This, in turn, is assumed to expand IVR market size over the next couple of years. According to the observations provided in the report by Market Research Future MRFR, the global interactive voice response market has been assessed to register 7% CAGR across the review period 2017 to 2023. It also indicates that the revenue earned by the market by the end of 2023 will reach USD 3.7 Bn approximately.
The technology offers advantages to organizations to ensure optimal performance in the field of consumer relationship management. Developing technologies being integrated into these systems are further prognosticated to boost the expansion of the interactive voice response industry. Investments are also assessed to increase in the market due to the rising demand for the product. It is supposed to favor growth of the Global Interactive Voice Response Market. The introduction of cloud technology annd it’s rapid developments are projected to influence the interactive voice response market positively. However, there exists lack of expertise which can restrict market growth in the upcoming years.
8X8, Inc. (U.S.), Nuance Communications, Inc. (U.S.), Convergys Corporation (U.S.), Avaya Inc. (U.S.), Cisco Systems, Inc. (U.S.), AT&T Inc. (U.S.), West Corporation (U.S.), Genesys Telecommunication Laboratories, Inc. (U.S.), Verizon Communications Inc. (U.S.), IVR Lab (U.S.) are some of the key players holding substantial interactive Voice response market share. These players are assessed to play pivotal role in the development of the global market in the foreseeable future. It has also been revealed in this MRFR report that the investments in regional footprint expansion by Market players can encourage healthy competition. It is anticipated to favor market growth. Also, strategies such as mergers, collaborations, acquisitions, research & development, partnerships, etc. can be witnessed in the market in the coming years.
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Interactive Voice Response Market Segmentation:
The interactive voice response market’s major segment include solution, technology, service, deployment, organization size and vertical.
- While cloud solution occupies the highest market share as it assists enterprises by curtailing cost associated with the IT infrastructure. Cloud solution also enable enterprise to focus on core business competencies. It also provides enterprises with data protection and security, efficiently manage storage and privacy issues, offers data integrity and gives information related to governance and make enterprise legally prepared.
- The deployment segment comprises of on-cloud and on- premise.
- The organization segment includes large organizations and small & medium organizations.
- The vertical segment comprises of IT & telecommunication, healthcare, education & government, transportation & logistics, consumer goods & retail travel, and media & entertainment.
The geographical study of this global interactive voice response market is covered and it spans across North America, Asia-Pacific (APAC), Europe, and the Rest of the World (RoW). A country-based study of each of these major regions is also provided in the report for a comprehensive view of the market. North America, being a developed and advanced region, is poised to retain the pole position.
The availability of an advanced network infrastructure in the region is expected to contribute to the growth of the interactive voice response market. The region is benefitted by the large-scale adoption of interactive voice response systems across small scale industries. Asia Pacific interactive voice response market is presumed to witness growth at the highest rate. Rising applications of the system in industry domains such as IT & telecommunication, healthcare, education, BFSI, etc. are projected to drive the growth of the market.
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