Interactive Voice Response Market Growing at 6.83% CAGR During 2017 to 2023
PUNE, India, September 7, 2017 /PRNewswire/ --
The interactive voice response (IVR) market is forecast to reach $5.54 billion by 2023 from $3.73 billion in 2017 at a CAGR of 6.83% during (2017-2023) driven by the increasing scalability and efficiency of organizations, the increasing integration of advanced technologies and rise in cloud-based services that meet the industry standards for the IVR systems.
Browse 68 Market Data Tables and 52 Figures spread through 178 Pages and in-depth TOC on "Interactive Voice Response Market Global Forecast to 2023" http://www.reportsnreports.com/reports/1176386-interactive-voice-response-market-by-technology-touch-tone-and-speech-deployment-cloud-and-on-premise-vertical-bfsi-pharma-and-healthcare-ites-organization-size-solution-service-and-geography-global-st-to-2023.html .
The overall interactive voice response market in the North America region is highly fragmented with the presence of some large and several medium-sized companies that offer solutions for various verticals such as BFSI, pharma and healthcare, government and public sector and education. 8X8, Inc. (US), Nuance Communications, Inc. (US), Convergys Corporation (US), Avaya Inc. (US), Cisco Systems, Inc. (US), AT&T Inc. (US), West Corporation (US), Genesys Telecommunication Laboratories, Inc. (US), Verizon Communications Inc. (US), 24/7 Customer, Inc. (US), and Five9, Inc. (US) are some of the major companies that offer IVR solutions in North America.
The North America considered as key region for the interactive voice response market. North America held the largest share of the interactive voice response market in 2016. The increasing demand for cloud-based IVRs in SMEs is likely to drive the growth of the interactive voice response market in North America. Advancements in the interactive voice response technology for flawless communication and security, as well as the ease of accomplishing a task without the help of an agent are the crucial factors driving the growth of the interactive voice response market. Moreover, the tremendous growth of IP contact centers in the US has propelled the growth of the interactive voice response market.
Make an Inquiry on Interactive Voice Response Market by Technology (Touch-Tone and Speech), Deployment (Cloud and on Premise), Vertical (BFSI, Pharma and Healthcare, ITES), Organization Size, Solution, Service, And Geography - Global Forecast to 2023 research report at http://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=1176386 .
The prominent players profiled in the interactive voice response market are 8X8, Inc. (US), Nuance Communications, Inc. (US), Convergys Corporation (US), Avaya Inc. (US), Cisco Systems, Inc. (US), AT&T Inc. (US), West Corporation (US), Genesys Telecommunication Laboratories, Inc. (US), Verizon Communications Inc. (US), IVR Lab (US), Aspect Software Parent Inc. (US), 24/7 Customer, Inc. (US), in Contact Inc. (US), New Voice Media (UK), and Five9, Inc. (US).
The adoption of cloud infrastructure boosts the demand for interactive voice response systems. There is an increasing adoption of cloud infrastructure because of the ability to provide their self-service applications at a minimal cost. This infrastructure helps the organizations to reduce the operating expense (OPEX) allowing them to achieve a considerably higher level of efficiency. The hosted cloud deployment mode offers ease of data accessibility from anywhere at any time. Moreover, the hosted cloud offers ease of integration with the existing server, which operates on its own physical hardware in minimal time.
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In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (35%), Tier 2 (40%) and Tier 3 (25%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (50%), Director Level (35%), and Others (15%) from various key organizations operating in the interactive voice response market. The primary interviews were conducted worldwide covering regions such as North America (35%), Europe (22%), Asia Pacific (30%), and RoW (13%).
The report estimates the size and future growth potential of the interactive voice response market for various segments such as deployment mode, technology, organization size, services, vertical, and geography. IVRs are implemented in multiple enterprises due to its ability to help improve the productivity and effectiveness of the organization. A scalable architecture is achievable using the latest IVRs. The ability of IVRs to route callers to the appropriate department is one of the major reasons for their increased adoption in small and medium enterprises (SMEs) and large enterprises. In addition, the report comprises industry trends, market dynamics, and competitive analysis of the key players in the market, along with their company profiles, competitive leadership mapping, and recent developments.
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