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.
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.
- Nuance Communications Inc.
- RingCentral Inc.
- True Image Interactive Inc.
- Verizon Communications Inc.
- Voicent Communication Inc.
Global Interactive Voice Response System Market: Research Scope
Global Interactive Voice Response System Market, by Technology
- Speech Based
- Touch-tone Based
Global Interactive Voice Response System Market, by Deployment
- On premise
Global Interactive Voice Response System Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global Interactive Voice Response System Market, by End-user
- Retail & E-commerce
- IT & Telecommunications
- Defense & Aerospace
- Travel & Transportation
Global Interactive Voice Response System Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.