How Has the Interactive Voice Response Market Evolved Historically and What is its Current Size?
The interactive voice response market has seen considerable growth due to a variety of factors.
• In recent times, the size of the interactive voice response market has seen robust growth. The market is projected to expand from $5.53 billion in 2024 to $5.92 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 7.0%.
Factors contributing to the growth during the historical period include the increased use of internet services and mobile phones, an expanding number of customer service and sales teams within businesses, and a rising demand for improved customer relationship management.
What Is The Projected Growth Of The Interactive Voice Response Template Market?
The interactive voice response market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the interactive voice response market is anticipated to experience robust growth, reaching a valuation of $7.7 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.8%.
The rapid growth during the forecast period can be traced back to rising popularity of personalized IVR, increasing internet penetration, and soaring cloud-based IVR. Further, some key trends during the forecast period include microfinance and digital banking, strategic partnerships and collaborations, substantial investments, technological advancements in interactive voice response, and product innovation.
What Are The Key Drivers Fueling Growth In The Interactive Voice Response Market?
The interactive voice response market's growth is forecasted to be fueled by rising internet penetration. Internet penetration refers to the proportion of the population or a certain geographic area with internet access. With their easy-to-use and accessible interfaces, Interactive Voice Response (IVR) systems can assist in elevating internet penetration, especially for individuals who don't have direct access to the internet or those who favor voice-based interactions. As an example, the Switzerland-based Telecommunications agency, the International Telecommunication Union, stated in October 2023 that 67% of the global population is using the internet, showing a 4.7% growth since 2022, up from the previous year's growth rate of 3.5% between 2021 and 2022. Moreover, the internet usage in low-income nations shot up to 27% of their population from 24% in the preceding year. As such, the interactive voice response market benefits from the increase in internet penetration.
What Are The Principal Market Segments In The Global Interactive Voice Response Industry?
The interactive voice response market covered in this report is segmented –
1) By Services: Installation, Training And Education, Maintenance And Support
2) By Technology: Speech Based, Touch-Tone Based
3) By Deployment Mode: Cloud, On Premises
4) By Organization Size: Small Medium Enterprise (SME), Large Enterprise
5) By Industry Verticals: Banking, Financial Services and Insurance(BFSI), Travel And Hospitality, Pharma And Healthcare, Telecommunications, Government And Public Sector, Transportation And Logistics, Information Technology Enabled Services(ITES), Media, Retail, And E-commerce, Education, Other Industries
Subsegments:
1) By Installation: System Setup And Configuration, Hardware Installation, Software Deployment, Integration With Existing Systems
2) By Training And Education: User Training Programs, Technical Training For IT Staff, Workshops And Seminars, Online Training Modules
3) By Maintenance And Support: Technical Support Services, Software Updates And Upgrades, System Monitoring And Troubleshooting, Performance Optimization Services
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How Are Emerging Trends Reshaping The Dynamics Of The Interactive Voice Response Market?
In a bid to carve out a competitive advantage in the interactive voice response market, major corporations are generating innovative solutions, including interactive voice response-to-text tools. The goal of interactive voice response-to-text products is to ensure that all employees, no matter their device skills or capabilities, have equal information and communication access. In May 2024, Verint, a U.S-based system software firm, successfully implemented AI-infused bots, particularly the Verint Intelligent Virtual Assistant (IVA). This was intended to automate about 80% of its customer-related traffic. This automation allows the company to strategically reassign its human resources, thereby improving the overall delivery of services.
Who Are the Key Players In The Interactive Voice Response Market?
Major companies operating in the interactive voice response market report are:
• Verizon Communications Inc.
• AT&T Inc.
• TD Synnex
• Cisco Systems Inc.
• Twilio Inc.
• Avaya Inc.
• Genesys Telecommunication Laboratories Inc.
• West Corporation
• [24]7.ai Inc.
• Five9 Inc.
• 8X8 Inc.
• Aspect Software Parent Inc.
• Ameyo (Drishti Soft Solutions Pvt. Ltd.)
• Exotel Techcom Pvt. Ltd.
• Bitrix Inc.
• Callfire Inc.
• Handygo Technologies Pvt. Ltd.
• Agnity Global Inc.
• Istonish Inc.
• Evamp & Saanga
• Nuance Communications Inc.
• Bay Talkitec Pvt. Ltd.
• IVR Lab
• inContact Inc.
• Arise Virtual Solutions Inc.
What Are The Regional Insights Into The Interactive Voice Response Market?
North America was the largest region in the interactive voice response market in 2024. The regions covered in the interactive voice response market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
