Interactive Voice Response Market size is expected to surpass USD 9.6 Billion by the end of 2036, growing at a CAGR of 6.5% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of interactive voice response was over USD 4.5 Billion. The market for interactive voice response will also be propelled by the expansion of sales and customer service departments within organizations. Consumers claim that 68% of them are willing to pay more for goods and services from companies with a reputation for providing excellent customer support. Good customer service converts one-time customers into ardent brand defenders for 86% of businesses.
The steady market growth revenue can be attributed to the increasing integration of advanced technologies such as Natural Language Understanding. The artificial intelligence-powered capacity is a critical subset of Natural Language Processing, which filters through misspelled words, poor syntax, and mispronunciations to determine an individual’s true purpose. 57% of Americans anticipate that AI will eventually replace housework. The fastest-growing app in history, ChatGPT had 100 million active users by January 2023.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~ 6.5% |
|
Base Year Market Size (2023) |
~ USD 4.5 Billion |
|
Forecast Year Market Size (2036) |
~ USD 9.6 Billion |
|
Regional Scope |
|
Organization Size (Large Enterprises, Small & Medium Organizations);
The large enterprises segment is expected to hold 63% share of the global interactive voice response market. This is mostly because large businesses engage in more transactions and client acquisitions. IVR services come in two fundamental flavors: inbound and outbound. IVR system users demand personalized experiences, according to 63% of customers. Customers prefer natural language IVR systems by a margin of 66%.
Technology (Touch-Tone Based, Speed Based);
The touch-tone based segment is expected to hold 58% of revenue share. Without speaking to an agent, incoming callers can get information from a voice response system with pre-recorded instructions. They can also use menu selections via touch-tone keypad selection to direct their call to particular departments or specialists. When they are unable to speak with a live agent, 75% of clients become angry. If they have to deal with complicated customer service, 30% of customers will hang up. Up to 30% less can be spent on customer support thanks to IVR technology.
Our in-depth analysis of the global interactive voice response market includes the following segments:
|
Organization Size |
|
|
Deployment Model |
|
|
Technology |
|
|
Verticals |
|
North American Market Forecast
The North America interactive voice response market is expected to witness the highest CAGR with about 33% revenue share during the forecast period. The increase in disposable income and urbanization in these nations are the main causes of this. A little over 82.66 percent of Americans lived in cities and other metropolitan regions in 2020. Increased activity by top market players, including new product releases and product expansions, among other things, is propelling the market's revenue growth in this area.
APAC Market Statistics
Asia-Pacific interactive voice response market is expected to have significant growth over the projection period with about 25% revenue share. Due to the great potential for IVR systems growth across a variety of industry verticals, including BFSI, healthcare, telecommunication, government, and the public sector. Although some Asia-Pacific nations have smartphone ownership rates of over 90%, the area as a whole has an average mobile subscription rate of about 60%. The rate of mobile internet penetration varies greatly as well, for instance, from over 90% in Japan to less than 20% in Pakistan.
Author Credits: Abhishek Verma, Hetal Singh
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?