Interactive Voice Response Market Analysis

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	Large Enterprises Small & Medium Organizations
Deployment Model	Cloud-Based On-Premises
Technology	Touch-Tone Based Speed Based
Verticals	BFSI Travel & Hospitality Telecommunications Transportation & Logistics Media Retail & E-Commerce Education ITES Healthcare Government & Public Sector

Frequently Asked Questions (FAQ)

Rising usage of internet services and cell phones and growing demand for customer self-service options are the major factors driving the growth of the interactive voice response market.

The market size of interactive voice response is anticipated to attain a CAGR of 6.5% over the forecast period, i.e., 2024 â€“ 2036.

The major players in the market are Nuance Communications, Inc., Convergys Corporation, Avaya Inc., Cisco Systems, Inc., AT&T Inc., Verizon Communications Inc., Genesys Telecommunication Laboratories, Inc., Aspect Software Parent Inc., Five9, Inc., and others.

The large enterprises segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.

Interactive Voice Response Market Analysis