Interactive Voice Response Market Size

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.