Interactive Voice Response Sector: Growth Drivers and Challenges
Growth Drivers
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Usage of Internet Services and Cell phones is Rising- The introduction of the 5G technology and the fast-expanding digitization are expected to increase the number of mobile phone users globally. In 2019, more than 5.5 billion people in the world used smartphones, which increased up to approximately 6 billion by the end of 2020. By 2025, about 7.2 billion people globally are calculated to be smartphone users.
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IVR Systems in the Cloud are Becoming More Popular- IVR systems that are hosted in the cloud are becoming more and more common because of their scalability, affordability, and dependability. With the use of this technology, businesses may store customer information and recordings of customer interactions on the cloud, simplifying and streamlining customer service. Additionally, it enables businesses to access analytics and client data in real-time, enabling them to offer individualized customer support and promptly reply to inquiries. By 2025, 200 ZB of data will be kept in the cloud. The cloud houses 60% of all corporate data worldwide.
- Growing Demand for Customer Self-Service Options- Because of the ease and cost savings that come with it, the popularity of customer self-service options has been rising over time. IVR software is one of the technologies that businesses are investing in more frequently to enable self-service options for customers. Customers can rapidly get their questions answered, and businesses can cut back on customer support expenses, which benefits both customers and businesses.
Challenges
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High Implementation and Maintenance Costs: Interactive Voice Response (IVR) software is a complicated technology that comes at a high cost for both installation and upkeep. IVR software typically costs more than other software alternatives. Additionally, the cost of system maintenance can be fairly significant because it calls for technical expertise to handle and resolve any potential problems.
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Having Trouble Connecting with Current Systems
- Security and Privacy Problems.
Interactive Voice Response (IVR) Market: Key Insights
|
Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
6.1% |
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Base Year Market Size (2024) |
USD 5.34 billion |
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Forecast Year Market Size (2037) |
USD 11.53 billion |
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Regional Scope |
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