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Global Interactive Voice Response (IVR) Systems Market to Reach US$6.7 Billion by the Year


Abstract: Global Interactive Voice Response (IVR) Systems Market to Reach US$6. 7 Billion by the Year 2026 . Interactive Voice Response (IVR) operates as a telecommunication technology that facilitates interaction between a computer machine and human beings through usage of DTMF and voice tones input through a keypad.

New York, Jan. 17, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Interactive Voice Response (IVR) Systems Industry” – https://www.reportlinker.com/p03915679/?utm_source=GNW
The primary market drivers for IVR are the rise in cloud infrastructure, the increasing adoption of advanced technologies, and the growing number of calls. One of the pioneering technologies, Artificial Intelligence (AI), has been finding increasing adoption to make the IVR industry progressive. The dual-tone technology and the speech technology applications reduce the hold time and drop-off time for each call, increasing the outbound call frequency that results in automating repetitive tasks, which improves the agent efficiency. Such reasons fuel the market growth of the IVR system. IVR analytics trigger market growth by helping the companies achieve customer satisfaction by capturing and tracking, and evaluating the overall call experience.

Amid the COVID-19 crisis, the global market for Interactive Voice Response (IVR) Systems estimated at US$4.2 Billion in the year 2020, is projected to reach a revised size of US$6.7Billion by 2026, growing at a CAGR of 7.9% over the analysis period. Touchtone-based, one of the segments analyzed in the report, is projected to grow at a 7.4% CAGR to reach US$4.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Speech-Based segment is readjusted to a revised 8.6% CAGR for the next 7-year period. This segment currently accounts for a 40.1% share of the global Interactive Voice Response (IVR) Systems market. The speech-based IVR segment is gaining traction by integrating with the natural language programming (NLP), assisting in reducing the time spent to solve a query by an individual, which reduces the call duration, helping to achieve reduce the cost for an organization.

The U.S. Market is Estimated at $1.4 Billion in 2021, While China is Forecast to Reach $1.1 Billion by 2026

The Interactive Voice Response (IVR) Systems market in the U.S. is estimated at US$1.4 Billion in the year 2021. The country currently accounts for a 31.4% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$1.1 Billion in the year 2026 trailing a CAGR of 9.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.7% and 7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.9% CAGR while Rest of European market (as defined in the study) will reach US$1.2 Billion by the end of the analysis period. North America`s large market share of the IVR market is primarily due to an efficient implementation of IVR systems by telecommunication companies, improved network infrastructure, flawless security and communications, ease of accomplishment of a task without needing the service of an agent, and large-scale adoption of IVR systems by large and small enterprises. Additionally, early implementation of advanced technologies like natural language processing (NLP), and artificial intelligence in the US propels market demand in North America. Asia-Pacific market is driven by significant uptake of IVR systems in several industry verticals like BFSI, telecommunications, public and government sector, healthcare, and rising number of SMEs, as well as large enterprises in the region.

Select Competitors (Total 98 Featured)

  • [24]7.ai, Inc.

  • Aspect Software, Inc.

  • AT&T, Inc.

  • Avaya, Inc.

  • Cisco Systems, Inc.

  • Connect First, Inc.

  • Convergys Corp.

  • Database Systems Corp.

  • Dialogic Corporation

  • DialogTech

  • E-Complish, Inc.

  • Enghouse Systems Limited

  • Mitel Networks Corporation

  • Nuance Communications, Inc.

  • True Image Interactive, Inc.

  • Verizon Communications, Inc.

  • Voicent Communications, Inc.

  • West Corporation

Read the full report: https://www.reportlinker.com/p03915679/?utm_source=GNW

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
Impact of COVID-19 Pandemic and Looming Global Recession: 2020
Marked as a Year of Disruption & Transformation
As the Race between the Virus & Vaccines Intensifies, Where is
the World Economy Headed in 2021?
EXHIBIT 1: World Economic Growth Projections (Real GDP, Annual %
Change) for 2020 through 2022
Impact of COVID-19 Pandemic on Call Centers
With Telehealth Growing Amidst the COVID-19 Pandemic, IVR
Systems Emerge as Critical Technology to Enable Services
SMEs Increasingly Rely on Cloud Telephony amidst COVID-19 Pandemic
Interactive Voice Response (IVR) Systems: An Introduction
Features of Interactive Voice Response System
Advantages of Interactive Voice Response Technology
Types of IVR
Various Use Cases of IVR
Significance of IVR for Small Businesses
Global Market Prospects & Outlook
Growth Opportunities and Constraints for IVR Systems Market
Analysis by Technology
EXHIBIT 2: World Interactive Voice Response (IVR) Systems
Market by Technology (2021 & 2027): Percentage Breakdown of
Revenues for Touchtone-Based, and Speech-Based
Analysis by End-Use
EXHIBIT 3: World Interactive Voice Response (IVR) Systems
Market by End-Use (2021 & 2027): Percentage Breakdown of
Revenues for BFSI, Travel & Hospitality, Pharma & Healthcare,
Telecommunication & ITES, Retail & Ecommerce, and Other
End-Uses
Regional Analysis
EXHIBIT 4: World Interactive Voice Response (IVR) Systems
Market by Region: Percentage Breakdown of Revenues for
Developed and Developing Regions (2021 & 2027)
EXHIBIT 5: World Interactive Voice Response (IVR) Systems
Market – Geographic Regions Ranked by CAGR (Value) for 2020-
2027: China, Asia-Pacific, Latin America, Africa, Middle
East, Europe, USA, Canada, and Japan
Competitive Scenario
Select Popular IVR Systems
Select IVR Service Providers
Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
A Review of Notable Trends in the IVR Market
Growth of Call Centers Industry Presents Opportunities for IVR
Systems Market
EXHIBIT 6: Global Call Centers Market by Deployment (in %) for
2021
EXHIBIT 7: Global Call Centers Market by End-Use (in %) for 2021
Tracking Call Center Statistics
Rise in Customer Calls in Call Centers & Need to Efficiency
Address the Calls Gives Impetus to IVR Systems
Pandemic Presents Challenging Environment
Improvements in Operational Efficiency: Need of the Hour
American Companies Revamping the Client-Service Operations
Rising Integration of Advanced Technologies Boosts Growth in
IVR Systems Market
Incorporation of Advanced Technologies in the Contact Centers
Rising Adoption of Artificial Intelligence in the Contact Centers
Increased Adoption of Chatbots and Simpler Applications
Ensuring Security and Privacy of Data at the Contact Centers
Artificial Intelligence, Machine Learning & NLP Hold Tremendous
Potential for IVR Systems
NLP and NLU Critical IVR Technologies Bringing Change
Rapid Rise in Cloud-based Services Fuel Need for IVR Systems
EXHIBIT 8: Global Public Cloud Services: Percentage Market
Share by Service Type for 2020 and 2022
Demand for API based Sophisticated Flexible Systems on the Rise
Growing Importance of IVRs in Increasing Efficiency and
Scalability of Organizations
Demand for IVR-based Outbound Services Continues to Grow
Maximizing Contact Center?s Agent Resources with Integrated
Inbound IVR Solutions
IVR Holds Tremendous Role in Improving Customer service
Speech Enabled IVR Becoming the Preferred User Interface
Conversational IVR and Future Trends
IVR Solutions Enhance Services in BFSI Industry
IVR Systems in Banking
Select IVR Applications in the Banking Sector
Cloud Telephony Transforms BFSI Sector
COVID-19: A Panic Button for Banks & Fintechs
EXHIBIT 9: Global Volume of Non-Cash Transactions (In Billion)
for the Years 2018, 2020 & 2022
Growing Importance of IVR Systems in Pharmaceutical &
Healthcare Industry
Healthcare Call Center IVR Software for Seamless Patient
Experience
The New Normal in Retail Industry Post COVID-19 to Provide
Boost to IVR Systems Market
EXHIBIT 10: Global Department Stores Market Reset & Trajectory –
Growth Outlook (In %) For Years 2019 Through 2025
Robust Rise of e-Commerce & m-Commerce to Support Market Growth
EXHIBIT 11: Global B2C E-Commerce Sales in US$ Trillion for the
Years 2019 to 2025
EXHIBIT 12: Retail M-Commerce Sales as % of Retail E-commerce
Sales Worldwide for the Years 2016, 2018, 2020 & 2022
Pandemic Fast Forwards eCommerce Growth
EXHIBIT 13: Global B2C e-Commerce Market Reset & Trajectory –
Growth Outlook (In %) For Years 2019 Through 2025
Use of Omni-Channel IVR Systems Gain Momentum
IVR Systems in Utilities
Challenges Facing IVR Systems Market

4. GLOBAL MARKET PERSPECTIVE
Table 1: World Current & Future Analysis for Interactive Voice
Response (IVR) Systems by Geographic Region – USA, Canada,
Japan, China, Europe, Asia-Pacific, Latin America, Middle East
and Africa Markets – Independent Analysis of Annual Revenues in
US$ Thousand for Years 2020 through 2027 and % CAGR

Table 2: World Historic Review for Interactive Voice Response
(IVR) Systems by Geographic Region – USA, Canada, Japan, China,
Europe, Asia-Pacific, Latin America, Middle East and Africa
Markets – Independent Analysis of Annual Revenues in US$
Thousand for Years 2012 through 2019 and % CAGR

Table 3: World 15-Year Perspective for Interactive Voice
Response (IVR) Systems by Geographic Region – Percentage
Breakdown of Value Revenues for USA, Canada, Japan, China,
Europe, Asia-Pacific, Latin America, Middle East and Africa
Markets for Years 2012, 2021 & 2027

Table 4: World Current & Future Analysis for Touchtone-based by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America, Middle East and Africa Markets –
Independent Analysis of Annual Revenues in US$ Thousand for
Years 2020 through 2027 and % CAGR

Table 5: World Historic Review for Touchtone-based by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America, Middle East and Africa Markets –
Independent Analysis of Annual Revenues in US$ Thousand for
Years 2012 through 2019 and % CAGR

Table 6: World 15-Year Perspective for Touchtone-based by
Geographic Region – Percentage Breakdown of Value Revenues for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America,
Middle East and Africa for Years 2012, 2021 & 2027

Table 7: World Current & Future Analysis for Speech-based by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America, Middle East and Africa Markets –
Independent Analysis of Annual Revenues in US$ Thousand for
Years 2020 through 2027 and % CAGR

Table 8: World Historic Review for Speech-based by Geographic
Region – USA, Canada, Japan, China, Europe, Asia-Pacific, Latin
America, Middle East and Africa Markets – Independent Analysis
of Annual Revenues in US$ Thousand for Years 2012 through 2019
and % CAGR

Table 9: World 15-Year Perspective for Speech-based by
Geographic Region – Percentage Breakdown of Value Revenues for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America,
Middle East and Africa for Years 2012, 2021 & 2027

Table 10: World Current & Future Analysis for BFSI by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America, Middle East and Africa Markets –
Independent Analysis of Annual Revenues in US$ Thousand for
Years 2020 through 2027 and % CAGR

Table 11: World Historic Review for BFSI by Geographic Region –
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America,
Middle East and Africa Markets – Independent Analysis of Annual
Revenues in US$ Thousand for Years 2012 through 2019 and % CAGR

Table 12: World 15-Year Perspective for BFSI by Geographic
Region – Percentage Breakdown of Value Revenues for USA,
Canada, Japan, China, Europe, Asia-Pacific, Latin America,
Middle East and Africa for Years 2012, 2021 & 2027

Table 13: World Current & Future Analysis for Travel &
Hospitality by Geographic Region – USA, Canada, Japan, China,
Europe, Asia-Pacific, Latin America, Middle East and Africa
Markets – Independent Analysis of Annual Revenues in US$
Thousand for Years 2020 through 2027 and % CAGR

Table 14: World Historic Review for Travel & Hospitality by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America, Middle East and Africa Markets –
Independent Analysis of Annual Revenues in US$ Thousand for
Years 2012 through 2019 and % CAGR

Table 15: World 15-Year Perspective for Travel & Hospitality by
Geographic Region – Percentage Breakdown of Value Revenues for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America,
Middle East and Africa for Years 2012, 2021 & 2027

Table 16: World Current & Future Analysis for Pharma &
Healthcare by Geographic Region – USA, Canada, Japan, China,
Europe, Asia-Pacific, Latin America, Middle East and Africa
Markets – Independent Analysis of Annual Revenues in US$
Thousand for Years 2020 through 2027 and % CAGR

Table 17: World Historic Review for Pharma & Healthcare by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America, Middle East and Africa Markets –
Independent Analysis of Annual Revenues in US$ Thousand for
Years 2012 through 2019 and % CAGR

Table 18: World 15-Year Perspective for Pharma & Healthcare by
Geographic Region – Percentage Breakdown of Value Revenues for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America,
Middle East and Africa for Years 2012, 2021 & 2027

Table 19: World Current & Future Analysis for Telecommunication &
ITES by Geographic Region – USA, Canada, Japan, China,
Europe, Asia-Pacific, Latin America, Middle East and Africa
Markets – Independent Analysis of Annual Revenues in US$
Thousand for Years 2020 through 2027 and % CAGR

Table 20: World Historic Review for Telecommunication & ITES by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America, Middle East and Africa Markets –
Independent Analysis of Annual Revenues in US$ Thousand for
Years 2012 through 2019 and % CAGR

Table 21: World 15-Year Perspective for Telecommunication &
ITES by Geographic Region – Percentage Breakdown of Value
Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific,
Latin America, Middle East and Africa for Years 2012, 2021 &
2027

Table 22: World Current & Future Analysis for Retail &
eCommerce by Geographic Region – USA, Canada, Japan, China,
Europe, Asia-Pacific, Latin America, Middle East and Africa
Markets – Independent Analysis of Annual Revenues in US$
Thousand for Years 2020 through 2027 and % CAGR

Table 23: World Historic Review for Retail & eCommerce by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America, Middle East and Africa Markets –
Independent Analysis of Annual Revenues in US$ Thousand for
Years 2012 through 2019 and % CAGR

Table 24: World 15-Year Perspective for Retail & eCommerce by
Geographic Region – Percentage Breakdown of Value Revenues for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America,
Middle East and Africa for Years 2012, 2021 & 2027

Table 25: World Current & Future Analysis for Other End-Uses by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America, Middle East and Africa Markets –
Independent Analysis of Annual Revenues in US$ Thousand for
Years 2020 through 2027 and % CAGR

Table 26: World Historic Review for Other End-Uses by
Geographic Region – USA, Canada, Japan, China, Europe,
Asia-Pacific, Latin America, Middle East and Africa Markets –
Independent Analysis of Annual Revenues in US$ Thousand for
Years 2012 through 2019 and % CAGR

Table 27: World 15-Year Perspective for Other End-Uses by
Geographic Region – Percentage Breakdown of Value Revenues for
USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America,
Middle East and Africa for Years 2012, 2021 & 2027

III. MARKET ANALYSIS

UNITED STATES
Table 28: USA Current & Future Analysis for Interactive Voice
Response (IVR) Systems by Technology – Touchtone-based and
Speech-based – Independent Analysis of Annual Revenues in US$
Thousand for the Years 2020 through 2027 and % CAGR

Table 29: USA Historic Review for Interactive Voice Response
(IVR) Systems by Technology – Touchtone-based and Speech-based
Markets – Independent Analysis of Annual Revenues in US$
Thousand for Years 2012 through 2019 and % CAGR

Table 30: USA 15-Year Perspective for Interactive Voice
Response (IVR) Systems by Technology – Percentage Breakdown of
Value Revenues for Touchtone-based and Speech-based for the
Years 2012, 2021 & 2027

Table 31: USA Current & Future Analysis for Interactive Voice
Response (IVR) Systems by End-Use – BFSI, Travel & Hospitality,
Pharma & Healthcare, Telecommunication & ITES, Retail &
eCommerce and Other End-Uses – Independent Analysis of Annual
Revenues in US$ Thousand for the Years 2020 through 2027 and %
CAGR

Table 32: USA Historic Review for Interactive Voice Response
(IVR) Systems by End-Use – BFSI, Travel & Hospitality, Pharma &
Healthcare, Telecommunication & ITES, Retail & eCommerce and
Other End-Uses Markets – Independent Analysis of Annual
Revenues in US$ Thousand for Years 2012 through 2019 and % CAGR

Table 33: USA 15-Year Perspective for Interactive Voice
Response (IVR) Systems by End-Use – Percentage Breakdown of
Value Revenues for BFSI, Travel & Hospitality, Pharma &
Healthcare, Telecommunication & ITES, Retail & eCommerce and
Other End-Uses for the Years 2012, 2021 & 2027

CANADA
Table 34: Canada Current & Future Analysis for Interactive
Voice Response (IVR) Systems by Technology – Touchtone-based
and Speech-based – Independent Analysis of Annual Revenues in
US$ Thousand for the Years 2020 through 2027 and % CAGR

Table 35: Canada Historic Review for Interactive Voice Response
(IVR) Systems by Technology – Touchtone-based and Speech-based
Markets – Independent Analysis of Annual Revenues in US$
Thousand for Years 2012 through 2019 and % CAGR

Table 36: Canada 15-Year Perspective for Interactive Voice
Response (IVR) Systems by Technology – Percentage Breakdown of
Value Revenues for Touchtone-based and Speech-based for the
Years 2012, 2021 & 2027

Table 37: Canada Current & Future Analysis for Interactive
Voice Response (IVR) Systems by End-Use – BFSI, Travel &
Hospitality, Pharma & Healthcare, Telecommunication & ITES,
Retail & eCommerce and Other End-Uses – Independent Analysis of
Annual Revenues in US$ Thousand for the Years 2020 through 2027
and % CAGR

Table 38: Canada Historic Review for Interactive Voice Response
(IVR) Systems by End-Use – BFSI, Travel & Hospitality, Pharma &
Healthcare, Telecommunication & ITES, Retail & eCommerce and
Other End-Uses Markets – Independent Analysis of Annual
Revenues in US$ Thousand for Years 2012 through 2019 and % CAGR

Table 39: Canada 15-Year Perspective for Interactive Voice
Response (IVR) Systems by End-Use – Percentage Breakdown of
Value Revenues for BFSI, Travel & Hospitality, Pharma &
Healthcare, Telecommunication & ITES, Retail & eCommerce and
Other End-Uses for the Years 2012, 2021 & 2027

JAPAN
Table 40: Japan Current & Future Analysis for Interactive Voice
Response (IVR) Systems by Technology – Touchtone-based and
Speech-based – Independent Analysis of Annual Revenues in US$
Thousand for the Years 2020 through 2027 and % CAGR

Table 41: Japan Historic Review for Interactive Voice Response
(IVR) Systems by Technology – Touchtone-based and Speech-based
Markets – Independent Analysis of Annual Revenues in US$
Thousand for Years 2012 through 2019 and % CAGR

Table 42: Japan 15-Year Perspective for Interactive Voice
Response (IVR) Systems by Technology – Percentage Breakdown of
Value Revenues for…



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