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Interactive Voice Response (IVR) System market forecast to reach $6.11 billion by 2025, after growing at a CAGR of 6.31% during 2020-2025. Growing adoption of advanced technologies and rise in cloud-based services is set to drive the IVR technology. Increasing implementation of interactive voice response units in industries such as BFSI, healthcare, travel, hospitality, and other applications in order to navigate or interact with callers and helps route calls to relevant recipients through voice commands or touch-tone key selection has been driving the IVR system market size. Rise in demand for enhancing customer relationship management is further expected to fuel the IVR system industry during the forecast period 2020-2025.The report covers IVR System Market size by type and applications, IVR System Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Technology – Segment Analysis
The speech-based IVR segment held the largest share in the IVR System market in 2018. The speech-based IVR system has been gaining momentum as it integrates the natural language processing (NLP) technology that helps in reducing the amount of time spent by an individual to get a particular query resolved and reducing the call duration which in turn helps the organizations to achieve a higher cost optimization. The speech-based technology also assists in eradication of the usage of complex dual-tone multi-frequency (DTMF) commands. This technology allows a caller to communicate with a computer using simple voice commands and has become sophisticated enough to understand names and long strings of numbers such as credit card numbers, flight number, and others. This set to drive the demand for the IVR system market.
Application – Segment Analysis
Banking, Financial Services and Insurance (BFSI) sector has been the primary market for IVR system market. IVR plays a crucial role in BFSI sector as it receives many calls every day. For instance, bank issues can easily be dealt with by using IVR system technology and leaving the complicated problem calls to be diverted to the operator. According to Deetyasoft Pvt Ltd, an IVR system company, around 75% of the 2 million calls the bank gets every month get terminated over the IVRS system which in turn drives the market growth in BFSI sector. In banks, IVR system is implemented to simplify the work processes such as for account information, investment portfolio updates, loan applications, and their status, emergency and complaints, request for customer care and among others, thereby driving the market growth.
Geography – Segment Analysis
North America dominated the IVR System market with a share of around 35.96%, followed by Europe and APAC. Advancements in the interactive voice response technology for flawless communication and security, as well as the ease of accomplishing a task without the help of an agent are the crucial factors driving the growth of the interactive voice response market in North America. Early adoption of advanced technologies such as artificial intelligence (AI), natural language processing (AI) in the U.S. boosts the demand of the market in North America. Additionally, the growing number of IVR applications in the BFSI, healthcare, government, and education, especially in North America, is driving the growth of the overall interactive voice response market.
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Drivers – IVR System Market
Growing integration of advanced technologies drive the growth of IVR System market
Artificial Intelligence (AI) is one of the leading technologies that has been gaining increased adoption in the progression of IVR industry. Natural Language Processing (NLP) technology is one of the AI methods which is used to analyze spoken natural language. This also assists in developing conversational systems and getting IVR systems to be smarter. Additionally, IVR analytics plays an essential role in fueling the market growth, as it helps the companies to achieve customer satisfaction by capturing, tracking, and evaluating the entire call experience. AI offers incremental and significant value to companies that use IVR by delivering smoother, faster, and more efficient customer interactions, while at the same time reducing the time and costs, thereby driving IVR system market.
Growing Number of Calls
Increase in the number of calls by customers has been driving the IVR system market. There has been an increase in the number of calls due to which agents are not able to witness proper call turnover. Thus, organizations manage the increased number of calls and provide increased customer interaction with the help of IVR solutions. The application of speech technology and dual-tone technology reduces the drop-off time and hold time for each call. This has increased the number of outbound calls, which results in the automation of repetitive tasks and helps in improving the efficiency of the agent, thereby driving the IVR system market.
Challenges – IVR System Market
Security Concerns in Data Encryption and Enhancing Customer Experience is the major challenge for IVR System
Data security and privacy concern is expected to be the major challenge for IVR system and this restrict the IVR system market growth. Applications such as BFSI (Banking, Financial Services and Insurance) need extra security for making it a reliable service for the customers. However, integrating IVR system with advanced technologies may reduce fraud risks thereby driving the market growth in the future.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the IVR System market. In 2018, the market of IVR System top 10 companies are – NiceinContact, Nuance Communications, Inc, 8×8, Inc, Avaya Inc, Aspect Software Inc, Cisco Systems, Concentrix Corporation, Intrado, IVR Lab, NEC Corporation and among others.
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