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Interactive Voice Response Market - Expected to Reach $5.5 Billion by 2023DUBLIN, September 15, 2017 /PRNewswire/ -- The "Interactive Voice Response Market - Global Forecast to 2023" report has been added to Research and Markets' offering.  The overall interactive voice response market is projected to exhibit a lucrative growth potential between 2017 and 2023. The interactive voice response (IVR) market was valued at USD 3.73 Billion in 2017 and is expected to reach USD 5.54 Billion by 2023, at a CAGR of 6.83% during the forecast period. The growth of the IVR market is attributed to the increasing integration of advanced technologies and rise in the cloud-based services that meet the industry standards for the IVR systems. The report covers the interactive voice response market on the basis of deployment mode, technology, organization size, vertical, solution, services, and geography. The interactive voice response market, by vertical, has been segmented into BFSI; travel and hospitality; pharma and healthcare; telecommunications; government and public sector; transportation and logistics; ITES; media, retail, and e-commerce; education; and others. BFSI accounted for the largest share of the IVR market in 2016. The enormous growth in IT investments in the banking and financial sector has helped the growth of IVR applications around the globe. The companies are generating more revenue due to the implementtion of IVRs that resolves the customer's queries and fulfills their requests continuously regardless of the time or place. This helps in resolving the customer queries without the need for a live agent, thereby reducing the cost. The major share of the IVR market was held by the small and medium enterprises (SMEs), which are using IVRs to increase their solution offerings such as call routing and outbound solutions. Moreover, the major share was occupied by the touch-tone-based technology; however, growth is expected to be witnessed by the speech-based technology as it allow integration of speech recognition, which is being largely leveraged by the BFSI; pharma and healthcare; government and public sector; and media, retail, and e-commerce verticals. Currently, most of the IVRs are designed to accommodate an extensive range of options within the menu, which further leads to unsatisfied customers, thereby hampering the image of an enterprise. Moreover, the multiple options to choose from a menu leads to a considerably higher level of frustration among the callers due to longer wait times. Customers prefer to talk to the customer service person directly instead of talking to a machine. Therefore, the complexity of the IVRs due to the presence of multiple irrelevant options is one of the restraining factors in the market. Companies Mentioned
Key Topics Covered: 1 Introduction For more information about this report visit https://www.researchandmarkets.com/research/jr68rl/interactive_voice Media Contact: Research and Markets  |
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