IVR System Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021 - 2026

Report Code: ITR 19105 Report Format: PDF + Excel

Overview

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.

 Key Takeaways

  • North America dominates the IVR System market owing to early adoption of advanced technologies such as artificial intelligence (AI), natural language processing (NLP) and others.
  • Integration of IVR system with AI and NLP is the major driving factor for the growth of IVR system market.
  • The increasing number of calls in BFSI and high adoption of IVR system in the BFSI sector set to drive market growth.
  • Deployment of IVR system in cloud-based mode has been increasing the demand of the market growth as it offers rapid elasticity that allow cloud tools to adjust resources quickly in order to meet the customer demands and expansion of application service providers.

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.

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. 

Market Landscape

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, 8x8, Inc, Avaya Inc, Aspect Software Inc, Cisco Systems, Concentrix Corporation, Intrado, IVR Lab, NEC Corporation and among others.

Acquisitions/Technology Launches

  • Cisco Systems Inc is one of the major players in the global IVR system market. In 2018, the company had designed an IP interactive voice response product which empowers business enterprises by simplifying the complexity that is associated with business process integration, increases the flexibility level, and offers much more efficient service in a network hosting. Development of new solutions set to fuel the market growth.
  • In May 2019, Ahli United Bank (AUB) had announced about its plan regarding up gradation of its interactive voice response service to an all new visual IVR system. Such type of up gradation of IVR systems with advanced technologies set to drive the market growth.

1. IVR System Market - Overview
        1.1 Definitions and Scope
2. IVR System Market - Executive summary
        2.1 Market Revenue, Market Size and Key Trends by Company
        2.2 Key Trends by type of Application
        2.3 Key Trends segmented by Geography
3. IVR System Market
        3.1 Comparative analysis
            3.1.1 Product Benchmarking - Top 10 companies
            3.1.2 Top 5 Financials Analysis
            3.1.3 Market Value split by Top 10 companies
            3.1.4 Patent Analysis - Top 10 companies
            3.1.5 Pricing Analysis
4. IVR System Market - Startup companies Scenario Premium
        4.1 Top 10 startup company Analysis by
            4.1.1 Investment
            4.1.2 Revenue
            4.1.3 Market Shares
            4.1.4 Market Size and Application Analysis
            4.1.5 Venture Capital and Funding Scenario
5. IVR System Market - Industry Market Entry Scenario Premium
        5.1 Regulatory Framework Overview
        5.2 New Business and Ease of Doing business index
        5.3 Case studies of successful ventures
        5.4 Customer Analysis - Top 10 companies
6. IVR System Market Forces
        6.1 Drivers
        6.2 Constraints
        6.3 Challenges
        6.4 Porters five force model
            6.4.1 Bargaining power of suppliers
            6.4.2 Bargaining powers of customers
            6.4.3 Threat of new entrants
            6.4.4 Rivalry among existing players
            6.4.5 Threat of substitutes
7. IVR System Market - Strategic analysis
        7.1 Value chain analysis
        7.2 Opportunities analysis
        7.3 Product life cycle
        7.4 Suppliers and distributors Market Share
8. IVR System Market - By Deployment Type (Market Size -$Million / $Billion)
8.1 On-Premises
8.2 Cloud
9. IVR System Market - By Component (Market Size -$Million / $Billion)
9.1 Outbound Service
9.2 Inbound Service
10. IVR System - By Industry Vertical (Market Size -$Million / $Billion)
10.1 Banking Financial Service And Insurance
10.2 Healthcare
10.3 Hospitality
10.4 It Telecommunication
11. IVR System - By Geography (Market Size -$Million / $Billion)
        11.1 IVR System Market - North America Segment Research
        11.2 North America Market Research (Million / $Billion)
            11.2.1 Segment type Size and Market Size Analysis
            11.2.2 Revenue and Trends
            11.2.3 Application Revenue and Trends by type of Application
            11.2.4 Company Revenue and Product Analysis
            11.2.5 North America Product type and Application Market Size
                  11.2.5.1 U.S
                  11.2.5.2 Canada
                  11.2.5.3 Mexico
                  11.2.5.4 Rest of North America
        11.3 IVR System- South America Segment Research
        11.4 South America Market Research (Market Size -$Million / $Billion)
            11.4.1 Segment type Size and Market Size Analysis
            11.4.2 Revenue and Trends
            11.4.3 Application Revenue and Trends by type of Application
            11.4.4 Company Revenue and Product Analysis
            11.4.5 South America Product type and Application Market Size
                  11.4.5.1 Brazil
                  11.4.5.2 Venezuela
                  11.4.5.3 Argentina
                  11.4.5.4 Ecuador
                  11.4.5.5 Peru
                  11.4.5.6 Colombia
                  11.4.5.7 Costa Rica
                  11.4.5.8 Rest of South America
        11.5 IVR System- Europe Segment Research
        11.6 Europe Market Research (Market Size -$Million / $Billion)
            11.6.1 Segment type Size and Market Size Analysis
            11.6.2 Revenue and Trends
            11.6.3 Application Revenue and Trends by type of Application
            11.6.4 Company Revenue and Product Analysis
            11.6.5 Europe Segment Product type and Application Market Size
                  11.6.5.1 U.K
                  11.6.5.2 Germany
                  11.6.5.3 Italy
                  11.6.5.4 France
                  11.6.5.5 Netherlands
                  11.6.5.6 Belgium
                  11.6.5.7 Denmark
                  11.6.5.8 Spain
                  11.6.5.9 Rest of Europe
        11.7 IVR System - APAC Segment Research
        11.8 APAC Market Research (Market Size -$Million / $Billion)
            11.8.1 Segment type Size and Market Size Analysis
            11.8.2 Revenue and Trends
            11.8.3 Application Revenue and Trends by type of Application
            11.8.4 Company Revenue and Product Analysis
            11.8.5 APAC Segment - Product type and Application Market Size
                  11.8.5.1 China
                  11.8.5.2 Australia
                  11.8.5.3 Japan
                  11.8.5.4 South Korea
                  11.8.5.5 India
                  11.8.5.6 Taiwan
                  11.8.5.7 Malaysia
                  11.8.5.8 Hong kong
                  11.8.5.9 Rest of APAC
        11.9 IVR System - Middle East Segment and Africa Segment Research
        11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
            11.10.1 Segment type Size and Market Size Analysis
            11.10.2 Revenue and Trend Analysis
            11.10.3 Application Revenue and Trends by type of Application
            11.10.4 Company Revenue and Product Analysis
            11.10.5 Middle East Segment Product type and Application Market Size
                  11.10.5.1 Israel
                  11.10.5.2 Saudi Arabia
                  11.10.5.3 UAE
            11.10.6 Africa Segment Analysis
                  11.10.6.1 South Africa
                  11.10.6.2 Rest of Middle East & Africa
12. IVR System Market - Entropy
        12.1 New product launches
        12.2 M&A s, collaborations, JVs and partnerships
13. IVR System Market - Industry / Segment Competition landscape Premium
        13.1 Market Share Analysis
            13.1.1 Market Share by Country- Top companies
            13.1.2 Market Share by Region- Top 10 companies
            13.1.3 Market Share by type of Application - Top 10 companies
            13.1.4 Market Share by type of Product / Product category- Top 10 companies
            13.1.5 Market Share at global level - Top 10 companies
            13.1.6 Best Practises for companies
14. IVR System Market - Key Company List by Country Premium
15. IVR System Market Company Analysis
        15.1 Market Share, Company Revenue, Products, M&A, Developments
        15.2 Aspect Software Inc
        15.3 Avaya Inc
        15.4 Cisco System Inc
        15.5 Convergys Crop
        15.6 Dialogic Corporation
        15.7 Mitel Newtrks Corporation
        15.8 Nuance Communication Inc
        15.9 True Image Interactive Inc
        15.10 Verizon Coommunication Inc
        15.11 Voicent Communication Inc
        15.12 Company 12
        15.13 Company 13 & More
*Financials would be provided on a best efforts basis for private companies
16. IVR System Market - Appendix
        16.1 Abbreviations
        16.2 Sources
17. IVR System Market - Methodology
        17.1 Research Methodology
            17.1.1 Company Expert Interviews
            17.1.2 Industry Databases
            17.1.3 Associations
            17.1.4 Company News
            17.1.5 Company Annual Reports
            17.1.6 Application Trends
            17.1.7 New Products and Product database
            17.1.8 Company Transcripts
            17.1.9 R&D Trends
            17.1.10 Key Opinion Leaders Interviews
            17.1.11 Supply and Demand Trends

LIST OF TABLES

1.Global Ivr System Market, By Component Market 2019-2024 ($M)
1.1 Outbound Service Market 2019-2024 ($M) - Global Industry Research
1.2 Inbound Service Market 2019-2024 ($M) - Global Industry Research
2.Global Ivr System Market, By Deployment Type Market 2019-2024 ($M)
2.1 On-Premises Market 2019-2024 ($M) - Global Industry Research
2.2 Cloud Market 2019-2024 ($M) - Global Industry Research
3.Global Ivr System Market, By Industry Vertical Market 2019-2024 ($M)
3.1 Banking Financial Service And Insurance Market 2019-2024 ($M) - Global Industry Research
3.2 Healthcare Market 2019-2024 ($M) - Global Industry Research
3.3 Hospitality Market 2019-2024 ($M) - Global Industry Research
3.4 It Telecommunication Market 2019-2024 ($M) - Global Industry Research
4.Global Ivr System Market, By Component Market 2019-2024 (Volume/Units)
4.1 Outbound Service Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Inbound Service Market 2019-2024 (Volume/Units) - Global Industry Research
5.Global Ivr System Market, By Deployment Type Market 2019-2024 (Volume/Units)
5.1 On-Premises Market 2019-2024 (Volume/Units) - Global Industry Research
5.2 Cloud Market 2019-2024 (Volume/Units) - Global Industry Research
6.Global Ivr System Market, By Industry Vertical Market 2019-2024 (Volume/Units)
6.1 Banking Financial Service And Insurance Market 2019-2024 (Volume/Units) - Global Industry Research
6.2 Healthcare Market 2019-2024 (Volume/Units) - Global Industry Research
6.3 Hospitality Market 2019-2024 (Volume/Units) - Global Industry Research
6.4 It Telecommunication Market 2019-2024 (Volume/Units) - Global Industry Research
7.North America Ivr System Market, By Component Market 2019-2024 ($M)
7.1 Outbound Service Market 2019-2024 ($M) - Regional Industry Research
7.2 Inbound Service Market 2019-2024 ($M) - Regional Industry Research
8.North America Ivr System Market, By Deployment Type Market 2019-2024 ($M)
8.1 On-Premises Market 2019-2024 ($M) - Regional Industry Research
8.2 Cloud Market 2019-2024 ($M) - Regional Industry Research
9.North America Ivr System Market, By Industry Vertical Market 2019-2024 ($M)
9.1 Banking Financial Service And Insurance Market 2019-2024 ($M) - Regional Industry Research
9.2 Healthcare Market 2019-2024 ($M) - Regional Industry Research
9.3 Hospitality Market 2019-2024 ($M) - Regional Industry Research
9.4 It Telecommunication Market 2019-2024 ($M) - Regional Industry Research
10.South America Ivr System Market, By Component Market 2019-2024 ($M)
10.1 Outbound Service Market 2019-2024 ($M) - Regional Industry Research
10.2 Inbound Service Market 2019-2024 ($M) - Regional Industry Research
11.South America Ivr System Market, By Deployment Type Market 2019-2024 ($M)
11.1 On-Premises Market 2019-2024 ($M) - Regional Industry Research
11.2 Cloud Market 2019-2024 ($M) - Regional Industry Research
12.South America Ivr System Market, By Industry Vertical Market 2019-2024 ($M)
12.1 Banking Financial Service And Insurance Market 2019-2024 ($M) - Regional Industry Research
12.2 Healthcare Market 2019-2024 ($M) - Regional Industry Research
12.3 Hospitality Market 2019-2024 ($M) - Regional Industry Research
12.4 It Telecommunication Market 2019-2024 ($M) - Regional Industry Research
13.Europe Ivr System Market, By Component Market 2019-2024 ($M)
13.1 Outbound Service Market 2019-2024 ($M) - Regional Industry Research
13.2 Inbound Service Market 2019-2024 ($M) - Regional Industry Research
14.Europe Ivr System Market, By Deployment Type Market 2019-2024 ($M)
14.1 On-Premises Market 2019-2024 ($M) - Regional Industry Research
14.2 Cloud Market 2019-2024 ($M) - Regional Industry Research
15.Europe Ivr System Market, By Industry Vertical Market 2019-2024 ($M)
15.1 Banking Financial Service And Insurance Market 2019-2024 ($M) - Regional Industry Research
15.2 Healthcare Market 2019-2024 ($M) - Regional Industry Research
15.3 Hospitality Market 2019-2024 ($M) - Regional Industry Research
15.4 It Telecommunication Market 2019-2024 ($M) - Regional Industry Research
16.APAC Ivr System Market, By Component Market 2019-2024 ($M)
16.1 Outbound Service Market 2019-2024 ($M) - Regional Industry Research
16.2 Inbound Service Market 2019-2024 ($M) - Regional Industry Research
17.APAC Ivr System Market, By Deployment Type Market 2019-2024 ($M)
17.1 On-Premises Market 2019-2024 ($M) - Regional Industry Research
17.2 Cloud Market 2019-2024 ($M) - Regional Industry Research
18.APAC Ivr System Market, By Industry Vertical Market 2019-2024 ($M)
18.1 Banking Financial Service And Insurance Market 2019-2024 ($M) - Regional Industry Research
18.2 Healthcare Market 2019-2024 ($M) - Regional Industry Research
18.3 Hospitality Market 2019-2024 ($M) - Regional Industry Research
18.4 It Telecommunication Market 2019-2024 ($M) - Regional Industry Research
19.MENA Ivr System Market, By Component Market 2019-2024 ($M)
19.1 Outbound Service Market 2019-2024 ($M) - Regional Industry Research
19.2 Inbound Service Market 2019-2024 ($M) - Regional Industry Research
20.MENA Ivr System Market, By Deployment Type Market 2019-2024 ($M)
20.1 On-Premises Market 2019-2024 ($M) - Regional Industry Research
20.2 Cloud Market 2019-2024 ($M) - Regional Industry Research
21.MENA Ivr System Market, By Industry Vertical Market 2019-2024 ($M)
21.1 Banking Financial Service And Insurance Market 2019-2024 ($M) - Regional Industry Research
21.2 Healthcare Market 2019-2024 ($M) - Regional Industry Research
21.3 Hospitality Market 2019-2024 ($M) - Regional Industry Research
21.4 It Telecommunication Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US IVR System Market Revenue, 2019-2024 ($M)
2.Canada IVR System Market Revenue, 2019-2024 ($M)
3.Mexico IVR System Market Revenue, 2019-2024 ($M)
4.Brazil IVR System Market Revenue, 2019-2024 ($M)
5.Argentina IVR System Market Revenue, 2019-2024 ($M)
6.Peru IVR System Market Revenue, 2019-2024 ($M)
7.Colombia IVR System Market Revenue, 2019-2024 ($M)
8.Chile IVR System Market Revenue, 2019-2024 ($M)
9.Rest of South America IVR System Market Revenue, 2019-2024 ($M)
10.UK IVR System Market Revenue, 2019-2024 ($M)
11.Germany IVR System Market Revenue, 2019-2024 ($M)
12.France IVR System Market Revenue, 2019-2024 ($M)
13.Italy IVR System Market Revenue, 2019-2024 ($M)
14.Spain IVR System Market Revenue, 2019-2024 ($M)
15.Rest of Europe IVR System Market Revenue, 2019-2024 ($M)
16.China IVR System Market Revenue, 2019-2024 ($M)
17.India IVR System Market Revenue, 2019-2024 ($M)
18.Japan IVR System Market Revenue, 2019-2024 ($M)
19.South Korea IVR System Market Revenue, 2019-2024 ($M)
20.South Africa IVR System Market Revenue, 2019-2024 ($M)
21.North America IVR System By Application
22.South America IVR System By Application
23.Europe IVR System By Application
24.APAC IVR System By Application
25.MENA IVR System By Application
26.Aspect Software Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Avaya Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Cisco System Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Convergys Crop, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Dialogic Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Mitel Newtrks Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Nuance Communication Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.True Image Interactive Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Verizon Coommunication Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Voicent Communication Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)