3 min
According to the report “Interactive Voice Response Market Global Forecast to 2023”, prepared by MarketsandMarkets™, the market for interactive voice response (IVR) will reach 5.54 billion dollars in 2023, with a of annual growth of 6.83%. This growth is attributed to the growing integration of advanced technologies and the increase in cloud-based services that meet industry standards for IVR systems.
What Is An IVR?
Advanced IVR software automates the reception of calls in customer service centers, helping to optimize resources and improve customer experience. It handles 100% of calls 24/7, reduces waiting time to zero and offers predefined answers to the most common requests. In addition, the IVR service automatically directs calls to the most appropriate agent to offer the best response. In addition, thanks to the intelligence of advanced IVR software, companies can optimize complex processes such as managing medical appointments, making restaurant reservations, launching satisfaction surveys such as NPS (Net Promoted Score), or tracking a shipping, among many others.
On the other hand, the analysis of the IVR plays an essential role in fueling the growth of the market, since it helps companies achieve customer satisfaction by capturing, tracking and evaluating the entire call experience. IVR analysis solutions examine problems such as the most common dropout points in each call, menus not understood by the customer or the reluctance of users to use interactive voice response systems. Once the problems are identified, an organization can make improvements to its IVR solution by making it easier for customers to use the self-service solution.
Main Drivers And Market Restrictions:
- Increase in demand for cloud-based technologies.
- Greater combination of advanced technologies.
- Arrival of IVRs to improve scalability in organizations.
- Greater security concerns.
Greater Integration Of Advanced Technologies To Boost The Growth Of The IVR Market
Natural language processing (NLP) is one of the leading technologies that have been gaining more adoption over the last decade from the progress of the interactive voice response (IVR) industry. NLP technology is used to analyze spoken natural language, and IVRs that support NLP can generate responses in natural language. This has helped to develop conversational systems. Using NLP technology, IVR solutions have been designed to be smarter.
According to this report, thanks to the integration of natural language processing technology (NLP), the time it takes for a client to solve a particular query is reduced, thus decreasing the total duration of the call. This, in turn, helps organizations achieve greater cost optimization.
The USA And Asia Pacific, The Regions With More Growth
The advances in interactive voice response technology for impeccable communication and security, as well as the ease of accomplishing a task without the help of an agent, are the crucial factors that will drive the growth of the IVR market in the United States until 2023, on all in sectors of banking, financial services and insurance, the pharmaceutical and health industry, government, the public sector and education.
The IVR market in Asia Pacific (APAC) will have a faster rate growth and is expected to have great market potential in the coming years. APAC consists mainly of developing economies, such as China and India, which have great potential for the growth of interactive voice response systems in sectors such as telecommunications, government and public sector, education, pharmaceutical industry and health.
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