Business Phone Systems

IVR Market To Reach 5.54 Billion Dollars In 2023

Enreach 05/11/2020
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The interactive voice response (IVR) market will reach 5.54 billion dollars in 2023, with a compound annual growth rate of 6.83%. The growth of the IVR market is attributed to the greater integration of advanced technologies and the increase in cloud-based services that meet the industry standards for IVR systems.

Interactive Voice Response (IVR) is a telephony menu system that enables the identification, segmentation and routing of callers to the most appropriate agent in a company. The IVR also organizes the work of an agent and offers many advantages: it allows you to record personalized greetings and messages so that when a customer calls an organization, they have a more personalized experience.

In addition, the IVR offers features such as prerecorded messages, caller information, customer service automation, and more. Aside from this, the features that are heavily business-based and provided by interactive voice response prioritize calls based on the value of the caller.

There are many benefits to using an interactive voice response system. An IVR system increases resolution on first contact, that is, the call is always transferred to an agent who can solve the user’s problem. In addition, it increases the efficiency of customer service and allows you to feel completely satisfied.

What Is The Growth Of The IVR Market?

According to a report by Markets & Markets, increased IT investments in the banking and financial sector have helped the growth of IVR applications around the world. Businesses are generating more revenue due to the implementation of IVRs that resolve customer inquiries and attend to their requests continuously regardless of time or location. This helps solve customer inquiries without the need for a live agent, reducing cost.

Most of the IVR market was in the hands of small and medium-sized enterprises (SMBs), who are using IVR to increase their solution offerings, such as call routing. Furthermore, most of it was taken up by tone-based technology. However, the growth is expected to be witnessed by speech-based technology, as it enables the integration of voice recognition, which is being largely leveraged by sectors such as the BFSI (banking, financial, and insurance companies); pharmaceutical and health; government and public sector; media, retail and e-commerce verticals.

Which Regions Will Experience The Most Growth?

The IVR market in Asia Pacific (APAC) is expected to grow with a higher compound annual growth rate until 2023 due to the increasing number of new small and medium-sized enterprises (SMEs) and large companies in this region. The presence of a huge end-user base in advanced economies such as Japan and South Korea, and the growing demand for better customer service and a higher level of customer interaction are also expected to drive the growth of the IVR market in this area.

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