The Global IVR Market Will Reach 3.7 Trillion Dollars By The End Of 2023

According to a Market Research Future report, the global IVR market will reach 3.7 trillion dollars by the end of 2023 and will experience a compound annual growth rate (CAGR) of 7% over the next four years. The IVR is a communication solution increasingly used by a wide variety of business organizations.

Interactive Voice Response or IVR is a telephony technology that allows users to interact with the company’s attention system through configurable voice menus, in real time, using DTMF (Dual Tone Multiple Frequency) tones used to send signals by pressing the telephone buttons). In an IVR system, callers are given the possibility to select options by pressing the keys. Pressing a digit on the telephone keypad sends a DTMF tone to the company’s attention system, which then selects the appropriate action / response according to the digit pressed.

IVR systems can usually handle and service high volumes of phone calls. With an Interactive Voice Response system, companies can reduce costs and improve the user experience, because callers get the information they need 24/7/365 without the need for human personnel.

Why The Growth Of The IVR Market?

Companies are increasing their customer service management activities in an effort to create long-term relationships. This is an important factor that is encouraging the growth of the IVR market. In addition, IVR systems are used in a large number of industry verticals, which makes them quite dominant, since they can be easily adapted to meet the needs of each organization.

On the other hand, the IVR helps in continuous relationships with users by maintaining communication with them, and this can also be a good way to collect their comments that, ultimately, can be used to improve their satisfaction. In addition, the IVR allows answering a greater number of queries and, in turn, facilitates the allocation of calls more intelligently.

The arrival of cloud computing has significantly impacted the IVR marker, since the Interactive Voice Response can be implemented in the cloud, an aspect that is very advantageous since it reduces the need for physical infrastructure.

IVR Implementation In The Cloud

Among the key drivers of the Interactive Voice Response market is the growing infrastructure in the cloud, which minimizes the cost of the self-service application. Cloud hosting is an important factor that is helping the IVR technology market, as it offers the flexibility that allows cloud tools to adjust resources quickly to meet user demands. The IVR is composed of excellent tools and automation techniques that manage user calls and control panels help provide efficient service.

The cloud solution represents the largest market share, as it helps companies minimize the cost associated with IT infrastructure. The cloud solution allows companies to focus on core business competencies, providing them with protection and data security, efficiently managing storage and privacy issues, offering data integrity and providing valuable information.

In Which Companies Is It More Convenient To Implement IVR?

IVR systems are easily applicable in all types of companies of all sizes, which increases the market value, since they are used to facilitate fluid communication with users, directing them to the corresponding department of an organization, helping to provide information and increasing Brand awareness. Cost savings and optimization of company resources are other important factors. The growing number of contact centers to manage customer service has also driven greater use of IVR systems.

It is expected that the continuous implementation of advanced technologies will convert the IVRs into systems that provide a smooth and satisfactory experience for users who interact with it. This will increase the chances that the Interactive Voice Response will expand your opportunities in the market for further growth in the future.

Which Region Represents A Greater Market Share?

The North American region represents the largest market share of Interactive Voice Response due to better network infrastructure, efficient IVR systems implemented by telecommunications companies and their large-scale adoption by small and large companies.

Likewise, the Asia-Pacific region is expected to experience a higher compound annual growth rate (CAGR) in the coming years due to the high growth potential of the IVR system in different vertical sectors of the industry such as telecommunications, BFSI or attention medical.