2 min
According to the report “Interactive Voice Response Market”, prepared by Markets and Markets, the world market of IVR (Interactive Voice Response) reached 3.73 billion dollars in 2017 and is expected to reach 5.54 billion of dollars in 2023, with an annual growth rate 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.
Greater Integration of Advanced Technologies to Boost the Growth of the IVR Market
Natural Language Processing (NLP) is one of the leading technologies that has been gaining more adoption in the Interactive Voice Response (IVR) industry over the past decade. This technology is used to analyze the spoken natural language, and the IVR that admit it can generate responses in natural language, facilitating the development of conversational systems. Using NLP technology, IVR solutions have been designed to be smarter in customer service.
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 wait 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.
Voice-based IVRs Will Increase Over the Next Five Years
According to this report, the interactive voice response market for voice-based IVRs is gaining momentum and will grow over the next five years, as the integration of natural language processing (NPL) technology reduces the time it takes a client to solve a particular query, 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
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 the other hand, the Asia Pacific region (APAC) will experience the fastest annual growth rate in the IVR market and, according to the Markets and Markets report, it will have great market potential over the next five years.
Subscribe
Ask for a demo