3 min
According to the report “Interactive Voice Response Market Global Forecast to 2023”, prepared by MarketsandMarkets ™, the Interactive Voice Response (IVR) market was valued at 3.73 billion dollars in 2017 and is expected that reaches 5.54 billion dollars in 2023, at a compound annual growth rate (CAGR) of 6.83% over the next five years.
The growth of the Interactive Voice Response market 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 main technologies that have been gaining greater adoption in the last decade of the progression of the interactive voice response (IVR) industry. NLP technology is used to analyze spoken natural language, and IVRs that support NLP can generate a natural language response. This has helped in the development of conversational systems. Using NLP technology, IVR solutions have been designed to be more intelligent.
On the other hand, the analysis of IVR plays an essential role to boost the growth of the market, since it helps companies to achieve customer satisfaction by capturing, monitoring and evaluating the entire experience of the call. IVR analysis solutions address problems such as menus and misunderstood indications, as well as customer reluctance to use IVR systems. Once the problems are understood, organizations can make improvements to their IVR solution, which makes it easier for customers to use the self-service solution.
The Speech-based IVR Will Grow At A CAGR Of 6.83% Until 2023
The voice-based IVR market is gaining momentum by integrating natural language processing technology that reduces the amount of time spent by a user to resolve a query and decreases the duration of the call. This, in turn, helps organizations achieve greater cost optimization. Speech-based technology also helps eradicate the use of complex DTMF commands. In addition, by using this technology, the user is not restricted to the use of limited ten-digit keypad entries.
The IVR Market Will Grow In The North America And Asia Pacific Regions
Advances in IVR technology for good communication and safety, as well as the ease of performing a task without the help of an agent, are the crucial factors driving the growth of the IVR market in North America. The growing number of applications in banking, financial services and insurance, pharmaceutical and health, government and public sector, and education is driving the growth of the interactive voice response market in general.
The IVR market in the Asia Pacific region (APAC) will grow at the fastest pace and is expected to have great market potential in the coming years. APAC is composed mainly of developing economies, such as China and India, which have great potential for the growth of interactive voice response systems in several vertical sectors such as telecommunications, government and public sector, education, pharmaceuticals and health. It is also expected that the presence of excellent transportation facilities and large automakers will drive the growth of the interactive voice response market for vertical transport and logistics.
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