Interactive Voice Response Market Outlook and Opportunities 2019-20252019 Future Of Global Automatic Interactive Voice Response Markets and Companies Forecast to 2025- Outlook, Trends, Strategies and Opportunities of Industry by Touch Tone and Speech Platforms Across
Interactive Voice Response (IVR): Enhancing customer experience through advanced technology is leveraging global interactive voice response market to $7.8 Billion
Advancements in Natural language processing (NLP) is changing the future of IVR systems with a rapid shift towards speech-based IVR systems, as these smart IVR are easier to implement both on cloud-based or on-premise voice-interaction platforms.
Large-scale adaption of smart voice response, visual IVR systems, biometric authentication, and other technology integrated IVR approaches are enhancing and extending the capabilities of call-automation systems.
Further, the ability to integrate NLP systems with data systems of an organization is paving the way for voice bots; these IVR technologies resolve a wide range of customer queries.
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Advanced technologies being integrated into IVR to overcome security challenges
Strong growth in security is encouraging users to opt for cloud-based hosting IVR systems in small and large enterprises to enhance scalability.
Further, the advent of biometric devices coupled with the integration of voice biometrics with connect-dialer software is encouraging the penetration of IVR systems across distinctive verticals for more secure systems.
Call routing in Interactive Voice Response systems is the fastest growing solution of IVR Systems
Computer telephony integration (CTI) technologies are being utilized for call routing processes, in addition, call routing options are being offered by service providers including the time of day call routing, load-based routing, geographic call routing, premium customer routing, and others.
Automated call routing improves efficiency and lowers waiting times, it enables users to maximize selling time without the addition of new resources, routing the calls to the right channel, service offerings in multiple languages.
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Self-Service Solution of IVRs is rising significantly over the forecast period
The banking industry is one of the key adapters of self-service technology amidst prominent sectors such as airlines, rental car companies, trucking, freight, transportation firms, and others.
IVR self-service interacts with callers through pre-recorded audio prompts and allows them to navigate themselves without operator requirements.
Self-service enables better customer experience and provides higher satisfaction; customer can eliminate repetitive calls, which frees up customers to handle important queries which cannot be handled by automated systems.
Global IVR market is growing significantly across BFSI vertical
IVR systems with banking customers can play a large role in resolving client queries, reducing waiting times and lowering costs for banks, in addition, financial institutions can boost their marketing outreach, lower costs incurred in service calls, collection and payment related information, inquiries and support calls.
Visualized IVRs are an emerging area of advancement, in particular, in the banking environment, where companies are opting for visual IVR to differentiate themselves in terms of enhancing customer experience through quick and personalized service options.
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Key areas companies being focused by IVR companies
Efficient call routing, automated self-service, reduced waiting times, preferred language choice, personalized caller information, advanced speech recognition, 24/7 access with professionalism are among the areas of interest being developed to attract and retain customers.
Major players modelling Interactive Voice Response market
- Convergys Corporation
- Avaya Inc
- Genesys Telecommunications Laboratories, Inc
- IBM Corporation
- Nuance Communications, Inc.
- Aspect Software Parent, Inc.
- Cisco Systems, Inc.
- West Corporation
- IVR Lab
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