Interactive Voice Response Market to Witness Robust Expansion Throughout the Forecast Period 2021 – 2030

In a recent published report, Kenneth Research has updated the market report for Interactive Voice Response Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Interactive Voice Response Market products.

Kenneth Research has published a detailed report on Interactive Voice Response Market, which has been categorized by market size as well as growth indicators, and further encompasses detailed market analysis on macro trends and region-wise growth in North America, Latin America, Europe, Asia-Pacific and Middle East & Africa region. The report also includes the challenges that are affecting the growth of the industry and offers strategic evaluation that is required to boost the growth of the market over the period of 2021-2025.

By Organization Size (Large Enterprises, Small and Medium Organizations), Component (Solution, Services), Deployment Model (Cloud-based, On-premise), Technology (Touch-tone Based, Speech Based), Vertical, and Regional Market Size, Status and Forecast to 2025

Market Overview:
The Global Interactive Voice Response Market was valued at USD 3.64 billion in 2016 and is projected to reach USD 6.64 billion by 2025, growing at a CAGR of 6.91% from 2017 to 2025.

Interactive voice response (IVR) is a technology that allows humans to interact with computers using voice or a dual-tone multifrequency signaling keypad. IVR allows customers to find answers to their own inquiries by speaking or giving inputs via a telephone keypad. IVRs allow you to Configure a personalized IVR message and prompts, Use pre-recorded IVR messages, Collect information about your callers, Automate customer support, Prioritize calls based on value, Thrive with high call volumes, Route the caller to the right agent or department, and Improve your company’s image.

The Final Report will cover the impact analysis of COVID-19 on this industry:

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Sample Infographics:

Market Dynamics:
1. Market Drivers
1.1 Increasing IVR application areas
1.2 Increasing demand for IVE-based outbound services
1.3 Rising adoption of IVRs to increase scalability and efficiency of organizations
1.4 Increasing cloud-based services equipped with high industry standards
1.5 Growing integration of advanced technologies
2. Market Restraints
2.1 Concerns for data security
2.2 Effects of additional information and irrelevant options within a menu on usability of IVRs

Market Segmentation:
The Global Interactive Voice Response Market is segmented on the organization size, component, deployment model, technology, vertical, and region.

1. Organization Size:
1.1 Large Enterprises
1.2 Small and Medium Organizations

2. By Deployment Mode:
2.1 Cloud-based
2.2 On-premises

3. By Component:
3.1 Solution
3.1.1 Outbound
3.1.2 Self-Service
3.1.3 Call Routing
3.2 Services
3.2.1 Training & Education
3.2.2 Maintenance & Support
3.2.3 Installation

4. By Technology:
4.1 Touch-tone Based
4.2 Speech Based

5. By Vertical:
5.1 Healthcare
5.2 Government and Public Sector
5.3 IT and Telecom
5.4 Banking, Financial Services, and Insurance (BFSI)
5.5 Travel and Hospitality
5.6 Media, Retail and e-commerce
5.7 Education
5.8 Others

6. By Region:
6.1 North America (U.S., Canada, Mexico)
6.2 Europe (Germany, UK, France, Rest of Europe)
6.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
6.4 Latin America (Brazil, Argentina, Rest of Latin America)
6.5 Middle East & Africa

Competitive Landscape:
The major players in the market are as follows:
1. Genesys Telecommunication Laboratories, Inc.
2. Avaya Inc.
3. AT&T Inc.
4. Aspect Software Parent, Inc.
5. West Corporation
6. Cisco Systems, Inc.
7. IVR Lab
8. Verizon Communications Inc.
9. Nuance Communications, Inc.
10. 24/7 Customer, Inc.
11. inContact Inc.
12. NewVoiceMedia
13. Convergys Corporation
14. 8×8, Inc.
15. Five9, Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Interactive Voice Response Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.

To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team.

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Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.

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