Interactive Voice Response Market: Introduction
People around the world are familiar with automated voices giving instructions. As a matter of fact, sometimes, this brings a lot of value to an organization. Interactive voice response is a telephony menu system that allows identification, segmentation and routing of callers to the most appropriate agent of an organization. Interactive voice response does not waste time and leads to cost saving for any organization. Interactive voice response also organizes the job of an agent. Interactive voice response offers many advantageous features. For instance, it allows one to record customized greetings and messages so that when a customer calls an organization, they will have a more personalized experience. Interactive voice response also offers features, such as pre-recorded IVR messages, information about callers, customer support automation, etc. Other than this, features which are highly business driven and are provided by interactive voice response are prioritizing calls based on the caller’s value. For instance, highly-valued customers get the result faster.
There are many benefits of using an interactive voice response system. An interactive voice response system increases first contact resolution, i.e. the call is always transferred to an agent who can resolve the problem of the customer. Interactive voice response increases the efficiency of customer service and also allows customer to feel fully satisfied.
Interactive Voice Response Market: Drivers and Challenges
Some of the drivers for the interactive voice response market are increasing number of operational BPOs and individual contact centers all round the world. Increasing number of customer support and sales teams across organizations will also drive the market for interactive voice response. Another factor which might act as a driver for the interactive voice response market is that interactive voice response systems reduce the operational cost and increase the efficiency of agents.
However, some restraints have also evolved in the interactive voice response market. Some of the restraints are that interactive voice response menus are too long sometimes and are difficult to understand and also contain too much information. Another factor which might act as a restraint for the market is the voice prompt, which sometimes makes it difficult to understand content.
Interactive Voice Response Market: Segmentation
The interactive voice response market can be segmented on the basis of deployment, technology, enterprise type, component, vertical and region.
On the basis of deployment, the interactive voice response market can be divided into:
On the basis of technology, the interactive voice response market can be segmented into:
On the basis of enterprise type, the interactive voice response market can be segmented into:
On the basis of components, the interactive voice response market can be segmented into:
On the basis of vertical, the interactive voice response market can be segmented into:
Interactive Voice Response Market: Key Players
Some of the key players in the Interactive voice response market are Nuance Communications, Inc., Avaya Inc., Verizon Communications Inc., 24/7 Customer, Inc., Genesys Telecommunication Laboratories, Inc., West Corporation, AT&T Inc., Cisco Systems, Inc., Convergys Corporation, inContact Inc., Aspect Software Parent Inc., New Voice Media, IVR Lab, 8X8, Inc, Five9, Inc., Bce Inc., Nec Corporation, Centurylink and others.
Interactive Voice Response Market: Regional Overview
On the basis of geography, the interactive voice response market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, SEA and other APAC, Japan and Middle East & Africa. Among various regions, in North America and Western Europe, the U.S. and Germany are seen to be the largest markets for interactive voice response systems and France is seen to be an emerging market due to advancements in technology. The North America market for interactive voice responses is expected to lead and will be followed by Western Europe and China.
The report covers exhaustive analysis on:
Regional analysis for Interactive Voice Response Market includes
The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.