Global Market for Interactive Voice Response (IVR) Systems Expected to Grow at a COVID-19 Revised CAGR of 5.6% Through 2020-2027 - ResearchAndMarkets.com
Amid the COVID-19 crisis and the looming economic recession, the Interactive Voice Response (IVR) Systems market worldwide will grow by a projected US$1.9 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 5.6%.
Touchtone-based, one of the segments analyzed and sized in this study, is forecast to grow at over 5.5% and reach a market size of US$3.6 Billion by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Touchtone-based market will be reset to a new normal which going forward in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 4.5% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over US$57.8 Million to the region's size over the next 7 to 8 years. In addition, over US$57.5 Million worth of projected demand in the region will come from Rest of the European markets. In Japan, the Touchtone-based segment will reach a market size of US$181.1 Million by the close of the analysis period.
Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Interactive Voice Response (IVR) Systems market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world's second largest economy will grow at 9.3% over the next couple of years and add approximately US$511.7 Million in terms of addressable market opportunity.
Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Interactive Voice Response (IVR) Systems market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
Key Topics Covered
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 and a Looming Global Recession
Customer Service Automation Continues to Play a Crucial Role in Shaping Brand Experiences
Opportunity for IVR Stands Amplified Against the Backdrop of Droids Taking Over Live Customer Care Agents
Recent Market Activity
IVR: Technology/Market Overview
Market Outlook
Global Competitor Market Shares
Interactive Voice Response (IVR) Systems Competitor Market Share Scenario Worldwide (in %): 2020 & 2029
2. FOCUS ON SELECT PLAYERS
[24]7 Inc. (USA)
Aspect Software, Inc. (USA)
AT&T, Inc. (USA)
Aumtech, Inc. (USA)
Avaya, Inc. (USA)
Cisco Systems, Inc. (USA)
Connect First, Inc. (USA)
Convergys Corp. (USA)
Database Systems Corp. (USA)
Dialogic Corporation (Canada)
DialogTech
E-Complish, Inc. (USA)
Enghouse Systems Limited (Canada)
Genesys (USA)
Mitel Networks Corporation (Canada)
Nuance Communications, Inc. (USA)
True Image Interactive, Inc. (USA)
Verizon Communications, Inc. (USA)
Voicent Communications, Inc. (USA)
West Corporation (USA)
3. MARKET TRENDS & DRIVERS
Noteworthy Trends, Drivers & Issues
Healthy Outlook for the World Call Center Industry to Offer Trickle Down Benefits to the IVR Market
Mobile Telephony Revolution Creates Explosion in Inbound Call Volumes & Spurs Opportunities for IVR for Automating Call Handling
Continued Use of Telemarketing to Create Valuable Sales Leads, Drives Opportunities for Outbound IVR
The Ballooning eCommerce Market Fuels Demand for IVR
Choice of Recorded Voice Gains Prominence in IVR Development & Deployment
Advanced Natural Language Interactive IVR Comes of Age
The Rise of Conversational Commerce Drives the Popularity of Speech Enabled IVR
Focus On Customer Experience Monitoring Drives Home the Importance of IVR Analytics
Focus On Personalized Marketing & Customer Service Drives Opportunities for Personalized IVR
Cloud Based IVR Makes Its Disruptive Emergence in the Market
Growing Complexity of IVR Infrastructure Maintenance Spurs Interest in Managed IVR Solutions
Convergence of Big Data & Customer Experience Fuel the Emergence of Smart IVR Technology Solutions
Growing Popularity of IVR Payment Processing to Benefit Market Growth
Rise in IVR Security Threats Spurs Demand for Voice Biometrics Based IVR
Healthcare Consumerism Drives Demand for IVR in the Healthcare Industry
Lack of Human Touch: A Key Perspective Bottleneck to Growth
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