Press release
Internet Penetration And Interactive Voice Response Market Growth: Powering Innovation and Expansion in the Global Interactive Voice Response Market by 2025
Interactive Voice Response
What Is the Expected CAGR for the Interactive Voice Response Market Through 2025?
In recent history, we've seen substantial growth in the market size for interactive voice response. The numbers are projected to increase from $5.53 billion in 2024 to approximately $5.92 billion in 2025, meaning a compound annual growth rate (CAGR) of 7.0%. Factors contributing to this upward trajectory during the historical timeframe include the accelerated use of internet and mobile services, an expansion in customer service and sales departments across various businesses, and a growing need to improve customer relationship management.
What's the Projected Size of the Global Interactive Voice Response Market by 2029?
The market size for interactive voice response is predicted to experience a substantial growth in the years to come, escalating to a value of $7.68 billion by 2029, with a compound annual growth rate (CAGR) of 6.7%. This surge during the forecasted period is credited to the increasing demand for personalized IVR, expanding internet accessibility, and the growing adoption of cloud-based IVR. Key trends to monitor in the forecast period consist of the rise of microfinance and digital banking, strategic alliances, investments, novel product developments, and technological advancements in the field of interactive voice response.
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Top Growth Drivers in the Interactive Voice Response Industry: What's Accelerating the Market?
The surge in the number of people gaining access to the internet is anticipated to spur the development of the interactive voice response market. Internet penetration relates to the proportion of individuals or specific geographic regions with internet access. The presence of Interactive Voice Response (IVR) systems can enhance internet penetration, as it offers an approachable and straightforward platform for those who might not have immediate access to the internet or prefer to interact using voice commands. According to the International Telecommunication Union, a telecommunications agency based in Switzerland, 67% of the global population was utilizing the internet as of October 2023. This represented a 4.7% hike since 2022, surpassing the growth rate of 3.5% from 2021 to 2022. Furthermore, in economically disadvantaged countries, internet usage increased from 24% in 2022 to 27% of the population. Hence, the rise in internet penetration stimulates the growth of the interactive voice response market.
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What Trends Will Shape the Interactive Voice Response Market Through 2029 and Beyond?
Leading firms in the interactive voice response market are focusing on the creation of advanced products like interactive voice response-to-text solutions in their bid to outdo competition. The purpose of this product is to ensure every employee, regardless of their device's capabilities, can evenly access information and communication. A notable example is Verint, an American software company, which rolled out Verint's AI-run bots, in particular, the Verint Intelligent Virtual Assistant (IVA), in May 2024. This led to a significant increase in automation - around 80% - of client interactions. As a result, the company could utilize human resources better, leading to improved service delivery.
What Are the Main Segments in the Interactive Voice Response Market?
The interactive voice responsemarket covered in this report is segmented -
1) By Services: Installation, Training And Education, Maintenance And Support
2) By Technology: Speech Based, Touch-Tone Based
3) By Deployment Mode: Cloud, On Premises
4) By Organization Size: Small Medium Enterprise (SME), Large Enterprise
5) By Industry Verticals: Banking, Financial Services and Insurance(BFSI), Travel And Hospitality, Pharma And Healthcare, Telecommunications, Government And Public Sector, Transportation And Logistics, Information Technology Enabled Services(ITES), Media, Retail, And E-commerce, Education, Other Industries
Subsegments:
1) By Installation: System Setup And Configuration, Hardware Installation, Software Deployment, Integration With Existing Systems
2) By Training And Education: User Training Programs, Technical Training For IT Staff, Workshops And Seminars, Online Training Modules
3) By Maintenance And Support: Technical Support Services, Software Updates And Upgrades, System Monitoring And Troubleshooting, Performance Optimization Services
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Which Top Companies are Driving Growth in the Interactive Voice Response Market?
Major companies operating in the interactive voice response market report are Verizon Communications Inc., AT&T Inc., TD Synnex, Cisco Systems Inc., Twilio Inc., Avaya Inc., Genesys Telecommunication Laboratories Inc., West Corporation, [24]7.ai Inc., Five9 Inc., 8X8 Inc., Aspect Software Parent Inc., Ameyo (Drishti Soft Solutions Pvt. Ltd.), Exotel Techcom Pvt. Ltd., Bitrix Inc., Callfire Inc., Handygo Technologies Pvt. Ltd., Agnity Global Inc., Istonish Inc., Evamp & Saanga, Nuance Communications Inc., Bay Talkitec Pvt. Ltd., IVR Lab, inContact Inc., Arise Virtual Solutions Inc.
Which Regions Will Dominate the Interactive Voice Response Market Through 2029?
North America was the largest region in the interactive voice response market in 2024. The regions covered in the interactive voice response market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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