New Research from StrategyR Highlights $6.7 Billion Global Market for Interactive Voice Response (IVR) Systems by 2026

SAN FRANCISCO, February 22, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Interactive Voice Response (IVR) Systems – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.

Interactive Voice Response (IVR) Systems – FEB Report 2022


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Editing: 21; Published: February 2022
Executive Pool: 4139
Companies: 98 – Players covered include [24], Inc.; Aspect Software, Inc.; AT&T, Inc.; Avaya, Inc.; Cisco Systems, Inc.; First Connect, Inc.; Convergys Corp.; Database Systems Corp. ; Dialogic Corporation; DialogTech; E-Complish, Inc.; Engineering Systems Limited; Mitel Networks Corporation; Nuance Communications, Inc.; True Image Interactive, Inc.; Verizon Communications, Inc.; Voicent Communications, Inc.; West Corporation and others.
Blanket: All major geographies and key segments
segments: Technology (Touchtone-based, speech-based); End use (BFSI, travel and hospitality, pharmaceutical and healthcare, telecommunications, retail and e-commerce, other end uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.

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Global Interactive Voice Response (IVR) Systems Market to Reach US$6.7 billion by 2026
Interactive Voice Response (IVR) works as a telecommunications technology that facilitates interaction between a computer machine and human beings through the use of DTMF and the input of voice tones through a keyboard. The major market drivers for IVR are the rise of cloud infrastructure, increasing adoption of advanced technologies, and growing number of calls. One of the pioneering technologies, Artificial Intelligence (AI), is increasingly being adopted to make the IVR industry progressive. Dual-tone technology and voice technology applications reduce on-hold time and abandon time for each call, increasing the frequency of outgoing calls, resulting in the automation of repetitive tasks, which improves efficiency of the agent. These reasons are fueling the growth of the IVR system market. IVR analytics sparks market growth by helping businesses achieve customer satisfaction by capturing, tracking, and evaluating the overall call experience. The increase in cloud infrastructure minimizes the cost of self-service applications, which plays an important role in the growth of the IVR market. Cloud hosting plays an important role in helping the interactive voice market response technology to enable cloud tools to quickly make resource adjustments, thereby meeting the increased demand.

Amid COVID-19 Crisis, Global Interactive Voice Response (IVR) Systems Market Estimated at US$4.9 billion in 2022, is expected to reach a revised size of US$6.7 billion by 2026, growing at a CAGR of 7.9% over the analysis period. Based on Touchtone, one of the segments analyzed in the report, is expected to grow at a CAGR of 7.4% to reach US$4.2 billion at the end of the analysis period. After an in-depth analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Speech-Based segment is readjusted to a revised CAGR of 8.6% for the next 7-year period. This segment currently accounts for a 40.1% share of the global Interactive Voice Response (IVR) market. The speech-based IVR segment is gaining traction by integrating with natural language programming (NLP), helping to reduce the time an individual spends resolving a query, which in turn reduces call duration, helping to reduce costs for an organization.

The US market is estimated at $1.5 billion in 2022, when China is expected to reach $1.1 billion by 2026
The United States Interactive Voice Response (IVR) Systems Market is estimated at US$1.5 billion in 2022. The country currently accounts for a 31.4% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$1.1 billion in 2026 with a CAGR of 9.3% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 6.7% and 7% respectively over the analysis period. In Europe, Germany is expected to grow around 7.9% CAGR while the rest of the European market (as defined in the study) will reach US$1.2 billion at the end of the analysis period. North America The large market share of the IVR market is mainly due to effective implementation of IVR systems by telecom companies, improved network infrastructure, flawless security and communications, ease of accomplishment of a task without the need for the services of an agent and the large-scale adoption of IVR systems by large and small businesses. Additionally, early implementation of advanced technologies such as Natural Language Processing (NLP) and Artificial Intelligence in the US is driving the market demand in North America. Asia Pacific The market is driven by the high adoption of IVR systems in several verticals such as BFSI, telecommunications, public and government sector, healthcare and the growing number of SMEs, as well as large enterprises in the region. Continued

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