Interactive voice response market size worth $ 6.6 billion by 2030

According to Verified Market Research, the Interactive Voice Response Market size was valued at USD 4.1 Billion in 2021 and is projected to reach USD 6.6 Billion by 2030, growing at a CAGR of 6.19% from 2022 to 2030.

Global interactive voice response market overview
The rise in disposable income acts as a primary growth driver in the Global Interactive Voice Response Market. IVR is a technology that allows humans to communicate with an automated phone system. This system communicates with callers, gathers data, and routes incoming calls to the proper parties. It uses a combination of telephone input and keypad selection tone to respond to queries received via fax, callback, voice, email, and other communication channels. A computer-telephony integration system is an Interactive Voice Response system (CTI). You’ll need a telephony board and dedicated IVR software to implement IVR technology in your contact center, which will allow you to pre-record greetings for callers. The growing number of operational BPOs and individual contact centers around the world are some of the key drivers for interactive voice response.

The market for interactive voice response will also be driven by the growing number of customer care and sales teams across enterprises. Another aspect that could drive the Interactive Voice Response Market is the fact that interactive voice response systems save operational costs and improve agent efficiency. In the interactive voice response (IVR) business, however, some constraints have emerged. Interactive voice response menus can be too extensive, difficult to grasp, and include too much information, to name a few limitations. Another aspect that may function as a market limitation is the voice prompt, which might make it difficult to interpret material at times which impedes the growth of the Interactive Voice Response Market.

Key developments

• In March 2021, Avaya Inc announced that they add new capabilities for Avaya Spaces, the modern workstream collaboration (WSC) platform that offers evolved Unified Communications capabilities via a user’s preferred device.
• In December 2020, Genesys Telecommunication Laboratories announced to launch of the Future of Digital Customer Engagement. New Genesys Digital business unit led by Barry O’Sullivan builds on the company’s leadership in customer experience and AI.

CT Bureau