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Interactive voice response market to grow at 6.83% CAGR to 5 billion till 2023 insights shared in detailed report

IT Market Research

Interactive Voice Response Market Report discusses the new and latest trends with industry demands and analyzing the forecast in the particular field with insights. The Interactive Voice Response Market Report is a brief research study done on the Interactive Voice Response industry.

The interactive voice response (IVR) market was valued at USD 3.73 billion in 2017 and is expected to reach USD 5.54 billion by 2023, at a CAGR of 6.83% during the forecast period. IVRs are implemented in multiple enterprises due to its ability to help improve the productivity and effectiveness of the organization.

A scalable architecture is achievable using the latest IVRs. The ability of IVRs to route callers to the appropriate department is one of the major reasons for their increased adoption in small and medium enterprises (SMEs) and large enterprises.

Complete report on Interactive Voice Response Market spread across 163 pages, profiling 5 companies and supported with 71 tables and 50 figures is now available at…rket-report.html

The IVRs help in routing calls to the concerned agent to save the caller’s time. This results in higher customer satisfaction along with effective customer services.

A higher level of customer satisfaction further increases the probability of selling to a new as well as an existing prospect. On the other hand, the complexity of the IVRs due to the presence of multiple irrelevant options is one of the restraining factors in the market.

The additional information confuses the customer in selecting a particular option from a list of options in the menu. Hence, sometimes the customers prefer to talk to the customer service person directly instead of talking to a machine.

Limiting the menu options helps the system to remember the customer’s choices as well as minimizes the time required for the customer to choose from a list of multiple options.

There is an increasing adoption of cloud infrastructure because of the ability to provide their self-service applications at a minimal cost. This infrastructure helps the organizations to reduce the operating expense (OPEX) allowing them to achieve a considerably higher level of efficiency.

The hosted cloud deployment mode offers ease of data accessibility from anywhere at any time. Moreover, the hosted cloud offers ease of integration with the existing server, which operates on its own physical hardware in minimal time.

Following is the breakup of the profile of primary participants:

By Company Type: Tier 1–35%, Tier 2– 40%,and Tier 3–25%

By Designation: C-Level Executives–50%, Directors–35%, and Others–15%

By Region: North America–35%, Europe–22%, APAC–30%, and RoW–13%

The prominent players profiled in this report are 8X8, Inc. (US), Nuance Communications, Inc.

(US), Convergys Corporation (US), Avaya Inc. (US), Cisco Systems, Inc. (US), AT&T Inc.

(US), West Corporation (US), Genesys Telecommunication Laboratories, Inc. (US), Verizon Communications Inc.

(US), IVR Lab (US), Aspect Software Parent Inc. (US), 24/7 Customer, Inc. (US), in Contact Inc.

(US), New Voice Media (UK), and Five9, Inc. (US).

Ask for a Sample copy of Interactive Voice Response Market by Technology (Touch-Tone and Speech), Deployment (Cloud and on Premise), Vertical (BFSI, Pharma and Healthcare, ITES), Organization Size, Solution, Service, And Geography - Global Forecast to 2023 at…le?rname=1187400

The report estimates the size and future growth potential of the interactive voice response market for various segments such as deployment mode, technology, organization size, services, vertical, and geography. In addition, the report comprises industry trends, market dynamics, and competitive analysis of the key players in the market, along with their company profiles, competitive leadership mapping, and recent developments.

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