Workforce Management Featured Article
IVR Industry to Reach $6.6 Billion
For decades, interactive voice response (IVR) technology has been one of the drivers of the contact center industry, gathering information from caller and routing calls. While the backend technology looks a bit different than it did decades ago, the technology itself is still seeing its fortunes rise, according to a study by UK-based Verified Market Research.
According to the new study, the Interactive Voice Response market size was valued at $4.1 billion in 2021 and is projected to reach $6.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.19 percent from 2022 to 2030. Much of the growth will be driven by the most prominent IVR technology players, which include Genesys (News - Alert), Avaya, AT&T, Aspect, West Corporation, Cisco, IVR Lab, Verizon, New Voice Media and Nuance Communications.
At its core, IVR technology uses a combination of telephone input and keypad selection tone to respond to queries received via fax, callback, voice, email, and other communication channels.
The market for interactive voice response is largely driven by the growing number of customer care and sales teams across enterprises. IVR systems save operational costs and improve agent efficiency, but some constraints have emerged in the market. IVRs 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.
Edited by Erik Linask
