Speech Based Interactive Voice Response Software Market Size, Share, Growth, and Industry Analysis, By Type (Portable Type and Desktop Type), By Application (Petrochemical, Automotive, Aerospace, Service, Healthcare, Chemicals and Advanced Materials, and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Speech Based Interactive Voice Response Software Market REPORT OVERVIEW

• 
• Request a Free Sample to learn more about this report 

The global speech based interactive voice response software market size was USD 2014.3 million in 2021 and market is projected to touch USD 6370.1 million by 2031, exhibiting a compound annual growth rate (CAGR) of 12.1% during the forecast period.

Interactive voice response (IVR) systems are based on software applications, telephony equipment, databases, and any supporting infrastructure to interact with callers and route calls correctly. In this software system, no live operator interactive voice response is required. The chats are pre-recorded or generated audio that assists, guides or directs customers automatically. The systems are classified as Self-service IVRs, Hosted IVRs, and Agent-assisted IVRs. IVRs offer several types of business processes and services to customers according to their requirements.

COVID-19 Impact:  Pandemic Impacted Interactive Voice Response Market Growth

The COVID-19 outbreak and uncertain partial or complete lockdown restrictions have negatively impacted the world’s economy directly or indirectly. Including call centers, public relations or customer support centers, along with other business industries have confronted the adverse effects of the COVID-19 pandemic. Consequently, interactive voice response (IVR) grew in popularity during the Coronavirus outbreak in order to resolve customer queries and problems in real-time.

LATEST TRENDS 

"Latest IVR Software & Tool Expand Market Opportunity"

In recent years, the growing trend of digitization in the finance department, healthcare, education, and in many others has propelled the demand for interactive voice response (IVR) software tools or systems. The IVR software market is growing at a fast pace during the forecast period due to its instant customer solutions, advanced technology, AI-based solution feature. These software services markets have become increasingly popular and estimated exponential growth in the global speech based interactive voice response software market in the future.

Speech Based Interactive Voice Response Software Market SEGMENTATION 

• 
• Request a Free Sample to learn more about this report

• By Type

Based on type, the market is distributed into Cloud-based and On Premise.

• By Application

Based on application, the market is divided into Large Enterprises, Medium Enterprises, and Small enterprises.

DRIVING FACTORS

"Widespread use of Interactive Voice Response in various industries Stirring Market Growth"

One of the major driving factors is the rising implementation of cloud-based computing, robotic, and artificial intelligence in several business industries such as SMLEs, healthcare, retail, media, and others is boosting the global speech based interactive voice response software market growth. Additionally, to boost customer service efficiency, and improve customer satisfaction IVR is gaining popularity. Thus, this factor is attributed to the hike in the demand for the IVR software market in the coming years.

"Increasing Demand for Cloud-Based Computing, AI-Tech to Lift Market Enlargement"

The growing use of robotic process automation and advanced AI technologies are the other key driving factors that bolster market growth. Apart from this, increasing demand for cloud-based solutions to manage data, incoming calls, outsourcing business industry, rising demand for IVR in call centers to handle calls, e-commerce support, BFSI industry, and so on drive the IVR market growth.

RESTRAINING FACTORS

"Other Substitutes of IVR Software to Restrict Market Progress"

In the context of retraining factors, the interactive voice response system market may face challenges as chatbots and virtual assistants become more popular in recent years. furthermore, rising demand for dynamic outsourcing services is also projected to restrain the market during the forecast period. Resulted, these factors can restrain the market development during the forecast period.

Speech Based Interactive Voice Response Software Market REGIONAL INSIGHTS

• 
• Request a Free Sample to learn more about this report

"North America Dominate IVR Software Market with the Highest Share "

With regard to regional insights, North America is the leading region of the interactive voice response software market. Around 35% of the global interactive voice response software market share is gained by the North American region. Due to the early emergence of advanced technology in the business industry, for instance, artificial intelligence (AI), robotic process automation, and cognitive IVT along with others augment the market growth. As a result, these aspects are projected to offer flattering situations for the growth of the global house cleaning & maid service market in forthcoming years.

KEY INDUSTRY PLAYERS

"Launch of New Software by Top Brands to Reinforce Market growth"

The global speech based interactive voice response software market shares are held by the top key players of the market such as 8X8, Inc. (U.S.), Nuance Communications, Inc. (U.S.), Convergys Corporation (U.S.), Avaya Inc. (U.S.), Cisco Systems, Inc. (U.S.), Connect First (U.S.), West Corporation (U.S.), Genesys Telecommunication Laboratories, Inc. (U.S.), Verizon Communications Inc. (U.S.), IVR Lab (U.S.), Aspect Software Parent Inc. (U.S.), 24/7 Customer, Inc. (U.S.), InContact Inc. (U.S.), NewVoiceMedia (U.K.), Five9, Inc. (U.S.) and others.

Around 40% of the market share is held by the top four manufacturers which are Nuance, Convergys, Cisco, West Corporation, etc. These prominent companies keep investing in technological advancement, innovative tools & software, research & development, and many more. The key players keep experimenting to retain their position score, market performance score, company valuation, competitive strategies, and product manufacturing. Thus, these eminent companies’ policies and competitive landscape determine the market evolution in the future.

List of Market Players Profiled 

• 8X8, Inc. (U.S.)
• Nuance Communications, Inc. (U.S.)
• Convergys Corporation (U.S.)
• Avaya Inc. (U.S.)
• Cisco Systems, Inc. (U.S.)
• Connect First (U.S.)
• West Corporation (U.S.)
• Genesys Telecommunication Laboratories, Inc. (U.S.)
• Verizon Communications Inc. (U.S.)
• IVR Lab (U.S.)
• Aspect Software Parent Inc. (U.S.)
• 24/7 Customer, Inc. (U.S.)
• InContact Inc. (U.S.)
• NewVoiceMedia (U.K.)
• Five9, Inc. (U.S.)

REPORT COVERAGE 

This report concentrates on the global speech based interactive voice response software market size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios Besides this, the report gathers the market’s specific data and forecasts by market experts. As well as clarifies an understanding of the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and suggests deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Applications and competitive landscape have also been studied in detail to give clarification of the competitive landscape.

In this research report, various facts have been revealed based on research methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, and previous years’ records on the basis of market sales, purchases, and profit of the IVR market.

Moreover, the report examines a comprehensive analysis of “the global speech based interactive voice response software market” and makes forecasts about its development in coming years. This market research report provides knowledge of all its features of all important factors influencing the markets such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the main market players in detail and provides data on the market value, revenue demand, supply, and others. The main purpose of this report is to provide an understanding of the market development trends, valuable analysis of key market players, product portfolios, market challenges, and strategies to overcome those challenges. As well, the difficulties & effects of post-pandemic international market restrictions and deep information on how the industry functions, which will help to set out more about strategy are also stated in the report.