Interactive Voice Response Market : Industry Trends and Technology - Global Forecast to 2023 - PowerPoint PPT Presentation

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Interactive Voice Response Market : Industry Trends and Technology - Global Forecast to 2023

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The interactive voice response (IVR) market was valued at USD 3.44 Billion in 2016 and is expected to reach USD 5.54 Billion by 2023, at a CAGR of 6.83% – PowerPoint PPT presentation

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Title: Interactive Voice Response Market : Industry Trends and Technology - Global Forecast to 2023


1
MarketsandMarkets Presents
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 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. The
growth of the interactive voice response (IVR)
market is attributed the increasing integration
of advanced technologies and rise in cloud-based
services that meet the industry standards for the
IVR systems.
2
MarketsandMarkets Presents
Increasing integration of advanced technologies
to drive the growth of interactive voice
response market Natural language processing (NLP)
is one of the leading technology that has been
gaining increased adoption in the past decade of
the progression of the interactive voice response
(IVR) industry. NLP technology is used to analyze
spoken natural language, and the IVRs supporting
NLP are able to generate natural language
response. This has helped in developing
conversational systems Download PDF Brochure _at_
https//www.marketsandmarkets.com/pdfdownloadNew.a
sp?id33851149 Using NLP technology, the IVR
solutions have been designed to be smarter. On
the other hand, IVR analytics plays an essential
role in fueling the market growth, as it helps
the companies to achieve customer satisfaction by
capturing, tracking, and evaluating the entire
call experience.
3
MarketsandMarkets Presents
Speech-based IVRs expected to grow at a high CAGR
between 2017 and 2023 The IVR market for
speech-based IVRs is gaining momentum as it
integrates the natural language processing (NLP)
technology that helps to reduce the amount of
time spent by an individual to get a particular
query resolved as well as reduces the call
duration. This, in turn, helps the organizations
to achieve a higher cost optimization.  The
speech-based technology also helps in the
eradication of the usage of complex DTMF
commands. Moreover, using this technology, the
user is not restricted to the use of the limited
ten digit keypad inputs.
4
MarketsandMarkets Presents
North America expected to hold the largest share
of the interactive voice response market, while
APAC likely to witness the highest CAGR between
2017 and 2023 North America held the largest
share of the interactive voice response market in
2016. Advancements in the interactive voice
response technology for flawless communication
and security, as well as the ease of
accomplishing a task without the help of an agent
are the crucial factors driving the growth of the
interactive voice response market in North
America. Growing number of applications in the
BFSI, pharma and healthcare, government and
public sector, and education, especially in North
America, is driving the growth of the overall
interactive voice response market.
5
MarketsandMarkets Presents
The key market players in the North America
are  Contact Inc. (US), Nuance Communications,
Inc. (US), Convergys Corporation (US), Avaya Inc.
(US), Cisco Systems, Inc. (US), ATT Inc. (US),
West Corporation (US), Genesys Telecommunication
Laboratories, Inc. (US), Verizon Communications
Inc. (US), and 24/7 Customer, Inc. (US).
6
MarketsandMarkets Presents
About MarketsandMarkets MarketsandMarkets
provides quantified B2B research on 30,000 high
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them take their innovations/disruptions early to
the market by providing them research ahead of
the curve.
7
MarketsandMarkets Presents
MarketsandMarketss flagship competitive
intelligence and market research platform,
"Knowledgestore" connects over 200,000 markets
and entire value chains for deeper understanding
of the unmet insights along with market sizing
and forecasts of niche markets. Contact Mr.
Shelly Singh MarketsandMarkets INC.  630 Dundee
Road  Suite 430 Northbrook, IL 60062  USA
1-888-600-6441 
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