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. In 2016, the interactive voice response market was dominated by companies such as 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), inContact Inc. (US), NewVoiceMedia (UK), and Five9, Inc. (US)
inContact Inc. (US) ranked first in the interactive voice response market in 2016. The company’s offerings enable it to become one of the prominent players in the IVR market. inContact Inc. offers cloud contact center solutions. The company focuses on improving the customer’s experience by unifying omnichannel routing, workforce optimization, analytics, and voice as a service. The company's key IVR products include inContact ACD, MAX (My Agent eXperience), and Proactive Outbound. The company’s key solutions are based on contact center type, business need, and industry. The company offers a large number of IVR products and solutions. inContact Inc. won the 2017 Big Innovation Award because it delivered three major updates in 2016 to its Customer Interaction Cloud, which was available automatically to its subscribers. To remain competitive in the IVR market, the company is comprehensively investing in research and development (R&D) and delivering innovative products. For instance, in 2017, inContact Inc. announced the creation of Fast Track, a set of migration packages designed for migration from an old, outdated contact center system to an integrated, analytics-based experience center in the cloud.
Genesys Telecommunications Laboratories, Inc. (Genesys) (US) offers customer experience and contact center solutions in the cloud and on premises. The company has been recognized for its interactive voice response (IVR) and call center modernization software. The company has its customers in more than 100 countries and provides omnichannel customer experience. Genesys provides self-service, outbound, inbound, and digital solutions in customer engagement. The company caters to various verticals such as banking, government, healthcare, insurance, telecommunications, travel, and pharmaceuticals. Genesys has been collaborating and acquiring companies to enhance the range of products it offers to different verticals. For example, in May 2015, the company collaborated with Skype for Business; this integration allows video-enabled contact centers as well as provides the ability to move among channels seamlessly in a single interaction. The video feature is especially beneficial for large financial companies, which prefer to use videos to communicate with high-value investors.
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
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