Interactive Voice Response Market Is Anticipated To Grow At A Cagr Of 6% To 8% From 2021 To 2026

By Author: Lucintel LLC
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The global interactive voice response market is projected to grow at a CAGR of 6% to 8% from 2021 to 2026. The growth of interactive voice response market is driven by increasing demand for cloud-based technologies, increased security concerns, and increasing integration of advanced technologies.

Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising potential, high-growth opportunities for the global interactive voice response market by technology (speech based and touch-tone based), deployment mode (cloud and on premise), organization size (small and medium (SME) and large enterprise), services (installation, training & education, and maintenance & support), solution (call routing, outbound, self-service), end use industry (BFSI, travel & hospitality, pharma & healthcare, telecommunication, government, transportation & logistics, media, retail & E-commerce, education, and other), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 What are the ...
... business risks and threats to the interactive voice response market?
Q.4 What are some changing demands of customers in the interactive voice response market?
Q.5 What are the new developments in the interactive voice response market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this interactive voice response area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this interactive voice response market?

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Market Segmentation:
Based on technology, the interactive voice response market is segmented into speech based and touch-tone based), deployment mode (cloud and on premise. The speech based segment accounted for the largest share of the market in 2020 and is expected to register the highest CAGR during the forecast period, due to rising demand of natural language processing (NLP) technology that helps in reducing the amount of time spent by an individual and increasing demand in telecommunication, e-commerce, BFSI, and other industries.
North America will remain the largest region during the forecast period due to growing adoption of advanced technologies such as artificial intelligence (AI), natural language processing (AI) in the U.S. and demand for enhanced customer service and a higher level of customer interaction.
Key Players in the interactive voice response market are Nuance Communications, Inc., Avaya Inc., Verizon Communications Inc., 24/7 Customer, Inc., Genesys Telecommunication Laboratories, Inc., West Corporation, AT&T Inc., Cisco Systems, Inc., Aspect Software Parent Inc., New Voice Media, IVR Lab, 8X8, Inc, Nec Corporation, Centurylink.
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The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.
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About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
Brandon Fitzgerald
Lucintel
Dallas, Texas, USA
Email: brandon.fitzgerald@lucintel.com
Tel. 972.636.5056
Cell: 303.775.0751
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