Global Interactive Voice Response (IVR) Systems Market to Reach US$1.9 Billion by 2015, According to New Report by Global Industry Analysts, Inc.

San Jose, CA (Vocus/PRWEB) January 06, 2011

Interactive voice response (IVR) systems are communication systems, which provide automated telephone access to specified computer database information, while the new generation version can also provide customized information to specific queries. Interactive voice response systems market, in last two decades, has evolved from dual tone multi-frequency (DTMF) interactive voice response age to speech-enabled IVR era. The capability of IVR systems to handle phone calls and transfer the relevant calls to appropriate departments has eliminated the need for human intervention, thus cutting down expenses associated with live agents. IVR systems are extensively used by small, medium and large companies to re-direct calls to relevant customer service agents.

With one of the first causality in a recession being technology spending and investments, world market for IVR witnessed significant slowing down of growth patterns as companies temporarily pruned down customer service investments for an immediate short-term respite from the financial pressures. As a result of precautionary and reactionary measures adopted by companies, the years 2008, 2009, and 2010 notably witnessed declines in growth rates. Lower inflow of new orders and contracts squeezed revenues for manufacturers in this space. Interestingly, while a bad economy and the ensuing deterioration in broader economic variables, such as, fall in the business confidence index, corporate budgetary constraints, lack of capital for investments in IT assets and the general strategy of “doing more with less”, dragged down growth, the recession has not endangered the economic fundamentals of IVR, which continues to remain firmly rooted in advantages of cost efficiency, and superior performance and deliverables.

Contact centers especially have a compelling need to strategically invest in technologies and tools that help to differentiate them, ever more so in challenging times like the present. Growing focus on benchmarking customer experience and the ensuing emphasis on IVR optimization will also help bring in fresh opportunities for product replacements and upgradations. Additionally, contact centers cannot afford to scale back investments on customer service for long as prolonged deeper cuts can raise the risk of loss of customers as fickle loyalty during challenging economic times leads to migration to competitors who favor their patronage. Post recession recovery and growth will be led by companies re-focusing on customer retention, new customer acquisition, and customer satisfaction ratings. Behavioral changes in the post recession customer are expected to wield a strong influence on corporate customer service operations. The recession, interestingly, has made customers more demanding as their newfound austerity results in steady focus on performance to price and value for money bargains in all products and services purchased and availed. This reduced tolerance for products and brands that fall short in meeting expected standards in customer service will drive companies to re-build and upgrade contact centre operations thus benefiting the IVR market in the process.

Global market for Interactive Voice Response (IVR) Systems will continue to be dominated by developed nations, with the US and Europe together accounting for a lion’s share of the global market revenues, as stated by the new market research report. The underlying cost saving economics of IVR goes beyond the temporary weakness in the market’s climate. The slowdown in growth is therefore largely deemed to be temporarily and as frozen funds begin to thaw, increased demand is forecasted for self-service applications like IVR, which bring in the promise of significantly halving operating expenses. The use of sophisticated and highly advanced voice portal systems, advanced speech recognition interfaces, and DTMF interfaces within conventional IVR systems designs, will continue to be key market drivers.

Large enterprise segment (65+ IVR ports), which hitherto contributed towards a major chunk of IVR revenues, will no longer continue with its trajectory growth having reached a saturation level. With growth stemming only from replacement of first-generation systems within these enterprises, several vendors of IVR technology are seeking opportunities in small- and medium- sized businesses for future growth. IVR demand in the financial services industry is forecast to increase especially after the recession triggered consolidation leaves a need for standards-based interactive voice response and customer interaction solutions in the newly merged, acquired and established companies. The scenario is especially pronounced in the United States where the domestic financial services industry is undergoing significant restructuring. Banking/Finance end-use market in United States is forecast to surge at a CAGR of 7.62% during the analysis period.

Major players in the marketplace include Aspect Software Inc, AT&T Inc, Avaya Inc, BCE Inc, Cisco Systems Inc, Convergys Corp, Dialogic Corporation, Enghouse Systems Limited, Syntellect Inc, Genesys Telecommunications Laboratories Inc, Healthcare Technology Systems, IBM, Mitel Networks Corporation, Nuance Communications Inc, Philips Speech Processing, Verizon Communications Inc, Voxeo Corporation, West Corporation, Holly Connects, among others.

The research report titled “Interactive Voice Response (IVR) Systems: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections (in US$ Million) for major geographic markets including the United States, Canada, Europe and Rest of World. Product segments analyzed include Less than 24 Ports, 25 to 46 Ports, 47 to 64 Ports and 65 and Above Ports. Additionally, the US IVR Market is analyzed by following end-use sectors – banking/finance, telecom, insurance, travel/ hospitality, healthcare and other markets.

For more details about this comprehensive research report, please visit
http://www.strategyr.com/Interactive_Voice_Response_IVR_Systems_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.

Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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