Ivr Future Growth Market, Companies Operating In The Industry And It’s Benefits

By Author: G02Market
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Interactive voice response (IVR) is an automated phone system that has replaced the traditional EPABX in the companies. It comprises of an IVR installed on a cloud platform which then can be accessed by the business through a user-friendly web panel.

The cloud telephony solution is a reliable source that works on low-cost phone system without any hassle or intervention of any agent. It also gives an added advantage of scalability, flexibility and zero capex.

Interactive Voice Response market is growing at a high CAGR during the forecast period beginning from 2021.The market is said to be expected to reach at USD 5.54 Billion (Rs 554 crores) by 2023. It is ascribed to the increasing integration of advance technologies and the rise in the of cloud-based platform. The COVID phase even made the companies opt for IVR system which ultimately made the growth process a little faster than usual.

At the start, the major share was held by small and medium sized enterprises (SMEs) which were using the solution for call routing and to increase their outbound solutions. The above data was provided in 2017 when ...
... IVR just came into the limelight. Today, almost every company is either operating itself on IVR or planning to.

Some companies in cloud telephony solution have also introduced Voice Over Internet Protocol (VOIP) to provide smooth working of IVR. IVR is not directly related to VOIP but VOIP IVR is. VOIP, also known as IP telephony, is defined as a group of technologies for the delivery of voice communications over internet protocol networks.

Businesses are increasing their services and trying to put a lot of effort when it comes to customer engagement and satisfaction. Every company wants to sustain a long-term relationship with clients in order to be in the competition. This stays to be main reason for adapting IVR systems by most businesses.

Interactive Voice Response (IVR) can be installed through a cloud platform which is a huge advantage for a company that doesn’t need to invest in a physical infrastructure. As the cloud telephony solution is said to increase customer satisfaction, the main reason being the hold time that customers used to experience during the high volume of calls in a traditional EPABX. IVR has a customizable option to build a personalized call flow based on the needs and areas the companies want to focus. The businesses can create a personalized greeting messages and then directing the customers to the respective department. It not only provides a self-service for the customers but also makes it easy to solve the customer’s query. In return, it creates a hassle-free experience and builds trust within the customer.

IVR applications are mostly associated with inbound call programs however, the company can put the technology to use for outbound calling campaign which can be combined with voice broadcasting and touchtone responses. The best example of outbound call is survey calls that are outgoing, mainly put-through by the agents. It helps in building and heightening the brand image.

The features provided by an IVR are endless and to have that in today’s business world where tech products involved have limited features at high prices are difficult to find and opt in, for the company. The cloud service provider gives the feature to control the lead and complaint management. The lead management option gives you the privilege to track the lead source to determine the ROI of the marketing and then further distributing them to the preferred agent. On the other hand, the complaint management comes with an inbuilt ticketing application which helps you in gathering all the complaints onto one platform. After which you can track and resolve the customer’s complaint with a single unified view.

The Interactive Voice Response global market is a host to many key players. Some of them are IVR Labs, Verizon Communications Inc., Go2Market, New Voice Media, 24/7 customer, Avaya, and others. Go2Market came into the industry in 2015 but is the fastest growing cloud telephony company that operates in the space unified communications in India. The company has designed the interactive Voice Response (IVR) product that operates for every industry irrespective of the needs and size of the business. It has also enrolled the feature of sticky agent that allows the caller to directly connect to the same agent as before based on the customer calling history.

Summing up the most used cloud telephony product, The IVR global market is segregated in terms of solutions, deployment, organization size, service, application and vertical.

By solutions

Outbound

Call routing

Self-service

By deployment

On-premise

On-cloud

By organization size

Large enterprises

Small and Medium Enterprises (SMEs)

By service

Installation

Support training & education

Maintenance

By technology

Text to speech

Speech based

Touch tone based.

By verticals

Transportation & logistics

IT & telecommunication

Healthcare

Media & entertainment

Consumer goods

Education

Retail travel