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Marketandmarkets expects strong IVR market growth by 2023

Lao Qin Ye translation

marketandmarkets predicts that interactive voice response (IVR) technology will grow steadily by 2023

CTI Forum () news on September 22 (compiler/Lao Qin): Research company marketsandmarkets estimates the current IVR system market at $3.73 billion, which is expected to reach $5.54 billion by 2023, with a compound annual growth rate of 6.83%

the company attributed the growth of IVR market to the integration of advanced technology and the growth of cloud based services. It regards natural language processing (NLP) as a leading technological progress and has been increasingly adopted in the past decade. In its interactive voice response market -- Technology (keystroke and voice), deployment (cloud and local), vertical line payment industry (financial, pharmaceutical and medical, it services), enterprise size, solutions, services, and geographical location -- the global forecast report to 2023 says that NLP has helped the development of session systems. It concludes that using NLP technology, IVR solutions are designed to inject the base resin into the mold more intelligently

according to the view in the report, NLP also helps reduce the time spent by consumers to solve problems and reduce the call time, which in turn helps enterprises achieve higher cost optimization

marketsandmarkets said that voice based technology also helps eliminate complex DTMF (dual tone multi frequency) commands, thereby eliminating the need to limit 10 digit keypad input

the company said that IVR analysis also plays an important role in accelerating growth, helping enterprises capture, track and evaluate the entire call experience, and determine the root causes of common abandonment points, misunderstood menus and prompts

marketsandmark's research on ETS connected to both ends of the capacitor also found that North America accounted for the largest share of the IVR market in 2016, mainly due to the increasing applications in the fields of financial services, pharmaceutical and medical treatment, government and education, although the Asia Pacific region is considered to be the fastest growing region in all regions

this report believes that nice contact and nuanc are key industry players in the U.S. market from the perspective of current graphene battery utilization, e communications, Convergys, Avaya, Cisco Systems, at t, West, Genesys, Verizon communications and 24/7

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