LONDON--(EON: Enhanced Online News)--Technavio market research analysts forecast the global interactive voice response (IVR) system market to grow at a CAGR of close to 13% during the forecast period, according to their latest report.
“In the retail industry, speech technology is mostly used for receiving the calls, which when carried by IVR systems reduces the time, especially when there is a seasonal demand for some products”
The market study covers the present scenario and growth prospects of the global IVR system market for 2017-2021. The report also lists on-premises and cloud-based IVR systems as the two major segments based on deployment models, of which the cloud-based IVR systems accounted for 75% of the market share in 2016.
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Technavio ICT analysts highlight the following three market drivers that are contributing to the growth of the global IVR system market:
- Increase in the number of calls
- Adherence to standards
- Increased need to improve CRM
Increase in the number of calls
One of the major drivers for the global IVR system market is the increase in the number of calls by customers. There is a tremendous increase in the number of calls due to which agents are not able to receive the calls. Thus, organizations manage the increased number of calls and provide increased customer interaction with the help of IVR solutions. The use of dual-tone and speech technology reduces the hold time and drop off time for each call. This has increased the number of outbound calls, which results in automation of the routine tasks and helps in improving the efficiency of the agent.
“In the retail industry, speech technology is mostly used for receiving the calls, which when carried by IVR systems reduces the time, especially when there is a seasonal demand for some products,” says Amrita Choudhury, a lead analyst at Technavio for enterprise application research.
Adherence to standards
Organizations have increasingly started adopting open standards. They have realized the importance of developing solutions and technologies that are interoperable with the products. Voice extensible markup language (VXML) offers a shift in the application development because speech recognition on VXML standard helps the programmer to develop reusable grammar leveraged by different applications. The ability to reuse the codes makes the standard more preferred and reduces the development time of the project. The applications built on this standard are portable and offer customers with the flexibility to integrate with other vendor solutions.
IVR systems that are based on this standard offer the benefits of application portability and investment protection. Most of the IVR system providers offer support for emerging and accepted standards including VXML, extensible multimodal annotation markup language, Speech Recognition Grammar Specification, Semantic Interpretation for Speech Recognition, and Natural Language Semantics Markup Language.
Increased need to improve CRM
Customer relationship is crucial for effective revenue generation in any enterprise. Enterprises are striving to develop a wide customer base because of the increase in competition and to obtain a large market share. They have started implementing enterprise solutions such as enterprise resource planning (ERP) and CRM. However, it is difficult to maintain the same level of personal contact with all the customers.
“The lack of a centralized system, which provides relevant and consistent data and engages in continuous communication with customers results in loss of customers and exposes the business to risks,” says Amrita.
IVR systems enable companies to engage with their customers. For instance, enterprises deploy IVR systems to provide product or brand information to customers and increase the brand awareness. IVR systems help in promotions, thereby encouraging customers for signing up to the company's account. Thus, the effective deployment of IVR systems enables personalized customer interaction.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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