IVRs Eye 5.6 Percent CAGR Through 2027
Global Industry Analysts valued the global market for interactive voice response (IVR) systems at $4.1 billion in 2020 and projects it to reach $6.1 billion by 2027, growing at a compound annual rate of 5.6 percent.
Of that amount, touchtone-based systems are projected to record 5.5 percent CAGR and reach $3.6 billion by 2027. Growth in the speech-based segment is projected at 5.8 percent CAGR for the next six years.
Globally, the U.S. market is currently valued at $1.1 billion. China is expected to see the highest CAGR, at 8.5 percent, through 2027, while Japan, Canada, and Germany are also expected to see strong growth.
Among the 82 IVR systems vendors mentioned in the report, analysts highlighted 7.ai. Aspect Software, AT&T, Avaya, Cisco Systems, ConnectFirst, Concentrix, Database Systems, Dialogic, Dialog Tech, E-Complish, Enghouse Systems, Mitel Networks, Nuance Communications, True Image Interactive, Verizon, Voicent Communications, and West as the key players.