Global Speech-Based Interactive Voice Response Software Market Size, Share, and Trends Analysis Report, By Type (Agent-Assisted Interactive Voice Response Software, and Automated Interactive Voice Response Software) and By Application (Call Centers, IT & Telecommunication, and Others), Forecast (2022-2028)

The global speech-based interactive voice response software market is anticipated to grow at a considerable CAGR of 12.2% during the forecast period (2022-2028). Speech-based Interactive voice response software is a programmed application that is used to handle calls and chats decreasing the requirement for human resources. Thus, lowering the operation cost. The major factor attributing to the growth of the global speech-based interactive voice response software market is the increasing application of interactive voice response software in the growing telecom industry. According to the report published by the India brand equity Foundation  (IBEF) in March 2022, with the described base of 1.16 billion, India is the second-largest telecommunication industry and is expected to consistently grow during the forecast period. The gross revenue of the Indian telecom industry was around $37.36 billion in 2021 and $8.74 billion in the first quarter of 2022. Thus, increasing the demand and use of interactive voice response software for customer support.

The use of speech-based interactive voice response software is also increasing due to several benefits offered by interactive voice response software. The benefits include improvement of the customer journey, measurement of customer satisfaction, intelligent call routing, support in busy times and disaster recovery, and improvement of morale by freeing the consultants. Thus, propelling the growth of the global speech-based interactive voice response software market.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in March 2022, GL Communications Inc. launched the solutions for testing the functionality of the call centers.  The solution is the automatic generation of hundreds of calls from a lab environment or over the Public Switched Telephone Network (PSTN). Bulk call generation for load testing call centers solution by GL Communications can be used for the testing of functionality of the voicemail (VM), and interactive voice response (IVR). It can also test the voice quality of IP, wireless, and TDM networks.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- 8×8 Inc., Nuance Communications Inc., Concentrix Corp., Cisco Systems Inc., and IVR Lab, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Speech-Based Interactive Voice Response Software  Market Report by Segment

By Type

• Agent-Assisted Interactive Voice Response Software
• Automated Interactive Voice Response Software

By Application

• Call Centers
• IT & Telecommunication
• Others