IVR Systems Market to Grow Significantly over Next Five Years
November 15, 2011
By Juliana Kenny
, TMCnet Managing Editor
In a recent analysis of the global interactive voice response (IVR) market, the Global Industry Analysts firm has projected the IVR market to reach $2.78 billion by the year 2017. As part of the larger customer relationship management (CRM) sector, IVR technologies are making advances rapidly in speech analytics, voice recognition, and new customer service software including self-service developments. With these developments comes increased competition, and higher standards for customer relationship strategy. I think we all know where this is headed.
It’s time for voice recognition software providers to get their butts in the game, and the ones who already have will gain a huge advantage. IVR systems are now integral parts of customer relationship strategies for enterprises as well as SMBs. If we learned anything from the last ITEXPO (News - Alert) in Austin, TX a couple months ago, it’s that companies previously offering legacy IVR systems including call center software are rethinking their product offerings. And some are even looking towards the cloud.
So how do IVR providers differentiate themselves in this ever-growing industry? Interact has had similar thoughts. Chris Buffum, director of Sales at Interact, stated during an interview with TMC’s (News - Alert) CEO Rich Tehrani, “We have learned to be useful to all levels, rather than specializing in one particular aspect of IVR. Our perspective is that you’re best serving the customer by being a consulting company and presenting solutions all the way through an entire business case to deployment.”
“Most of our competitors specialize in one aspect of creating solutions for companies,” Buffum continued. “For example, a company offering call center integration for IVR might specialize in the application layer only, rather than full integration of cloud or virtual services.”
IVR systems providers are finding it increasingly necessary to expand their horizons when it comes to new offerings including speech analytics, voice biometrics, and cloud-based services. Scalability and flexibility are more important than ever to potential users of IVR systems, and those in the market will do well to heed the signs.
Juliana Kenny graduated from the University of Connecticut with a double degree in English and French. After managing a small company for two years, she joined TMC as a Web Editor for TMCnet. Juliana currently focuses on the call center and CRM industries, but she also writes about cloud telephony and network gear including softswitches.
Edited by Jamie Epstein