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IVR Innovation Makes for a Bright Future
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IVR Innovation Makes for a Bright Future

February 24, 2011

  By Sujata Garud, TMCnet Contributor

A recently released comprehensive global report on the Speech Technology Market revealed the IVR market to reach a forecasted $20.9 million by 2015. Speech technology via IVR is greatly in-demand from various types of companies that wish to gain efficiency, but lower costs at the same time. The new IVR speech recognition systems currently in use has been crafted through years of tweaks and refinements of the various developments in technology along with the ever-changing needs of consumers.

As it is a long way from 2015, let’s take a look at some of the IVR technologies and applications that are being buzzed about in the market for 2011.

IVVR (Interactive Voice And Video Response): With the introduction of 3G technology in the world’s most populous countries, IVVR is expected to have wide application and deployment.

IVR in Payment: IVR would be increasingly used in mobile banking.

Speech Recognition: With increasing usage of IVR in customer care, as well as ‘self-help’ complaint management systems, speech recognition technology and its accuracy is sure to increase.

Bulk Voice Calling: Bulk Voice Calling should see an increase as well as competition in terms of per call pricing in 2011.

If you're scared of replacing or updating your existing interactive voice response (IVR) solution because you remember the days when doing so took about the same amount of time and effort as settling the national debt, it's no surprise that you're hesitant. But it is 2011, and poorly designed or outdated IVR solutions are on their way out. Most consumers confess to hating IVRs. They don't – not really – it's poorly designed IVR systems they hate.

With newer inbound and outbound IVR solutions, today's solutions providers such as (News - Alert) can help you combine the power of the telephone, your data and the Web to generate information-driven communications and transactions – whether they be inbound callers or outbound dialing campaigns. Well-designed IVR technology can essentially drive the efficiency of every call, improving business productivity and enhancing caller satisfaction at the same time, making 2011 and beyond a bright future for IVR technology.

Sujata Garud is a TMCnet freelancer with three years of writing/editing experience and two years of market research experience. As an editor she has covered the IT, electronics, banking, pharma, construction, mining and healthcare industries. To see more of her articles, please visit her columnist page.

Edited by Jaclyn Allard

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