Global Interactive Voice Response System in Education Market (2023-2030)

The Interactive Voice Response System in Education Market was valued at USD 4.1 billion in 2022 and is projected to reach USD 6.73 billion by 2030. The market is anticipated to expand at a CAGR of 6.4% over the forecast period.

INDUSTRY OVERVIEW

IVR (interactive voice response) is a function of an automated business phone system that converses with callers and gathers data by giving them a menu of choices. After that, it responds to the caller's voice or keypad replies to take appropriate action. To route calls depending on the choices given by the caller, businesses or contact centers frequently use IVRs. Based on these choices, it may determine if the caller wants to speak with the billing division, the technical assistance group, or just a human operator. A properly-designed IVR software solution may also help improve contact centre operations and KPIs, as well as raise customer satisfaction. In times of high call volume, an effective interactive voice response system can help customers find answers and do simple tasks on their own.

IVR technology can assist in direct calls to the appropriate call centre staff when a consumer needs or wishes to talk with a human to answer their query quickly and effectively. As a result, the caller's choices control how the IVR behaves. If the issue is more complex, it can refer callers to a human agent who can help them more effectively. It can also give information. The proper individual may be reached by using an interactive voice response (IVR) system, which is another helpful resource. The IVR may deliver customers to the proper department by leading them through a series of options and selections. When they do communicate with a human voice, it will be a person who is equipped to handle their problems. The global market for interactive voice response system is primarily driven by the increase in disposable income. IVR is a technology that lets people speak to an automated phone system. This system interacts with callers, collects information, and directs incoming calls to the appropriate people. To react to inquiries sent through fax, callback, voice, email, and other communication methods, it combines keypad selection tone and telephone input. IVR (Interactive Voice Response) systems are computer-telephony integration systems (CTI). IVR technology, which enables you to pre-record phone greetings, requires a telephony board and specialized IVR software to be implemented in your contact centre. Some of the major forces behind the growth of interactive voice response include the increasing number of operating BPOs and independent contact centres throughout the globe. The market for interactive voice response will also be propelled by the expansion of sales and customer service departments inside organizations. The fact that interactive voice response systems save operating expenses and boost agent effectiveness is another factor that might fuel the market for interactive voice response. But there are several limitations in the interactive voice response (IVR) industry. Interactive voice response menus can have several drawbacks, including being overly detailed, challenging to understand, and having too much information. The voice prompt is another feature that could operate as a market constraint. It can occasionally make it difficult to understand the information, which prevents the Interactive Voice Response System in Education Market from expanding.

COVID-19 IMPACT ON THE INTERACTIVE VOICE RESPONSE SYSTEM IN EDUCATION MARKET

In many different ways, the worldwide pandemic has affected the global interactive voice response system in education market. For the first half of 2020, the worldwide market has likewise come to a standstill. Demand in the worldwide market has declined globally. The worldwide lockout in various countries has also resulted in the loss of the global market's supply chain and investors. For the market for an interactive voice response, the pandemic has presented several difficulties. Therefore, by offering better services and implementing new ideas and tactics, the Interactive Voice Response Market Players are putting out great effort to increase client demand. The global pandemic has hampered the market's expansion, but despite this, the situation has improved because of ongoing efforts by international businesses.

MARKET DRIVERS: 

The growing number of calls is propelling the market expansion

The market for IVR systems in education has been driven by an increase in client calls. The quantity of calls has increased, making it difficult for the agents to observe adequate cell turnover. As a result, businesses use IVR systems to handle the growing amount of calls and boost client connection. The drop-off time and hold time for each call are decreased through the use of voice technology and dual-tone technology. As a result, there are now more outbound calls, which leads to the automation of tedious jobs, boosts agent productivity, and drives the market for IVR systems.

The market for IVR systems is expanding as a result of the increasing integration of cutting-edge technology

Artificial intelligence is one of the leading technologies that has been embraced more and more as the IVR industry has grown. Natural language processing (NLP) technology is one of the artificial intelligence (AI) approaches used to assess spoken natural language. This supports the development of conversational systems and the advancement of IVR systems. IVR analytics also makes a substantial contribution to the market's growth since it helps companies to please consumers by capturing, monitoring, and analysing the whole call experience. AI provides extra and significant value to organizations that use IVR, driving IVR system market growth by delivering smoother, faster, and more efficient customer experiences while also reducing time and costs.

MARKET RESTRAINTS:

IVR System's main challenges are security issues with data encryption and improving customer experience

Concerns over data security and privacy are anticipated to be the biggest challenges for IVR systems, which will limit the market's expansion. Applications like BFSI (Banking, Financial Services, and Insurance) require more security to provide clients with a trustworthy service. However, combining IVR technology with cutting-edge technologies may lower the danger of fraud, spurring future industry expansion.

INTERACTIVE VOICE RESPONSE SYSTEM IN  EDUCATION MARKET REPORT COVERAGE:

This research report on the Interactive Voice Response System in Education Market has been segmented and sub-segmented based on Deployment Model, Technology and By Region.

INTERACTIVE VOICE RESPONSE SYSTEM IN  EDUCATION MARKET – BY DEPLOYMENT MODEL

• Cloud
• On-Premise

Based on Deployment Model, the Interactive voice response system in education market is segmented into Cloud-Based and On-Premises. The largest market share is held by the cloud-based sector. A cloud call centre sometimes referred to as a cloud-based call centre, is one whose call centre software is housed and serviced in the cloud by a different provider. Common fundamental technologies in a cloud call centre include the automated call distributor (ACD) and the interactive voice response (IVR) system.

INTERACTIVE VOICE RESPONSE SYSTEM IN EDUCATION MARKET - BY TECHNOLOGY

• Speech Based
• Touch-tone Based

Based on technology, the Interactive voice response system in education market is segmented into Touch-Tone Based and Speech Based. In 2022, the IVR System in education market's highest share belonged to the speech-based IVR segment. The speech-based IVR System in education has been gaining popularity because it incorporates natural language processing (NLP) technology, which reduces the time it takes for a person to get a specific query answered and the length of the call, both of which help the organization achieve a higher level of cost optimization. Additionally, speech-based technology helps do away with the need for complicated dual-tone multi-frequency (DTMF) instructions. This technology enables callers to interact with computers using straightforward voice instructions and has developed to the point where it can comprehend names and lengthy digits like credit card numbers, airline numbers, and others. This is set to drive the demand for the IVR system market.

INTERACTIVE VOICE RESPONSE SYSTEM IN EDUCATION MARKET - BY REGION

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East
• Africa

By region, the Interactive Voice Response System in Education Market is grouped into North America, Europe, Asia Pacific, Latin America, The Middle East and Africa. With a market share of over 35.96%, North America led the IVR System in education industry, followed by Europe and APAC. The key reasons propelling the growth of the interactive voice response system in education market in North America are improvements in the technology for faultless communication and security, as well as the simplicity of completing a task without the assistance of an agent. The U.S.'s early adoption of cutting-edge technology like artificial intelligence (AI) and natural language processing (NLP) has increased demand throughout North America. In addition, the growth of the overall interactive voice response system in education market is being driven by the increasing number of IVR applications in the BFSI, healthcare, government, and education, particularly in North America.

INTERACTIVE VOICE RESPONSE SYSTEM IN EDUCATION MARKET - BY COMPANIES

Some of the major players operating in the Interactive Voice Response System in  Education Market include:

1. ASPECT SOFTWARE INC.
2. AT&T INC.
3. ATOS SE
4. AVAYA HOLDINGS CORP.
5. CISCO SYSTEMS INC.
6. CONCENTRIX CORP.
7. CONVERGYS CROP
8. DIALOGIC CORPORATION
9. MITEL NETWORKS CORPORATION
10. NEC CORPORATION
11. NICE LTD.
12. NUANCE COMMUNICATIONS INC.
13. RINGCENTRAL INC.
14. TRUE IMAGE INTERACTIVE INC.
15. VERIZON COMMUNICATIONS INC.
16. VOICENT COMMUNICATION INC.

NOTABLE HAPPENING IN THE INTERACTIVE VOICE RESPONSE SYSTEM IN EDUCATION MARKET

• PRODUCT LAUNCH- Avaya Inc., in March 2021 introduced new features for Avaya Spaces, the cutting-edge workstream collaboration (WSC) platform that provides advanced Unified Communications capabilities via a user's preferred device.
• PRODUCT LAUNCH- Ahli United Bank (AUB) announced its decision to upgrade its interactive voice response service to a brand-new visual IVR system in May 2019. IVR system upgrades of this nature that use cutting-edge technology are expected to fuel market expansion.