Speech-Enablement and Standardization Have Created More Competition from the Rapidly-Growing Hosted IVR Market.DUBLIN, Ireland -- Research and Markets (http://www.researchandmarkets.com/reports/c46068) has announced the addition of "U.S. IVR (Interactive Voice Response) An automated telephone information system that speaks to the caller with a combination of fixed voice menus and data extracted from databases in real time. (Interactive Voice Response) System Markets" to their offering. This Frost & Sullivan research service entitled "U.S. IVR Systems Market - Hope for Growth Through Speech" provides an overview of current and forecasted revenue, current and forecasted shipment information and market share analysis of the IVR market, along with a complete analysis of key market drivers, restraints, and trends that are impacting the U.S. premise-based IVR market. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets/applications/technologies: Touchtone IVR markets, Speech-enabled IVR markets, Voice Portals An interactive voice response (IVR) front end to a data retrieval system. This does not differ in core technology from traditional IVR; rather, the difference is in the application presented. Where old-style IVR was mostly a routing application (press 1 for sales, 2 for service, etc. , and Hosted IVR solutions. Frost & Sullivan's expert analysts thoroughly examine the following sectors in this research: * Touchtone IVR Markets * Speech-enabled IVR Markets * Voice Portals * Hosted IVR Solutions * Contact Center Applications The following technologies are covered in this research: * Interactive Voice Response (IVR) * Automatic Speech Recognition (ASR (Automatic Speech Recognition) Using voice recognition to replace keypad entry for telephone voice menus. Typically used to speak the digits 0 through 9 insted of keying them, ASR systems may be able to recognize a limited vocabulary. See voice recognition and AVSR. ) * Text-to-Speech (TTS (1) See text-to-speech. (2) (Transaction Tracking System) Software that monitors a transaction until completion. In the event of a hardware or software failure, it ensures that the database is brought back to its former state before the attempt to ) * IP-based IVR * Information Portal Voice continues to dominate as the primary media for service interaction between companies and their customers as compared to other media they employ. However, ever since the introduction of interactive voice response (IVR) systems into the customer service arena almost a decade ago, market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" of traditional touch-tone systems has steadily increased to around 90 percent within large enterprises. Vendors are finally seeing a light at the end of the tunnel due to a combination of technology maturity and a shift in enterprise focus from cost savings to customer-centric business model. Standards, end-of-life of legacy equipment and maturity of speech technology are helping induce growth in a highly saturated market. there are several growth opportunities within the IVR System vendors business environment. The study offers strategic guidance to industry participants based on successful strategies implemented by leading vendors and Frost & Sullivan analysis of the market. The traditional self-service industry has reached high levels of saturation in most of its end-user verticals, with minimal prospects for the growth of touch-tone interactive voice response systems. This is especially true in the large enterprise segment, which has been the heaviest user of interactive voice response (IVR) systems. Vendors have been trying to increase sales in a market that is inundated in·un·date tr.v. in·un·dat·ed, in·un·dat·ing, in·un·dates 1. To cover with water, especially floodwaters. 2. with legacy systems but not yet ready to replace the infrastructure. Where speech-enablement and standardization standardization In industry, the development and application of standards that make it possible to manufacture a large volume of interchangeable parts. Standardization may focus on engineering standards, such as properties of materials, fits and tolerances, and drafting have been counted as drivers for the premises-based IVR market, these factors have also created more competition from the rapidly growing hosted IVR market. Since the hosted model is characterized by benefits such as low cost and rapid deployment of applications, it seems to be the ideal option for deploying rapidly evolving speech technology. The years 2004 and 2005 have been the phase of product portfolio development and landscape evolution for the U.S. IVR systems market. In 2005, the market generated approximately $564.8 million in IVR system revenue. The market experienced moderate growth in 2005 from the previous years but is expected to accelerate and grow at a compound annual growth rate (CAGR CAGR See: Compound Annual Growth Rate ) of about 13.4 percent over the forecast period. Growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. for the market are likely to accelerate between 2008 and 2009 and then slow down afterwards af·ter·ward also af·ter·wards adv. At a later time; subsequently. afterwards or afterward Adverb later [Old English æfterweard] Adv. 1. . Finally, the vendor marketplace is highly fragmented and broadly consists of incumbent IVR platform providers such as Nortel, Avaya, Intervoice, Edify ed·i·fy tr.v. ed·i·fied, ed·i·fy·ing, ed·i·fies To instruct especially so as to encourage intellectual, moral, or spiritual improvement. and Syntellect and next-generation providers such as VoiceGenie, Genesys and Voxeo. For more information visit http://www.researchandmarkets.com/reports/c46068 Source: Frost & Sullivan |
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