DMG Consulting LLC, a provider of contact center and real-time analytics research, has published its inaugural 2008 Worldwide Interactive Voice Response Trends and Market Share Report. IVR systems have been around since the 1980s, but the market has exploded in the last few years. DMG estimates that worldwide IVR revenue reached $1.867 billion at the end of 2007 and will grow to $2.4 billion by 2010, despite the current economic challenges.
Growth in the IVR market is being driven by strong demand for self-service applications, a steady flow of innovation, the increasing popularity of hosted solutions and the expansion of the outbound notification market. The recent slowdown in IVR growth in the US has been offset by expansion in international sales, particularly in Brazil, India, Saudi Arabia, Eastern Europe and the Pacific Rim. Once enterprise spending freezes caused by the economic meltdown are lifted, DMG expects increased investment in the IVR market. Sales will be driven by spending on self-service applications, replacement of outdated and expensive-to-maintain systems, and the need to standardize technology in newly merged and consolidated companies, especially in the IVR-intensive financial services industry.
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