Overview and Scope
Voice banking refers to using voice recognition technology and artificial intelligence (AI) to enable customers to perform banking transactions and access banking services through voice commands. This technology allows customers to interact with their bank accounts and manage financial tasks using voice-activated devices, such as smartphones, smart speakers, or dedicated voice-enabled banking apps.
Sizing and Forecast
The voice banking market size has grown rapidly in recent years. It will grow from $1.38 billion in 2023 to $1.61 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to the increasing adoption of IoT and smart home devices, growing use of multilingual voice assistants, increasing smartphone penetration, enhanced security features, and digital transformation in banking.
The voice banking market size is expected to see rapid growth in the next few years. It will grow to $2.99 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to the increasing integration of AI-powered virtual assistants, rapid growth in smart speaker devices, growing consumer preference for convenience, rise in AI integration, and the adoption of telehealth services. Major trends in the forecast period include development in voice synthesis technologies, increasing demand for personalized voice banking solutions, ongoing research into improving the quality and fidelity of stored voices, increasing adoption and development of voice banking technologies, and adoption of AI and machine learning.
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Segmentation & Regional Insights
The voice banking market covered in this report is segmented –
1) By Component: Solution, Services
2) By Technology: Machine Learning, Deep Learning, Natural Language Processing, Other Technologies
3) By Deployment Mode: On-Premise, Cloud
4) By Application: Banks, Non-Banking Financial Companies (NBFCs), Credit Unions, Other Applications
North America was the largest region in the voice banking market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice banking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising demand for voice assistance-enabled devices is expected to propel the growth of the voice banking market going forward. Voice assistance-enabled devices are hardware devices equipped with voice recognition and processing capabilities, allowing users to interact with them using voice commands. Some common examples include smart speakers, smartphones with voice assistants, and smart home hubs. The demand for voice assistance-enabled devices is due to convenience, hands-free, compatibility with smart home systems, and benefit from improved voice recognition technology. Voice banking allows users to develop a custom digital voice profile for voice assistance-enabled devices, making interactions more personalized and enhancing the user experience. For instance, in July 2023, according to Statistics Canada, a Canada-based government agency for national statistics, the adoption of Internet-connected smart home devices has increased from 42% in 2020 to 47% in 2022, with smart speakers (30%) being the most favored device. Therefore, the rising demand for voice assistance-enabled devices is driving the growth of the voice banking market.
Key Industry Players
Major companies operating in the voice banking market are Hongkong and Shanghai Banking Corporation Limited, NatWest Group, U.S. Bank, Lloyds Bank plc, ICICI Bank, Ally Financial Inc., Emirates NBD Bank, NCR Corporation, IndusInd Bank, Axis Bank, Verbio Technologies S.L, DBS Bank India Limited, Uniphore, Central 1 Credit Union, SoundHound AI Inc., Acapela Group, kasisto, BankBuddy, Vibepay, United Bank of India
The voice banking market report table of contents includes:
1. Executive Summary
2. Voice Banking Market Characteristics
3. Voice Banking Market Trends And Strategies
4. Voice Banking Market – Macro Economic Scenario
5. Global Voice Banking Market Size and Growth
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32. Global Voice Banking Market Competitive Benchmarking
33. Global Voice Banking Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Voice Banking Market
35. Voice Banking Market Future Outlook and Potential Analysis
36. Appendix
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