How Has the Voice Banking Market Size Evolved in Recent Years?
The voice banking market has seen considerable growth due to a variety of factors.
• The voice banking market has grown swiftly in recent years. It will increase from $1.61 billion in 2024 to $1.88 billion in 2025, at a CAGR of 17.1%.
Growth in this market is attributed to the rising adoption of IoT and smart home devices, increased use of multilingual voice assistants, higher smartphone penetration, better security features, and the digital transformation in banking.
What Are The Predictions for The Voice Banking Market in the Coming Years?
The voice banking market is expected to maintain its strong growth trajectory in upcoming years.
• The voice banking market is set to grow to $3.49 billion by 2029, at a CAGR of 16.7%.
This growth is driven by the integration of AI-powered virtual assistants, the rapid rise of smart speakers, consumer demand for convenience, and the growing use of telehealth services. Key trends include advances in voice synthesis technologies, a demand for personalized voice banking solutions, ongoing research into improving voice fidelity, and the integration of AI and machine learning.
Which Drivers Are Accelerating Growth In The Voice Banking Market?
The surge in the popularity of devices with voice assistance capabilities is anticipated to boost the expansion of the voice banking industry. Devices with voice assistance enablement are hardware components furnished with voice recognition and handling capacities, which allow users to engage with them via voice prompts. Common examples are smart speakers, smartphones integrated with voice assistants, and smart home hubs. The preference for voice assistance-enablement devices can be attributed to their convenience, hands-free operation, compatibility with intelligent home systems, and benefits from advanced voice recognition technology. Voice banking provides users with the option to create a tailored digital voice profile for their devices with voice assistance capabilities, facilitating more personalized interactions and improving the user experience. For example, in July 2023, Statistics Canada, a governmental statistics department based in Canada, reported that the adoption of Internet-connected smart home devices rose from 42% in 2020 to 47% in 2022, with smart speakers (30%) being the top-rated device. Thus, the burgeoning demand for devices equipped with voice assistance is fuelling the growth of the voice banking market.
What Are The Core Segments Of The Global Voice Banking Market?
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
Subsegments:
1) By Solution: Voice Recognition Software, Speech-to-Text Systems, Voice Authentication And Security Solutions, Voice Analytics Tools
2) By Services: Consulting Services, Integration And Implementation Services, Training And Support Services, Managed Services
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What New Trends Are Influencing The Voice Banking Market?
Key players in the voice banking industry are concentrating their efforts to create innovative technologies, such as AI-enabled voice assistance for banking applications, to improve user accessibility and offer comprehensive solutions for people with cognitive challenges. These voice-assistant solutions utilize artificial intelligence and voice recognition to deliver a range of banking services using voice instructions. An illustration of this is the launch of a voice banking solution by Glia, a US-based customer interaction technology firm, for the Glia Interaction Platform in April 2023. Glia Interaction Platform is an effective client interaction system designed to enable businesses to offer smooth and personalized customer experiences across multiple channels, particularly in the finance sector. The introduction of this feature expands the potential of Glia Virtual Assistants, AI-driven aids, to include support for telephone communication options. This advance merges, in a single platform, virtual assistance over both call center and digital channels, enabling the automation of voice and chat interactions. Glia's AI-powered Voice GVAs deliver uninterrupted round-the-clock services, effectively dealing with late-night calls and peak demand periods by fielding customer queries and effortlessly transferring them to live support when needed. They are instrumental in modernizing telephone assistance in financial institutions by substituting archaic IVR and Phone Banking systems that use touch-tone menus with cutting-edge conversational AI technology.
Who Are the Key Players In The Voice Banking Market?
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
What Are The Regional Insights Into The Voice Banking Market?
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.
