Voice Banking Market Report 2024

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 is attributed to the increasing integration of AI-powered virtual assistants, rapid expansion of smart speaker devices, growing consumer preference for convenience, heightened AI integration, and the uptake of telehealth services. Key trends in this period include advancements in voice synthesis technologies, rising demand for personalized voice banking solutions, ongoing research to enhance the quality and fidelity of stored voices, increased adoption and advancement of voice banking technologies, and the integration of AI and machine learning.

The increasing demand for voice assistance-enabled devices is poised to drive growth in the voice banking market moving forward. These devices, equipped with voice recognition and processing capabilities, enable users to interact via voice commands, enhancing convenience and hands-free operation. Common examples include smart speakers, voice-enabled smartphones, and smart home hubs, favored for their compatibility with smart home systems and advancements in voice recognition technology. Voice banking complements these devices by allowing users to create personalized digital voice profiles, thereby enhancing interactions and improving the overall user experience. For example, Statistics Canada reported an increase in adoption of Internet-connected smart home devices from 42% in 2020 to 47% in 2022, with smart speakers (30%) being particularly popular. This trend underscores the growing demand for voice assistance-enabled devices, which is a key driver behind the expansion of the voice banking market.

Leading companies in the voice banking market are focusing on developing advanced solutions such as AI-powered voice-assisted banking. These solutions leverage artificial intelligence and voice recognition technologies to enable customers to perform various banking tasks using voice commands. For instance, in April 2023, Glia launched a voice banking solution as part of its Glia Interaction Platform. This platform integrates AI-powered virtual assistants (GVAs) to deliver seamless and personalized customer experiences across digital and call center channels, especially within the financial services sector. The voice GVAs provide continuous 24/7 service, automating interactions during after-hours and peak periods, and enhancing phone support by replacing traditional touch-tone IVR systems with advanced conversational AI capabilities.

In April 2022, Tobii Dynavox, a Sweden-based company specializing in assistive technology, completed the acquisition of Acapela Group for an undisclosed sum. This strategic acquisition is intended to strengthen Tobii Dynavox's capability to offer high-quality and diverse voices for assistive communication technology. Acapela Group, headquartered in Belgium, specializes in text-to-speech software and is recognized for its expertise in creating personalized digital voices through voice banking.

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.

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.

The countries covered in the voice banking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Voice banking utilizes voice recognition technology and artificial intelligence (AI) to enable customers to conduct banking transactions and access services via voice commands. This technology allows users to manage their bank accounts and financial tasks using voice-activated devices such as smartphones, smart speakers, or dedicated apps.

Voice banking consists of solutions and services. Voice banking solutions are software and applications that enable individuals to create and manage voice recordings for future use. These technologies encompass machine learning, deep learning, natural language processing, and are available in various deployment modes, including on-premise and cloud. They serve diverse sectors such as banks, non-banking financial companies (NBFCs), and credit unions.

The voice banking market research report is one of a series of new reports that provides voice banking market statistics, including voice banking industry global market size, regional shares, competitors with a voice banking market share, detailed voice banking market segments, market trends and opportunities, and any further data you may need to thrive in the voice banking industry. This voice banking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The voice banking market consist of revenues earned by entities through voice preservation services, voice integration, voice reconstruction services, and digital voice synthesis. The market value includes the value of related goods sold by the service provider or included within the service offering. The voice banking market also includes sales of wearable devices, voice-enabled ATMs, smart TVs, and voice banking devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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