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Voice Banking Market Size, Analysis, Trends, Opportunities And Strategies 2024-2033
Voice Banking Market Size
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the voice banking market are focusing on developing advanced solutions, such as AI-powered voice-assisted solutions for banking, to enhance the user experience and provide more inclusive solutions for individuals with cognitive disabilities. AI-powered voice-assisted solutions for banking leverage artificial intelligence (AI) and voice recognition to provide customers with various banking services through voice commands. For instance, in April 2023, Glia, a US-based provider of customer interaction technology, launched a voice banking solution for the Glia Interaction Platform. The Glia Interaction Platform is a robust customer interaction solution designed to help businesses provide seamless and personalized customer experiences across multiple channels, especially within the financial services sector. The new feature extends the capabilities of Glia Virtual Assistants (GVAs), powered by AI, to include support for dial-in phone interactions. This enhancement offers a unified, native virtual assistant across both call center and digital channels, enabling the automation of voice and chat interactions. Glia's Voice GVAs ensure continuous 24/7 service, efficiently managing after-hours calls and high-demand periods by responding to customer inquiries and seamlessly transferring them to live support when necessary. They modernize phone support in financial institutions by replacing outdated touch-tone menu-based IVR and Phone Banking systems with advanced conversational AI technology.
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Major Key Players of the Market:
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
Voice Banking Market 2024 Key Insights:
• 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%.
• Rising Demand For Voice Assistance Devices Drives Growth In Voice Banking Market
• Voice Banking Innovations Enhance Accessibility For Cognitive Disabilities
• North America was the largest region in the voice banking market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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