Press release
In-Depth Analysis of the Voice Banking Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Voice Banking Market Size
The market size of voice banking has seen significant expansion in the recent past. The projected growth is from $1.61 billion in 2024, escalating to $1.88 billion in 2025, with a compound annual growth rate (CAGR) of 17.1%. Factors contributing to this growth during the historical period include the growing acceptance of IoT and smart home technologies, the rise in use of multilingual voice assistants, an upsurge in smartphone usage, improved security features, and the digital transition in the banking sector._x000D_
_x000D_
Anticipations are high for a quick expansion of the voice banking market size in the coming years. Projections estimate a growth to $3.49 billion by 2029, with a compound annual growth rate (CAGR) of 16.7%. Factors fuelling this growth during the forecast period encompass the augmented merger of AI-powered virtual assistants, the swift rise in smart speaker device usage, increased consumer demand for convenience, the integration surge of AI, and the acceptance of telehealth services. The forecast period will also witness major trends such as advancements in voice synthesis technologies, increased needs for personalized voice banking services, continuous investigations into enhancing the quality and fidelity of archived voices, growing acceptance and advancement of voice banking technologies, and the implementation of AI and machine learning._x000D_
_x000D_
What Is Driving the Growth Trajectory of the Voice Banking Market?_x000D_
The surge in demand for devices equipped with voice assistance capabilities is predicted to fuel the expansion of the voice banking industry. These devices, which feature voice recognition and processing functions, facilitate user interaction through voice commands. Smart speakers, smartphones with voice assistants, and smart home hubs are typical examples. This increased demand is attributed to the convenience, hands-free operation, smart home system compatibility, and enhanced voice recognition technology offered by such devices. Voice banking gives users the ability to create a unique digital voice profile for their voice assistance-enabled devices, offering a more personalized interaction and improved user experience. For instance, as reported by Statistics Canada in July 2023, there has been a growth in the adoption of Internet-connected smart home devices from 42% in 2020 to 47% in 2022, with 30% preferring smart speakers, the most popular device. Therefore, the surging demand for devices with voice assistance capabilities is propelling the growth of the voice banking industry._x000D_
_x000D_
Get Your Free Sample Now - Explore Exclusive Market Insights:_x000D_
https://www.thebusinessresearchcompany.com/sample.aspx?id=16822&type=smp_x000D_
_x000D_
Which Leading Companies Are Shaping the Growth of the Voice Banking Market?_x000D_
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_x000D_
_x000D_
What Are the Major Trends Shaping the Voice Banking Market?_x000D_
Top-tier companies in the voice banking sector are striving to improve their products by creating more sophisticated options such as AI-supported voice-based solutions for banking. These innovations are designed to enhance the customer experience as well as cater to the needs of those with cognitive impairments. AI-supported voice solutions utilise artificial intelligence and voice recognition features to allow customers to access different banking services through voice commands. For instance, Glia, an American company specialising in customer interaction technology, launched a voice banking service on their Glia Interaction Platform in April 2023. The platform itself is a powerful tool that businesses can use to facilitate smooth, personalised customer service across a variety of channels, particularly in the financial services industry. This new feature expands on the Glia Virtual Assistants' (GVAs) AI capabilities, now providing support for direct telephone communications. This progress creates a single, integrated virtual assistant for both call centres and online channels, paving the way for automated voice and chat engagement. Glia's Voice GVAs are designed to provide round-the-clock service, effective in managing customer calls during non-business hours and peak usage times, as well as directing customers to live customer service representatives when necessary. The system revolutionises telephone support in banking institutions, superseding dated touch-tone menu-based IVR and phone banking systems incorporating the latest conversational AI technology._x000D_
_x000D_
What Are the Key Segments of the Voice Banking Market?_x000D_
The voice banking market covered in this report is segmented -_x000D_
_x000D_
1) By Component: Solution, Services_x000D_
2) By Technology: Machine Learning, Deep Learning, Natural Language Processing, Other Technologies_x000D_
3) By Deployment Mode: On-Premise, Cloud_x000D_
4) By Application: Banks, Non-Banking Financial Companies (NBFCs), Credit Unions, Other Applications_x000D_
_x000D_
Subsegments:_x000D_
1) By Solution: Voice Recognition Software, Speech-to-Text Systems, Voice Authentication And Security Solutions, Voice Analytics Tools_x000D_
2) By Services: Consulting Services, Integration And Implementation Services, Training And Support Services, Managed Services_x000D_
_x000D_
Pre-Book Your Report Now For A Swift Delivery:_x000D_
https://www.thebusinessresearchcompany.com/report/voice-banking-global-market-report_x000D_
_x000D_
Which Region Dominates the Voice Banking Market?_x000D_
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._x000D_
_x000D_
What Is Covered In The Voice Banking Global Market Report?_x000D_
_x000D_
- Market Size Analysis: Analyze the Voice Banking Market size by key regions, countries, product types, and applications._x000D_
- Market Segmentation Analysis: Identify various subsegments within the Voice Banking Market for effective categorization._x000D_
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape._x000D_
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market._x000D_
- Market Contribution: Evaluate contributions of different segments to the overall Voice Banking Market growth._x000D_
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers._x000D_
- Industry Challenges: Analyze challenges and risks affecting the Voice Banking Market._x000D_
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market._x000D_
_x000D_
Unlock Exclusive Market Insights - Purchase Your Research Report Now!_x000D_
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=16822_x000D_
_x000D_
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release In-Depth Analysis of the Voice Banking Market: Growth Opportunities, Key Trends, and Forecast 2025-2034 here
News-ID: 3868582 • Views: …
More Releases from The Business Research Company
Company Registration Service Market Landscape 2025: Forecast Data and Growth Str …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Company Registration Service Market Through 2025?
The market size for company registration services has seen robust growth in the recent past. The market is projected to expand from $10.67 billion in 2024 to $11.55 billion in 2025, exhibiting a compound annual growth…
Comprehensive 2025 Commercial Toilet Partition Market Overview: Trends, Forecast …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Toilet Partition Market Through 2025?
In recent years, the market size for commercial toilet partitions has significantly expanded. The forecast predicts a rise from $1.82 billion in 2024 to $1.95 billion in 2025, with a compound annual growth rate (CAGR) of…
Key Trends Influencing the Growth of the Commercial Insurance For Small And Medi …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Insurance For Small And Medium-Sized Enterprises (SMEs) Market Through 2025?
The market size of commercial insurance for small and medium-sized enterprises (SMEs) has seen substantial growth over the recent years. A rise from $111.83 billion in 2024 to $119.76 billion in…
Growing Focus On Reducing Greenhouse Gas Emissions Driving The Market Growth Due …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Combustion Emissions Analyzer Market Through 2025?
In the past few years, the market size for combustion emissions analyzer has seen robust growth. It is projected to increase from $1.02 billion in 2024 to $1.09 billion in 2025, with a compound annual growth…
More Releases for Bank
Mortgage-Backed Security Market 2022: Industry Manufacturers Forecasts- Construc …
The Mortgage-Backed Security research report is the professional report with the premium insights which includes the size of the business, the ongoing patterns, drivers, dangers, conceivable outcomes and primary segments. The Market Report predicts the future progress of the Mortgage-Backed Security market based on accurate estimations. Furthermore, the report offers actionable insights into the future growth of the market based on inputs from industry experts to help readers formulate effective…
Doorstep Banking Services Market Challenges and Opportunities in Banking Service …
Doorstep banking is a facility provided so that user don't have to visit bank branches for routine banking activities like cash deposit, cash withdrawal, cheque deposit, or making a demand draft. The bank extends these facilities at user work place by appointing a service provider on your behalf.
This service was earlier available only to senior citizens but it is available to everyone with nominal fee charges, depending on the type…
Payments Landscape in Iran: Opportunities and Risks to 2021- Bank Saderat Iran, …
Payments Landscape in Iran: Opportunities and Risks to 2021
Publisher's "Payments Landscape in Iran: Opportunities and Risks to 2021", report provides detailed analysis of market trends in the Iranian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including payment cards and cheques during the review-period (2013-17e).
The report also analyzes various payment card markets operating in the industry, and provides detailed…
India Retail Banking Market Dynamics 2018 by SBI ICICI, HDFC, Axis Bank, Bank of …
Margins among Indian banks remained high at 6.3% in 2017 in comparison to its peers China (2.8%) and Malaysia (2.6%). The average cost-to-income ratio remained at around 53% during 2013-17, marginally higher than China (50%) and Malaysia (51%). However, there remain large disparities in operating efficiencies within the market. The same is also true for profitability, with large disparities in return on assets figures. This is due to rising compliance,…
Payments Landscape in Iran: Opportunities and Risks to 2021- Bank Saderat Iran, …
Payments Landscape in Iran: Opportunities and Risks to 2021
Publisher's "Payments Landscape in Iran: Opportunities and Risks to 2021", report provides detailed analysis of market trends in the Iranian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including payment cards and cheques during the review-period (2013-17e).
The report also analyzes various payment card markets operating in the industry, and provides detailed…
India Retail Banking Market Dynamics 2018 by SBI ICICI, HDFC, Axis Bank, Bank o …
Margins among Indian banks remained high at 6.3% in 2017 in comparison to its peers China (2.8%) and Malaysia (2.6%). The average cost-to-income ratio remained at around 53% during 2013-17, marginally higher than China (50%) and Malaysia (51%). However, there remain large disparities in operating efficiencies within the market. The same is also true for profitability, with large disparities in return on assets figures. This is due to rising compliance, regulatory, and other…
