Press release
Voice Banking Market Poised for 16.7 % Growth, Set to Hit $3.49 Billion by 2029
Voice Banking Market
How Are the key drivers contributing to the expansion of the voice banking market?
The rising demand for voice assistance-enabled devices is expected to propel the growth of the voice banking market. Voice assistance-enabled devices, such as smart speakers, smartphones, and home hubs, offer hands-free interaction and convenience. The demand for these devices is growing due to improvements in voice recognition technology and their compatibility with smart home systems. Voice banking enables users to create custom digital voice profiles for these devices, improving personalization and user experience. In 2022, the adoption of smart home devices in Canada increased to 47%, with smart speakers being particularly popular. This trend of increasing demand for voice assistance-enabled devices is expected to drive the voice banking market.
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What growth opportunities are expected to drive the voice banking market's CAGR through 2034?
The voice banking market has grown rapidly, increasing from $1.61 billion in 2024 to $1.88 billion in 2025, at a CAGR of 17.1%. Key drivers include the adoption of IoT and smart home devices, the rise of multilingual voice assistants, increasing smartphone penetration, improved security features, and digital transformation in banking services.
The voice banking market is forecasted to expand significantly, reaching $3.49 billion by 2029 at a CAGR of 16.7%. Growth drivers include the rising integration of AI-powered virtual assistants, the increasing popularity of smart speaker devices, growing consumer preference for convenience, the widespread adoption of AI, and the incorporation of telehealth services. Key trends expected during the forecast period include advancements in voice synthesis technologies, rising demand for personalized voice banking solutions, ongoing research to improve voice quality and fidelity, increasing adoption of voice banking technologies, and the use of AI and machine learning for further innovation.
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What are the emerging trends shaping the future of the voice banking market?
In the voice banking market, companies are focusing on AI-powered solutions to enhance banking services for people with cognitive disabilities. In April 2023, Glia launched an AI-driven voice banking feature within its Glia Interaction Platform. This allows users to access banking services through voice commands, enabling seamless and personalized customer interactions, especially in financial services, and offering continuous support across multiple channels.
Which growth-oriented segments of the voice banking market are leading the industry's development?
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 regions are leading the charge in 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.
What companies are at the forefront of innovation 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
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What Is Covered In The Voice Banking Global Market Report?
•Market Size Forecast: Examine the voice banking market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the voice banking market for a structured understanding.
•Key Players Overview: Analyze major players in the voice banking market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the voice banking market.
•Segment Contributions: Evaluate how different segments drive overall growth in the voice banking market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the voice banking market.
•Industry Challenges: Identify potential risks and obstacles affecting the voice banking market.
•Competitive Landscape: Review strategic developments in the voice banking market, including expansions, agreements, and new product launches.
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