Voice Banking Market Expected to Achieve 16.7% CAGR by 2029: Growth Forecast Insights

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How Large Will the Voice Banking Market Size By 2025?
In the past few years, the voice banking market has experienced substantial growth. It is estimated to increase from $1.61 billion in 2024 to approximately $1.88 billion in 2025, with a compound annual growth rate (CAGR) of 17.1%. The notable growth in the historic period can be credited to heightened usage of IoT and smart home technologies, the rising popularity of multilingual voice assistants, expanding smartphone accessibility, improved security features, and the digital revolution within the banking industry.

How Big Is the Voice Banking Market Size Expected to Grow by 2029?
Expectations are high for the voice banking market, which is predicted to grow significantly in the coming years. By 2029, the sector's size is forecasted to reach a staggering $3.49 billion, marking a compound annual growth rate (CAGR) of 16.7%. The anticipated growth for the forecast period is largely owing to the rise in the use of AI-powered virtual assistants, a surge in smart speaker devices, increasing consumer preference for convenience, and an upswing in the incorporation of AI and utilization of telehealth services. Key trends in the forecast period will be advancements in voice synthesis technologies, a rising demand for tailor-made voice banking solutions, continuous research aiming at enhancing the quality and reliability of stored voices, increased acceptance and improvement of voice banking technologies, and the adoption of AI and machine learning.

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Which Key Market Drivers Powering Voice Banking Market Expansion and Growth?
With the increasing popularity of devices enabled with voice assistance, the voice banking market is anticipated to witness significant growth. These hardware devices, armed with voice recognition and processing abilities, enable users to communicate with them through voice commands. They range from smart speakers, smartphones integrated with voice assistants to smart home hubs. The surge in demand for such devices stems from their convenience, hands-free nature, smart home system compatibility, and the advantages of enhanced voice recognition technologies. Voice banking lets users create a unique digital voice profile for voice assistance-enabled devices, making communications more personal and boosting the usability. For example, Statistics Canada reported in July 2023, that the uptake of Internet-connected smart home devices rose from 42% in 2020 to 47% in 2022, and smart speakers, at 30%, were the most preferred device. As such, the growing demand for voice assistance-enabled devices is fuelling the advancement of the voice banking market.

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Which Fast-Growing Trends Are Poised to Disrupt the Voice Banking Market?
Leading entities in the voice banking market are making strides in creating state-of-the-art solutions, such as AI-driven voice-assistance for banking. The aim of these developments is to intensify user experience and offer more comprehensive solutions for those with cognitive impairments. These AI-driven voice-assisted banking facilities employ artificial intelligence (AI) and voice recognition to provide an array of banking services via voice guidance. For example, Glia, a US-based firm specializing in customer interaction technology, introduced a voice banking solution for the Glia Interaction Platform in April 2023. The Glia Interaction Platform is a powerful customer interaction tool aimed at assisting businesses in offering streamlined and personalized customer encounters across various channels, with a particular focus on the financial services industry. The novel feature enhances the capabilities of AI-powered Glia Virtual Assistants (GVAs) to encompass support for dial-in phone consultations. This improved service offers a cohesive, native virtual helper across the call center and digital channels, allowing for the automation of voice and chat interactions. The Voice GVAs from Glia provide a constant 24/7 service, efficiently overseeing after-hours calls and high-demand intervals by addressing customer queries and smoothly transferring them to live support when required. This replaces the outmoded touch-tone menu-based IVR and Phone Banking systems in financial institutions with cutting-edge conversational AI technology.

What Are the Emerging Segments in the 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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Voice Banking Industry?
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.

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