Dublin, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The "Voice Banking Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global voice banking market 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 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. 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.
Report Scope
Where is the largest and fastest growing market for voice banking? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Markets Covered:
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
Key Companies Mentioned: Hongkong and Shanghai Banking Corporation Limited; NatWest Group; U.S. Bank; Lloyds Bank plc; ICICI Bank
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $1.61 Billion |
| Forecasted Market Value (USD) by 2028 | $2.99 Billion |
| Compound Annual Growth Rate | 16.8% |
| Regions Covered | Global |
A selection of other companies mentioned in this report includes, but is not limited to:
- 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
For more information about this report visit https://www.researchandmarkets.com/r/im0fpn
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