Voice Banking Global Market Report 2024

Description

Voice banking utilizes voice recognition technology and artificial intelligence (AI) to enable customers to conduct banking transactions and access services via voice commands. This technology allows users to manage their bank accounts and financial tasks using voice-activated devices such as smartphones, smart speakers, or dedicated apps.

Voice banking consists of solutions and services. Voice banking solutions are software and applications that enable individuals to create and manage voice recordings for future use. These technologies encompass machine learning, deep learning, natural language processing, and are available in various deployment modes, including on-premise and cloud. They serve diverse sectors such as banks, non-banking financial companies (NBFCs), and credit unions.

The voice banking market research report is one of a series of new reports from The Business Research Company that provides voice banking market statistics, including voice banking industry global market size, regional shares, competitors with a voice banking market share, detailed voice banking market segments, market trends and opportunities, and any further data you may need to thrive in the voice banking industry. This voice banking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 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. These devices, equipped with voice recognition and processing capabilities, enable users to interact via voice commands, enhancing convenience and hands-free operation. Common examples include smart speakers, voice-enabled smartphones, and smart home hubs, favored for their compatibility with smart home systems and advancements in voice recognition technology. Voice banking complements these devices by allowing users to create personalized digital voice profiles, thereby enhancing interactions and improving the overall user experience. 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.

The voice banking market consist of revenues earned by entities through voice preservation services, voice integration, voice reconstruction services, and digital voice synthesis. The market value includes the value of related goods sold by the service provider or included within the service offering. The voice banking market also includes sales of wearable devices, voice-enabled ATMs, smart TVs, and voice banking devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Voice Banking Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on voice banking market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
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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? The voice banking market global report from the Business Research Company 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.

Scope

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
Companies Mentioned: Hongkong and Shanghai Banking Corporation Limited; NatWest Group; U.S. Bank; Lloyds Bank plc; ICICI Bank
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
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 segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r19261

1. Executive Summary

2. Voice Banking Market Characteristics

3. Voice Banking Market Trends And Strategies

4. Voice Banking Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Voice Banking Market Size and Growth

5.1. Global Voice Banking Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Voice Banking Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Voice Banking Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Voice Banking Market Segmentation

6.1. Global Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Solution
Services
6.2. Global Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Machine Learning
Deep Learning
Natural Language Processing
Other Technologies
6.3. Global Voice Banking Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
On-Premise
Cloud
6.4. Global Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Banks
Non-Banking Financial Companies (NBFCs)
Credit Unions
Other Applications

7. Voice Banking Market Regional And Country Analysis

7.1. Global Voice Banking Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Voice Banking Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Voice Banking Market

8.1. Asia-Pacific Voice Banking Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Voice Banking Market

9.1. China Voice Banking Market Overview
9.2. China Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Voice Banking Market

10.1. India Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Voice Banking Market

11.1. Japan Voice Banking Market Overview
11.2. Japan Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Voice Banking Market

12.1. Australia Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Voice Banking Market

13.1. Indonesia Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Voice Banking Market

14.1. South Korea Voice Banking Market Overview
14.2. South Korea Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Voice Banking Market

15.1. Western Europe Voice Banking Market Overview
15.2. Western Europe Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Voice Banking Market

16.1. UK Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Voice Banking Market

17.1. Germany Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Voice Banking Market

18.1. France Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Voice Banking Market

19.1. Italy Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Voice Banking Market

20.1. Spain Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Voice Banking Market

21.1. Eastern Europe Voice Banking Market Overview
21.2. Eastern Europe Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Voice Banking Market

22.1. Russia Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Voice Banking Market

23.1. North America Voice Banking Market Overview
23.2. North America Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Voice Banking Market

24.1. USA Voice Banking Market Overview
24.2. USA Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Voice Banking Market

25.1. Canada Voice Banking Market Overview
25.2. Canada Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Voice Banking Market

26.1. South America Voice Banking Market Overview
26.2. South America Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Voice Banking Market

27.1. Brazil Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Voice Banking Market

28.1. Middle East Voice Banking Market Overview
28.2. Middle East Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Voice Banking Market

29.1. Africa Voice Banking Market Overview
29.2. Africa Voice Banking Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Voice Banking Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Voice Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Voice Banking Market Competitive Landscape And Company Profiles

30.1. Voice Banking Market Competitive Landscape
30.2. Voice Banking Market Company Profiles
- 30.2.1. Hongkong and Shanghai Banking Corporation Limited
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. NatWest Group
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. U.S. Bank
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Lloyds Bank plc
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. ICICI Bank
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Voice Banking Market Other Major And Innovative Companies

31.1. Ally Financial Inc.
31.2. Emirates NBD Bank
31.3. NCR Corporation
31.4. IndusInd Bank
31.5. Axis Bank
31.6. Verbio Technologies S.L
31.7. DBS Bank India Limited
31.8. Uniphore
31.9. Central 1 Credit Union
31.10. SoundHound AI Inc.
31.11. Acapela Group
31.12. kasisto
31.13. BankBuddy
31.14. Vibepay
31.15. United Bank of India

32. Global Voice Banking Market Competitive Benchmarking

33. Global Voice Banking Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Voice Banking Market

35. Voice Banking Market Future Outlook and Potential Analysis

35.1 Voice Banking Market In 2028 - Countries Offering Most New Opportunities
35.2 Voice Banking Market In 2028 - Segments Offering Most New Opportunities
35.3 Voice Banking Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer