The global voice banking market revenue was around US$ 1,290.8 million in 2023 and is estimated to reach US$ 4,366.3 million by 2032, growing at a compound annual growth rate (CAGR) of 14.5% during the forecast period from 2024 to 2032.

Voice banking is a method that gives a person voice management for all everyday banking functions. Voice banking is a procedure that lets a person record a fixed list of phrases with their voice, while they still can do so. This recording is then transferred to form a personal synthetic voice. Also, voice banking allows expert and personalized service at a distance and is a strong component of a complete digital customer service strategy.

Factors Influencing Market Growth

- The need for voice banking services is growing due to the rapid growth in digital banking services.

- The development of digital banking is expected to benefit significantly from the augmented incorporation of inventive technologies in voice banking services in the future.

- The drop in bank visits by customers and the personalized banking services to customers are propelling the growth of the voice banking market.

- The regulatory difficulties of voice banking and privacy and security concerns have appeared as the key industry concerns.

- The rising usage of artificial intelligence (AI) in voice banking will also give a major opportunity for the growth of the voice banking market.

Impact of COVID-19

The impact of COVID-19 had a positive influence on the growth of the global voice banking market. The quick adoption of digitalization in the banking sector during the pandemic allowed to rise the voice banking market. Moreover, to enhance the security elements in the banking platform, many banks embraced ML to indicate fraud even before it appear.

Regional Analysis

In 2023, North America dominated the global voice banking market in terms of revenue. This is attributed to the voicebots are appear as a game changer in financial and banking services. As an industry that's always been a leader in adopting inventive technology, voicebots are allowing them to fulfill customer expectations in the best possible manner. Also, as per the cognizant survey, customer behavior is switching from reading text to swiping, to utilizing ears and voice to listen and talk.

Leading Companies

The leading prominent companies profiled in the global voice banking market are:

- Acapela Group
- Axis Bank
- BankBuddy
- Central 1 Credit Union
- DBS Bank
- Emirates NBD Bank
- HSBC
- IndusInd Bank
- NatWest Group
- U.S. Bank.
- Other prominent key players

Segmentation Outline

The global voice banking market segmentation focuses on Application, Component, Deployment Mode, Technology, and Region.

Segmentation based on Application

- Banks
- NBFCs
- Credit Unions
- Others

Segmentation based on Component

- Solution
- Services

Segmentation based on Deployment Mode

- On-Premise
- Cloud

Segmentation based on Technology

- Machine Learning
- Deep Learning
- Natural Language Processing
- Others

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa