Global Voice Banking Market Is Expected to Generate $3.7 Billion by 2031: Allied Market Research

Allied Market Research
Allied Market Research

Growing usage of artificial intelligence in voice banking serves as a potential opportunity for the expansion of the global voice banking market. Moreover, rapid adoption of digitalization in the banking sector during the pandemic helped to grow the voice banking market. Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global voice banking market share.

Portland, OR, Nov. 30, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global voice banking market garnered $984.6 million in 2021, and is estimated to generate $3.7 billion by 2031, manifesting a CAGR of 14.5% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.

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Report coverage & details:

Report Coverage

Details

Forecast Period

2022­–2031

Base Year

2021

Market Size in 2021

$984.6 billion

Market Size in 2031

$3.7 billion

CAGR

14.5%

No. of Pages in Report

227

Segments covered

Component, deployment mode, application, and Region.

Drivers

Surge in incorporation of innovative technologies in voice banking service

Rapid growth in digital banking service

Personalized banking services to customers and reduction in bank visit by customers

Opportunities

Growing usage of artificial intelligence in voice banking

Restraints

Regulatory complications of voice banking and security and privacy concerns

Covid-19 Scenario:

  • The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global voice banking market, owing to implementation of global lockdown and social distancing norms which resulted to temporary closure of banks.

  • Rapid adoption of digitalization in the banking sector during the pandemic helped to grow the voice banking market. Moreover, to improve the security features in the banking platform, many banks adopted machine learning to predict fraud even before it happens.

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The research provides detailed segmentation of the global voice banking market based on component, deployment mode, application, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

Based on application, the banks segment held the highest share in 2021, accounting for more than half of the global voice banking market, and is expected to continue its leadership status during the forecast period. However, the NBFCs segment is expected to register the highest CAGR of 18.6% from 2022 to 2031.

Based on deployment mode, the on-premise segment accounted for the highest share in 2021, holding around three-fifths of the global voice banking market, and is expected to continue its leadership status during the forecast period. However, the cloud-based segment is estimated to grow at the highest CAGR of 16.4% during the forecast period.

Based on component, the solution segment accounted for the highest share in 2021, contributing to nearly three-fourths of the global voice banking market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the services segment is expected to manifest the highest CAGR of 17.6% from 2022 to 2031.

Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global voice banking market share. On the other hand, the Asia-Pacific region is projected to maintain its dominant share in terms of revenue in 2031 and is expected to manifest the fastest CAGR of 19.7% during the forecast period.

Leading market players of the global voice banking market analyzed in the research include U.S. Bank, Axis Bank, HSBC, Emirates NBD Bank, IndusInd Bank, NatWest Group, BankBuddy, Central 1 Credit Union, DBS Bank, Acapela Group.

The report provides a detailed analysis of these key players of the global voice banking market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key benefits for stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the voice banking market forecast from 2021 to 2031 to identify the prevailing voice banking market opportunity.

  • The market research is offered along with information related to key drivers, restraints, and opportunities.

  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.

  • In-depth analysis of the voice banking market outlook segmentation assists to determine the prevailing market opportunities.

  • Major countries in each region are mapped according to their revenue contribution to the global market.

  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

  • The report includes the analysis of the regional as well as global voice banking market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

Application

  • Banks

  • NBFCs

  • Credit Unions

  • Others

Component

  • Solution

  • Services

Deployment Mode

  • On-Premise

  • Cloud

Technology

  • Machine Learning

  • Deep Learning

  • Natural Language Processing

  • Others

By Region

  • North America  (U.S., Canada)

  • Europe  (UK, Germany, France, Italy, Spain, Rest of Europe)

  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)

  • LAMEA  (Latin America, Middle East, Africa)

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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