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Voice Banking Global Market Report 2025
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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.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The sharp rise in U.S. tariffs and the ensuing trade tensions in spring 2025 are having a considerable impact on the financial sector, particularly in the areas of investment strategies and risk management. The increased tariffs have intensified market volatility, leading institutional investors to adopt more cautious approaches and driving greater demand for hedging solutions. Banks and asset managers are encountering higher costs in cross-border transactions as disrupted global supply chains and declining corporate earnings weigh on equity market performance. At the same time, insurance providers are facing elevated claims risks linked to supply chain interruptions and trade-related business losses. Furthermore, reduced consumer spending and weaker export demand are limiting credit growth and dampening investment appetite. In response to these challenges, the sector must focus on diversification, accelerate digital transformation, and strengthen scenario planning to manage the heightened economic uncertainty and safeguard profitability.

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 $1.61 billion in 2024 to $1.88 billion in 2025 at a compound annual growth rate (CAGR) of 16.6%. 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 $3.4 billion in 2029 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to the increasing integration of AI-powered virtual assistants, rapid growth in smart speaker devices, growing consumer preference for convenience, rise in AI integration, and the adoption of telehealth services. Major trends in the forecast period include development in voice synthesis technologies, increasing demand for personalized voice banking solutions, ongoing research into improving the quality and fidelity of stored voices, increasing adoption and development of voice banking technologies, and adoption of AI and machine learning.

The forecast of 16.1% growth over the next five years reflects a modest reduction of 0.6% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through reduced functionality, as natural language processing engines and voice authentication tools, largely developed in India and Finland, become cost-prohibitive for some financial institutions to license and integrate. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.

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 2024. 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 2025 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

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, including technological disruption, regulatory shifts, and changing consumer preferences? 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 forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.

Scope

Table of Contents

1. Executive Summary

2. Voice Banking Market Characteristics

3. Voice Banking Market Trends And Strategies

4. Voice Banking Market - Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics, Trade Wars and Tariffs, And Covid And Recovery On The Market

5. Global Voice Banking Growth Analysis And Strategic Analysis Framework

6. Voice Banking Market Segmentation

7. Voice Banking Market Regional And Country Analysis

8. Asia-Pacific Voice Banking Market

9. China Voice Banking Market

10. India Voice Banking Market

11. Japan Voice Banking Market

12. Australia Voice Banking Market

13. Indonesia Voice Banking Market

14. South Korea Voice Banking Market

15. Western Europe Voice Banking Market

16. UK Voice Banking Market

17. Germany Voice Banking Market

18. France Voice Banking Market

19. Italy Voice Banking Market

20. Spain Voice Banking Market

21. Eastern Europe Voice Banking Market

22. Russia Voice Banking Market

23. North America Voice Banking Market

24. USA Voice Banking Market

25. Canada Voice Banking Market

26. South America Voice Banking Market

27. Brazil Voice Banking Market

28. Middle East Voice Banking Market

29. Africa Voice Banking Market

30. Voice Banking Market Competitive Landscape And Company Profiles

31. Voice Banking Market Other Major And Innovative Companies

32. Global Voice Banking Market Competitive Benchmarking And Dashboard

33. Key Mergers And Acquisitions In The Voice Banking Market

34. Recent Developments In The Voice Banking Market

35. Voice Banking Market High Potential Countries, Segments and Strategies

36. Appendix

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