According to SPER Market Research, the Voice Banking Market is estimated to reach USD 3.82 billion by 2032 with a CAGR of 11.03%. A user can manage all daily banking tasks using voice commands through the method of voice banking. By using voice banking, a person can record a predetermined collection of words and phrases in their own voice while they are still able to do so. A customised synthetic voice is then produced using this recording. A strong part of a holistic digital customer care strategy, voice banking also allows tailored and knowledgeable service at a distance.
The main advantage is that voice banking enables human-like, safe, and effective digital consumer engagement for banks. Due to the rapid expansion of digital banking services, there is an increase in demand for voice banking services. In the coming years, it is projected that a greater adoption of cutting-edge technologies in voice banking services would have a positive impact on the development of digital banking. Additionally, the industry is expanding due to the personalization of banking services provided to customers and the decline in in-person bank visits.
Voice Banking Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 11.03%
- Forecast Market Size (2032): 3.82 billion
The COVID-19 pandemic resulted in an economic and public health catastrophe on a global scale. A reduction in the production of vehicle filters was observed across several industries as a result of the full or partial lockdown restrictions imposed across numerous nations to impede the COVID-19 virus’s spread. The COVID-19 pandemic epidemic has impeded the automotive industry’s global supply chain. The pandemic also caused a serious labour shortage and the closure of the production facilities. Additionally, a reduction in consumer purchasing power and limits on unnecessary travel led to a stop in the global sales of autos. But it’s expected that things will soon get back to normal, and demand for cars and voice banking will gradually rise.
Impact of COVID-19 on the Voice Banking Market
A global economic and public health disaster was brought on by the COVID-19 pandemic. A reduction in the production of vehicle filters was observed across several industries as a result of the full or partial lockdown restrictions imposed across numerous nations to impede the COVID-19 virus’s spread. The global supply chain for the automotive industry has been hampered by the COVID-19 pandemic epidemic. In addition, the pandemic resulted in the shutdown of the production facilities and a severe labour shortage. Additionally, the worldwide sales of automobiles came to a halt due to restrictions on pointless travel and a decline in consumer spending power. However, it is anticipated that things will return to normal and that demand for automobiles and Voice Banking will gradually increase.
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Voice Banking Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Deployment Mode:
- Machine Learning
- Deep Learning
- Natural Language Processing
- Credit Unions
- Middle East & Africa
- North America
- Latin America
Voice Banking Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Acapela Group, Axis Bank, BankBuddy, Central 1 Credit Union, DBS Bank, Emirates NBD Bank, HSBC, NatWest Group, U.S. Bank.
Sara Lopes, Business Consultant – U.S.A.
SPER Market Research