Voice Banking Market Drivers Shaping Future Growth,$3.7 billion by 2031 | CAGR 14.5%

Voice banking is a process that provides a person with voice management for all everyday banking operations.

WILMINGTON, DELAWARE, UNITED STATES, October 27, 2023 /EINPresswire.com/ -- The demand for voice banking service is increasing due rapid growth in digital banking service. The growth of digital banking is anticipated to benefit significantly from the increased incorporation of innovative technologies in voice banking service in the next years. In addition, personalized banking services to customers and reduction in bank visit by customers are driving the growth of the market. However, regulatory complications of voice banking and security and privacy concerns have emerged as key industry problems. On the contrary, growing usage of Artificial Intelligence in voice banking will further give major opportunity for the voice banking market growth

The voice banking market is segmented on the basis of component, deployment mode, and application. By component, it is segmented into solution and services. By deployment mode, it is bifurcated into on-premise and cloud. By technology, it is segmented into machine learning, deep learning, natural language processing and others.

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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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.

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.

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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 Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" 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.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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