PRESS RELEASE
Published May 10, 2023
Based on the report released by Allied Market Research, the global voice banking market achieved a revenue of $984.6 million in 2021. It is expected to reach $3.7 billion by 2031, exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 14.5% from 2022 to 2031. The report comprehensively analyzes the evolving dynamics of the market, key segments, value chain, competitive landscape, and regional outlook. It serves as a valuable resource for leading industry players, investors, shareholders, and startups, providing guidance in formulating strategies for sustainable growth and gaining a competitive edge in the market.
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The increasing utilization of artificial intelligence in voice banking presents a promising opportunity for the global voice banking market to expand. Furthermore, the accelerated adoption of digitalization in the banking sector, especially during the pandemic, has contributed to the growth of the voice banking market. In terms of regional distribution, North America emerged as the dominant market in 2021, accounting for nearly 40% of the global voice banking market share.
The report analyzes the profiles of key players operating in the Voice banking market such as Acapela Group, Axis Bank, BankBuddy, Central 1 Credit Union, DBS Bank, Emirates NBD Bank, HSBC, IndusInd Bank, NatWest Group and U.S. Bank. These players have adopted various strategies to increase their market penetration and strengthen their position in the voice banking market share.
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.
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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.
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.
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| 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) |
| Key Market Players | U.S. Bank, Axis Bank, HSBC, Emirates NBD Bank, IndusInd Bank, NatWest Group, BankBuddy, Central 1 Credit Union, DBS Bank, Acapela Group |
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