Press Release
Voice Based Payments Market Objectives of the Study Includes Research Methodology and Assumptions and Forecast
The global Voice Based Payments Market was valued USD 16.21 billion in 2021 and is projected to expand at a CAGR of 9.1% over 2022-2030, thereby amassing a total valuation of USD 35.27 billion by the end of the forecast period.
Voice based payment is predominantly referred to a voice enabled solution that allows bank customers to conduct financial transactions and check their bank details using voice commands. Numerous banks have launched voice based solutions to improve their customers’ experience.
What are the factors influencing voice based payments market growth?
Surging adoption of voice enabled payment methods owing to their safe, quick, and easy to use nature is the primary factor augmenting the industry outlook. Alongside, rising penetration of smart devices worldwide and technological advancements in the banking sector are adding traction to the market expansion.
Furthermore, growing usage of voice based payments across the e-commerce sector and escalating demand for virtual assistants are positively swaying the market dynamics. As per the statistics provided by Insider Intelligence, nearly 31.0 million customers in the United States shopped using smart speakers in 2019 and the number is expected to reach 40 million by 2023.
Also, COVID-19 pandemic induced restrictions like social distancing created a crucial need for financial institutions to adopt touchless voice-enabled transaction solutions. This in turn aided the progression of worldwide voice based payments market.
On the downside, increasing concerns regarding customer data security and high installation costs of these solutions are likely to hinder market development in the ensuing years.
Key Trends of Global Voice-based Payments Market:
Increased penetration of Mobile Phones:
Mobile phones validate people to capitalize on the capabilities of payments that are voice-based. Millennials and Gen Z chiefly use the voice command features in the mobile phone to shop online and transfer money.
Wireless technologies and mobile phones offer global reach to the internet and email that is a high speed, permitting people to stay in touch with others and remain informed about all the new and trendy news.
Online shopping propels the market growth:
Voice-based payments are replacing typical credit card transactions. This method involves the speaker speaking in a microphone at their device to sanction a purchase.
The user can opt for ‘pay with voice’ option when checking out online and enter the transaction amount. This method is rapidly becoming popular as it does not require to type in information on the credit card.
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Which is the fastest growing segment of the market sphere?
By component, the marketplace is bifurcated into software and hardware. The software segment is poised to garner substantial returns over the analysis timeline due to the rising efforts of prominent companies to develop innovative voice payment software.
Based on end use, the industry sphere is fragmented into automotive, healthcare, retail, BFSI, government, and others. Among these, the BFSI segment is anticipated to showcase lucrative progression trends over 2022-2030 ascribing to growing adoption of voice-enabled solutions across financial institutions as they ensure easy, secure, and quick transaction experience.
On the basis of enterprise size, voice based payments industry is split into small & medium and large enterprises.
Geographical landscape of the market
North America, Asia Pacific, Europe, Latin America, and Middle East & Africa are the primary regions considered to understand the geographical expansion trends of this business sphere. North America is expected to register notable gains over the stipulated timeline which is credited to presence of major industry players and widespread adoption of advanced technology across various sectors. Further, rising popularity of smartphones is aiding the regional growth.
Similarly, Asia Pacific is projected to amplify with a significant CAGR over 2022-2030 attributing to increasing government investments catering to technological advancements across various fields and rise in disposable income of the masses.
Expounding the competitive hierarchy of global voice based payments market
The prominent players operating in the market sphere are NCR Corporation, Google LLC, Baidu Incorporated, Huawei Technologies Co., Limited, Amazon.com, Inc., Cerence Inc., Tonetag, Inc., PayPal Holdings, Inc., VibePay, PCI-PAL Plc, and Nuance Communications, Inc.
Notably, in July 2021, Cerence, Inc. and Harman International joined hands to develop efficient voice-enabled applications for the automotive industry. The applications were equipped with the ability to provide drivers a secure and hand free access to various features of the application using AI powered voice recognition.
Baidu, incorporated in August 2021, made an announcement stating that its voice assistant Xiaodu has secured a funding of 5.1 billion. It further added that the funds will be used to enhance the features of the voice assistant.
Apart from that, several other leading companies are undertaking strategic decisions involving mergers & acquisitions, innovative product launches, research & development activities, and collaborations to strengthen their market presence and garner substantial returns in the coming years.
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