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Global Voice Based Payment System Market

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There were times when voice assistants were not considered important. These mini voice robots are gaining recognition and popularity gradually. Alexa, Siri and Google voice payments are now parts of watches, speakers, smartphones, vacuum cleaners, and light bulbs.

Making a voice payment is the same as generating an online wallet. The instrument must be initially linked to a credit card or a debit card.

Global Voice-Based payment market valued at US $17.58 Billion in 2022 is anticipated to grow at CAGR of 9.1% to reach a value of US $35.28 Billion in 2030.

Banks are increasingly integrating voice-based payment systems into their operations to evolve their services, that will create new market prospects.  Voice-enabled payment system grants bank customers to examine account details and execute financial transactions using voice requests.

Therefore, increasing number of banks are adopting voice-based payment solutions to improve their customers’ experiences. Subsequently, using voice technologies to perform financial transactions is becoming more prevalent.

Existing voice assistants are also being used by businesses, such as Google Assistant speech apps and Alexa developed by ICICI Bank, which is India’s largest private bank. The crucial role of accessibility is one of the key differentiators between those apps and U.S. Bank’s voice assistant.

People with various cognitive, sensory and other challenges were engaged in the voice assistant’s development and participated in the pilot programs.

Key Trends

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.

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.

 

COVID Impact

The Covid-19 pandemic has noticeably influenced the contactless exchange of money, mobile payments and P2P transfers of assets. The requirement to employ wallets to carry out transactions connected to services that are essential are advancing due to the lockdown and decreased dependence on cash.

 

By Component

  • Software
  • Hardware

The software segment will dominate the market in context to revenue donation because of the speedy introduction of voice payment software by prominent market leaders.

 

By Enterprise

  • Large Enterprise
  • Small & Medium Enterprises

 

By End Use

  • Government
  • Retail
  • Healthcare
  • Automotive
  • BFSI

The BFSI segment is projected to lead in context to revenue share due to the growing adoption of solutions of voice payment in fine-tech companies and financial institutions.

Consumers can audibly teach assistants to monitor bank balances, transfer funds, apply for credit and pay bills.

 

By Countries

NORTH AMERICA

  • Canada
  • US

 

EUROPE

  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Austria
  • Netherlands

 

LATIN AMERICA

  • Brazil
  • Argentina
  • Mexico

 

ASIA-PACIFIC

  • Japan
  • Australia
  • China
  • India
  • Malaysia
  • Indonesia
  • South Korea

 

MIDDLE EAST and AFRICA

  • Saudi Arabia
  • South Africa
  • UAE
  • Israel

 

North America had the largest revenue share. This dominance can be attributed to the presence of major voice-based payments market players and their adoption of advanced technology across various enterprises.

 

These are some leading companies that offer a lot more than it is expected in the industry throughout the predicted forecast period.

  • Amazon.com Inc.
  • Baidu Inc.
  • Alibaba
  • Google LLC.
  • Cerence Inc.
  • IBM Corporation
  • Huawei Technologies Co. Ltd.
  • NCR Corporation
  • LumenVox LLC
  • PaySafe
  • Paypal
  • Sqaure Cash Inc.
  • Vibe Pay
  • ToneTag Inc.

 

 

<strong>Scope of the report:</strong>

Base Year: 2022

History Year: 2018-2022

Forecast Period- 2022-2030

Global Voice Based Payments Market 2022: US $17.58 Billion

Global Voice Based Payments Market 2030: US $35.28 Billion

Segments Covered- End-User, Component, Enterprise and Region

CAGR- 9.1%”

ToC

  1. Global Voice Based Payment System Market Introduction and Market Overview
    • Objectives of the Study
    • Global Voice Based Payment System Market Scope and Market Estimation
      • Global Voice Based Payment System Overall Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 – 2032)
      • Global Voice Based Payment System Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 – 2032
    • Market Segmentation
      • Component of Global Voice Based Payment System Market
      • Enterprise of Global Voice Based Payment System Market
      • End Use of Global Voice Based Payment System Market
      • Region of Global Voice Based Payment System Market
  1. Executive Summary
  2. Market Factor Analysis
    • Global Voice Based Payment System Market Industry Trends under COVID-19 Outbreak
      • Global COVID-19 Status Overview
      • Influence of COVID-19 Outbreak on Global Voice Based Payment System Market Industry Development
    • Market Dynamics, By Region
      • Drivers
      • Limitations
      • Opportunities
      • Impact Analysis of Drivers and Restraints
    • Global Voice Based Payment System Market – Pricing Trends Analysis & Average Selling Prices (ASPs)
    • End-User / Customer Preferences & Consumer Surveys
    • Technology Roadmap & Key Innovations /Developments
    • Key Mandates & Regulatory Scenario Analysis
    • Patents Landscape
    • Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.
    • Porter’s Five Forces Analysis
      • Bargaining Power of Suppliers
      • Bargaining Power of Buyers
      • Threat of Substitutes
      • Threat of New Entrants
      • Competitive Rivalry
    • PEST Analysis
      • Political Factors
      • Economic Factors
      • Social Factors
      • Technological Factors
    • SWOT Analysis
    • ANSOFF Matrix
      • Market Penetration Strategy
      • Product Development Strategy
      • Market Development Strategy
      • Diversification Strategy
    • Market Investment Feasibility Analysis
    • Opportunity Map Analysis
    • Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Regions
  3. Global Voice Based Payment System Market Estimates & Historical Trend Analysis (2019 – 2022)
  4. Global Voice Based Payment System Market Estimates & Forecast Trend Analysis, by Component
    • Global Voice Based Payment System Market Revenue (US$ Mn) Estimates and Forecasts, by Component, 2019 to 2032
    • Software Segment
    • Hardware Segment
  5. Global Voice Based Payment System Market Estimates & Forecast Trend Analysis, by Enterprise
    • Global Voice Based Payment System Market Revenue (US$ Mn) Estimates and Forecasts, by Enterprise, 2019 to 2032
    • Large Enterprise
    • Small & Medium Enterprises
  6. Global Voice Based Payment System Market Estimates & Forecast Trend Analysis, by End User
    • Global Voice Based Payment System Market Revenue (US$ Mn) Estimates and Forecasts, by End User, 2019 to 2032
    • Government
    • Retail
    • Healthcare
    • Automotive
    • BFSI
    • Others
  7. Global Voice Based Payment System Market Estimates & Forecast Trend Analysis, by Region
    • Global Voice Based Payment System Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2032
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. North America Voice Based Payment System Market: Estimates & Forecast Trend Analysis
    • North America Voice Based Payment System Market Assessments & Key Findings
      • Voice Based Payment System Market Introduction
      • Voice Based Payment System Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
        • By Component
        • By Enterprise
        • By End Use
        • By Country
          • The U.S.
          • Canada
          • Mexico
  1. Europe Voice Based Payment System Market: Estimates & Forecast Trend Analysis
    • Europe Voice Based Payment System Market Assessments & Key Findings
      • Voice Based Payment System Market Introduction
      • Voice Based Payment System Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
        • By Component
        • By Enterprise
        • By End Use
        • By Country
          • Germany
          • K.
          • France
          • Italy
          • Spain
          • Russia
          • Rest of Europe
  1. Asia Pacific Voice Based Payment System Market: Estimates & Forecast Trend Analysis
    • Asia Pacific Market Assessments & Key Findings
      • Voice Based Payment System Market Introduction
      • Voice Based Payment System Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
        • By Component
        • By Enterprise
        • By End Use
        • By Country
          • China
          • Japan
          • India
          • Australia
          • South Korea
          • ASEAN
          • Rest of Asia Pacific
  1. Middle East & Africa Voice Based Payment System Market: Estimates & Forecast Trend Analysis
    • Middle East & Africa Market Assessments & Key Findings
      • Voice Based Payment System Market Introduction
      • Voice Based Payment System Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
        • By Component
        • By Enterprise
        • By End Use
        • By Country
          • A.E.
          • Saudi Arabia
          • Egypt
          • South Africa
          • Rest of Middle East & Africa
  1. South America Voice Based Payment System Market: Estimates & Forecast Trend Analysis
    • South America Market Assessments & Key Findings
      • Voice Based Payment System Market Introduction
      • Voice Based Payment System Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
        • By Component
        • By Enterprise
        • By End Use
        • By Country
          • Brazil
          • Argentina
          • Colombia
          • Rest of South America
  1. Competition Landscape
    • Voice Based Payment System Market Competition Index, By Leading Players
    • Voice Based Payment System Market Competition White Space Analysis, By Application / End-
    • user
    • Voice Based Payment System Market Competition Heat Map Analysis, By Products / Services / Solutions
    • Voice Based Payment System Market Competition Regional Intensity Map Analysis, By Geographies Served
    • Voice Based Payment System Market Concentration & Company Market Shares (%) Analysis, 2022
    • Voice Based Payment System Market Competition Quadrant Analysis, By Leading Players / Innovators / Emerging Players / New Entrants
  2. Company Profiles
    • NCR Corporation
      • Company Overview & Key Stats
      • Financial Performance & KPIs
      • Product / Service / Solutions Portfolio & Applications / End-uses
      • Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

  • com, Inc.
  • PayPal
  • Paysafe
  • PCI Pal
  • Vibepay
  • Cerence
  • Huawei Technologies Co., Ltd.
  • Google
  • Alibaba
  • Others
  1. Research Methodology
    • External Sources / Databases
    • Internal Proprietary Database
    • Primary Research
    • Secondary Research
    • Assumptions
    • Limitations
    • Report FAQs
  2. Research Findings & Conclusion

 

 

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