Voice-based Payments Market Size - By Component(Software, Hardware), by Enterprise Size(Small & Medium Enterprises, Large Enterprises), by End-user(Automotive, Healthcare, Retail, Government) & Region - Forecasts 2023 - 2033
- PUBLISHED ON
- 2024-09-27
- NO OF PAGES
- 251
- CATEGORY
- Banking & Finance
Global Voice-Based Payment Market Analysis by Component, Enterprise, End User, and Region and segments forecast till 2033
Market Overview
The global Voice-Based Payment Market was worth USD 17,580 million in 2022 and is anticipated to amplify at a CAGR of 9.1% over 2023-2033, thereby accumulating USD 35,280 million by end of the analysis timeline.
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. Voice technology is zestful, or else Siri would not have been hailed to book a hotel or organize an apartment or typing the needed text into Google search.
Presently, many consumers are utilizing smartphones for the transaction of money dealings, a new option is voice technology in banking that will eliminate regular payments. 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. Banks are increasingly integrating voice-based payment systems into their operations to evolve their services, that will create new Voice-Based Payment 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. 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.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 17,580 Million |
Market Forecast in 2033 | USD 35,280 Million |
CAGR % 2023-2033 | 9.1% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | Component, Enterprise, End User |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | NCR Corporation, Amazon, PayPal, Paysafe, PCI Pal, Vibepay, baidu Inc., Cerence Inc., Google LLC, Huawei Technologies Co., Ltd., LumenVox LLC, Nuance Communication, ToneTag Inc. Voxpay, Microchip Payments and others. |
Impact of COVID
The COVID-19 pandemic has had a mixed impact on the voice-based payment market. On one hand, the pandemic has accelerated the shift towards contactless payments and reduced the use of physical currency, which has increased the demand for voice-based payment solutions. On the other hand, the pandemic has also disrupted supply chains, leading to delays in the deployment of voice-based payment systems, and has reduced consumer spending due to economic uncertainty, which may have slowed the adoption of these solutions. Overall, the long-term impact of the pandemic on the voice-based payment market remains to be seen, but it is expected to continue to grow in the coming years as more consumers embrace contactless payment methods.
Component Insights
The software segment is dominating the voice-based payment market because it is the key component that enables voice-activated payments to work seamlessly. Voice-based payment solutions require a sophisticated software system that can interpret voice commands, process transactions, and securely transfer funds. As voice assistants such as Amazon's Alexa and Apple's Siri continue to gain popularity, the demand for software-based voice payment solutions is also growing. Additionally, software providers are constantly innovating to enhance the security, speed, and convenience of voice-based payment systems, which is further driving the dominance of this segment in Voice-Based Payment Market.
Enterprise Insights
The Small & Medium Enterprises (SMEs) segment is dominating the Voice-Based Payment market due to several reasons. Firstly, SMEs are more likely to adopt new and innovative payment technologies due to their agility and flexibility compared to larger corporations. Secondly, voice-based payment systems offer a cost-effective and efficient way for SMEs to process transactions without the need for expensive hardware or software. Additionally, voice-based payments are user-friendly and accessible, allowing SMEs to cater to a wider customer base that may not have access to traditional banking services. Finally, voice-based payments offer a secure and safe way to process transactions, which is especially important for SMEs that may not have the resources to invest in robust cybersecurity measures.
End User Insights
The retail segment is dominating the voice-based payment market due to the increasing adoption of smart devices and the growing trend of online shopping. Voice-based payment solutions provide a convenient and secure way for consumers to make purchases, especially when they are on the go or have their hands full. Additionally, retailers are also leveraging voice-based payment technology to enhance the customer experience and drive sales. The technology allows for seamless and frictionless transactions, reducing checkout times and making the shopping process more efficient. As a result, the retail segment is expected to continue to dominate the voice-based payment market in the coming years.
Regional Insights
The global voice-based payment market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America and Middle East and Africa. 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.
Competitive Analysis
Key players operating in the worldwide Voice-Based Payment Market are NCR Corporation, Amazon, PayPal, Paysafe, PCI Pal, Vibepay, baidu Inc., Cerence Inc., Google LLC, Huawei Technologies Co., Ltd., LumenVox LLC, Nuance Communication, ToneTag Inc. Voxpay, Microchip Payments and others.
Recent News
· Partnership between Google and Western Union: In May 2021, Google announced a partnership with Western Union to enable users to send money using Google Assistant. This will allow users to send money to over 200 countries using their voice.
· Amazon's voice-based payment patent: In July 2021, Amazon was granted a patent for a voice-based payment system. This system allows users to make payments using their voice through a device such as Amazon's Alexa.
· Mastercard's voice-based payment partnership: In August 2021, Mastercard announced a partnership with Pine Labs to offer a voice-based payment solution to merchants in India. The solution will allow customers to make payments using their voice through devices such as Amazon's Alexa or Google Assistant.
· Visa's voice-based payment pilot program: In September 2021, Visa announced a pilot program in collaboration with a UK-based fintech company, which will allow customers to make payments using their voice through smart speakers and other connected devices.
1. Global Voice-based Payments Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Voice-based Payments Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million)
1.4. Global Voice-based Payments Market Scope and Market Estimation
1.4.1. Global Voice-based Payments Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Voice-based Payments Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Voice-based Payments Market Segmentation
1.5.1. Component of Global Voice-based Payments Market
1.5.2. Enterprise Size of Global Voice-based Payments Market
1.5.3. End-user of Global Voice-based Payments Market
1.5.4. Key Regions of Global Voice-based Payments Market
2. Global Voice-based Payments Market - Executive Summary
2.1. Global Voice-based Payments Market – Summary & Snapshot
2.2. Global Voice-based Payments Market, By Component (US$ Million)
2.3. Global Voice-based Payments Market, By Enterprise Size (US$ Million)
2.4. Global Voice-based Payments Market, By End User (US$ Million)
2.5. Global Voice-based Payments Market, By Geography (US$ Million)
2.6. Global Voice-based Payments Market Outlook & Future Opportunities
3. Voice-based Payments Market Trends, Outlook, and Factors Analysis
3.1. Global Voice-based Payments Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Voice-based Payments Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Voice-based Payments Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. The increasing penetration of mobile phones across the world
3.2.1.2. The growing popularity of voice-based payments for e- commerce
3.2.1.3. Growing digitalization across the banking sector
3.2.2. Restraints
3.2.2.1. Cybersecurity risks associated with voice-based payments
3.2.3. Opportunities
3.2.3.1. Rising investment by various venture capital firms in voice assistant technology
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Voice-based Payments Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Voice-based Payments Market
3.9.1. By Component
3.9.2. By Enterprise Size
3.9.3. By End User
3.9.4. By Regions
4. Global Voice-based Payments Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Voice-based Payments Market, 2020 – 2021 (US$ Million)
4.2. Global Voice-based Payments Market, By Component, 2020 to 2021 (US$ Million)
4.3. Global Voice-based Payments Market, By Enterprise Size, 2020 to 2021 (US$ Million)
4.4. Global Voice-based Payments Market, By End User, 2020 to 2031 (US$ Million)
4.5. Global Voice-based Payments Market, By Region, 2020 to 2021 (US$ Million)
5. Global Voice-based Payments Market Estimates & Forecast Trend Analysis, by Component
5.1. Global Voice-based Payments Market Share (%) Estimates and Forecasts, by Component, 2022 & 2033
5.2. Global Voice-based Payments Market Revenue (US$ Million) Estimates and Forecasts, by Component, 2022 to 2033
5.2.1. Software
5.2.2. Hardware
6. Global Voice-based Payments Market Estimates & Forecast Trend Analysis, by Enterprise Size
6.1. Global Voice-based Payments Market Share (%) Estimates and Forecasts, by Enterprise Size, 2022 & 2033
6.2. Global Voice-based Payments Market Revenue (US$ Million) Estimates and Forecasts, by Enterprise Size, 2022 to 2033
6.2.1. Small & Medium Enterprises
6.2.2. Large Enterprises
Global Voice-based Payments Market Estimates & Forecast Trend Analysis, by End-user
6.3. Global Voice-based Payments Market Share (%) Estimates and Forecasts, by End-user, 2022 & 2033
6.4. Global Voice-based Payments Market Revenue (US$ Million) Estimates and Forecasts, by End-user, 2022 to 2033
6.4.1. Automotive
6.4.2. Healthcare
6.4.3. Retail
6.4.4. Government
6.4.5. Others
7. Global Voice-based Payments Market Analysis and Forecast, by Region
7.1. Global Voice-based Payments Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
7.2. Global Voice-based Payments Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2022 to 2033
7.2.1. North America
7.2.2. Europe
7.2.3. Asia Pacific
7.2.4. Middle East and Africa
7.2.5. Latin America
8. North America Voice-based Payments Market: Estimates & Forecast Trend Analysis
8.1. North America Voice-based Payments Market Assessments & Key Findings
8.2. North America Voice-based Payments Market Share (%) Estimates and Forecasts, 2022 & 2033
8.3. North America Voice-based Payments Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
8.3.1. By Component
8.3.2. By Enterprise Size
8.3.3. By End-user
8.3.4. By Major Country
8.3.4.1. The U.S.
8.3.4.2. Canada
9. Europe Voice-based Payments Market: Estimates & Forecast Trend Analysis
9.1. Europe Voice-based Payments Market Assessments & Key Findings
9.2. Europe Voice-based Payments Market Share (%) Estimates and Forecasts, 2022 & 2033
9.3. Europe Voice-based Payments Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
9.3.1. By Component
9.3.2. By Enterprise Size
9.3.3. By End-user
9.3.4. By Major Country
9.3.4.1. Germany
9.3.4.2. The U.K.
9.3.4.3. France
9.3.4.4. Italy
9.3.4.5. Spain
9.3.4.6. Rest of Europe (includes all other European countries)
10. Asia Pacific Voice-based Payments Market: Estimates & Forecast Trend Analysis
10.1. Asia Pacific Voice-based Payments Market Assessments & Key Findings
10.2. Asia Pacific Voice-based Payments Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Asia Pacific Voice-based Payments Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
10.3.1. By Component
10.3.2. By Enterprise Size
10.3.3. By End-user
10.3.4. By Major Country
10.3.4.1. China
10.3.4.2. Japan
10.3.4.3. India
10.3.4.4. ASEAN
10.3.4.5. South Korea
10.3.4.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
11. Middle East & Africa Voice-based Payments Market: Estimates & Forecast Trend Analysis
11.1. Middle East & Africa Voice-based Payments Market Assessments & Key Findings
11.2. Middle East & Africa Voice-based Payments Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Middle East & Africa Voice-based Payments Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
11.3.1. By Component
11.3.2. By Enterprise Size
11.3.3. By End-user
11.3.4. By Major Country
11.3.4.1. GCC
11.3.4.2. South Africa
11.3.4.3. Egypt
11.3.4.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
12. Latin America Voice-based Payments Market: Estimates & Forecast Trend Analysis
12.1. Latin America Market Assessments & Key Findings
12.2. Latin America Voice-based Payments Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Latin America Voice-based Payments Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
12.3.1. By Component
12.3.2. By Enterprise Size
12.3.3. By End-user
12.3.4. By Major Country
12.3.4.1. Brazil
12.3.4.2. Mexico
12.3.4.3. Rest of Latin America (includes all other Latin America countries)
13. Competitive Landscape
13.1. Voice-based Payments Market Revenue Share Analysis (%), by Major Players (2021)
13.2. Voice-based Payments Market Competition Matrix, by Leading Players
13.3. Voice-based Payments List of Emerging, Prominent and Leading Players
13.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
14. Company Profiles
14.1. NCR Corporation
14.1.1. Company Overview & Insights
14.1.2. Financial Performance
14.1.3. Product / Service Portfolio
14.1.4. Geographical Footprint & Share
14.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
14.2. Amazon
14.3. PayPal
14.4. Paysafe
14.5. PCI Pal
14.6. Vibepay
14.7. Baidu Inc.
14.8. Cerence Inc.
14.9. Google LLC
14.10. Huawei Technologies Co., Ltd
14.11. LumenVox LLC
14.12. Nuance Communications
14.13. ToneTag Inc.
14.14. Voxpay
14.15. Microchip Payments
14.16. Others
15. Assumptions and Research Methodology
15.1. Data Mining
15.2. Secondary Research
15.3. Primary Research
15.4. Subject Matter Expert Advice
15.5. Quality Check
15.6. Final Review
15.7. Data Triangulation
15.8. Bottom-Up Approach
15.9. Top Down Approach
15.10. Research Flow
15.11. Key Insights from Industry Experts
15.12. Data Sources
15.13. Assumptions
15.14. Limitations
16. Conclusions and Recommendations
16.1. Key Research Findings and Conclusion
16.2. Key Insights & Recommendations from Analysts
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