The voice-based payments market has witnessed significant growth in recent years, driven by numerous voice commerce solutions from payment service providers. As a result, the industry is expanding, and more customers are becoming interested in voice payment alternatives. With the adoption of voice-based payment solutions, businesses can cater to the growing demand for frictionless and intuitive payment experiences, improving customer satisfaction and potentially increasing conversion rates. Additionally, this technology can streamline internal payment processes, offering businesses a more efficient and automated way to handle financial transactions.
Voice-based payments refer to a method of conducting financial transactions using spoken commands or instructions, typically through voice-enabled devices or digital assistants. This technology allows users to make payments, initiate transfers, or perform other monetary transactions by utilizing their voice instead of traditional manual inputs, such as typing or clicking. Furthermore, voice-based payments can be integrated into various platforms, including mobile applications, virtual assistants, or smart devices, enabling businesses to offer a wide range of payment options to their customers. This technology often incorporates robust security measures, such as authentication protocols and encryption, to ensure the privacy and protection of sensitive financial information.
With the increased use of smart speakers, smartphones, and other voice-enabled devices in households, more consumers have access to voice assistants. They are comfortable using them for various tasks, including making payments. This widespread adoption has paved the way for the integration of voice-based payment capabilities into these devices, further fuelling the market growth. The future of voice-based payments appears promising as advancements in AI and NLP continue to enhance the accuracy and efficiency of voice assistants, which are major drivers of voice-based payments market share.
Artificial intelligence (AI), with its ability to perform cognitive functions associated with human minds, offers a range of capabilities that can enhance and optimize voice-based payment systems. AI-powered voice assistants can use algorithms to understand better and interpret user commands, leading to more accurate and seamless voice-based payment experiences. This can enhance user satisfaction and increase the adoption of voice-based payment solutions. AI can also contribute to enhanced security in voice-based payments. By analyzing patterns and behaviors, AI algorithms can detect and prevent fraudulent activities, providing an additional layer of protection for users. This can help build trust in voice-based payment systems, encouraging more individuals to adopt this payment method. Therefore, the adoption of AI is expected to present significant opportunities for the voice-based payments market.
Key segments that contributed to the derivation of the Voice-based Payments market analysis are component, enterprise size, and industry.
The geographic scope of the Voice-based Payments market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America holds one of the largest global voice-based payments market share in 2022. High technology adoption trends in various industries in the region fuel the growth of the voice-based payments market. The increased adoption of digital tools and high technological spending by government agencies are a few factors expected to boost the North America voice-based payments market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to introduce technologically advanced solutions into the market. Furthermore, the region has a robust ecosystem of innovative tech companies, financial institutions, and payment solution providers.
The voice-based payments market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for voice-based payments and strategies:
The regional trends and factors influencing the Voice-based Payments Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Voice-based Payments Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 6.47 Billion |
| Market Size by 2030 | US$ 14.37 Billion |
| Global CAGR (2022 - 2030) | 10.5% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Voice-based Payments Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Voice-based Payments Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Voice-based Payments Market Size and Forecast (2020–2030)" report provides a detailed analysis of the market covering below areas:
The List of Companies - Voice-Based Payments Market
The key players holding majority shares in the global voice-based payments market are PayPal; NCR Corporation; NPCI; Google LLC; and Amazon.com, Inc.
The global voice-based payments market was estimated to be US$ 6.47 billion in 2022 and is expected to grow at a CAGR of 10.5 % during the forecast period 2023 - 2030.
Preference for contactless payment solutions, advancements in Natural Language Processing (NLP) technology, and widespread use of smartphones and smart speakers are the major factors that propel the global voice-based payments market.
The incremental growth expected to be recorded for the global voice-based payments market during the forecast period is US$ 7.89 billion.
Increasing adoption by retail sector which is anticipated to play a significant role in the global voice-based payments market in the coming years.
The global voice-based payments market is expected to reach US$ 14.37 billion by 2030.