Voice-based Payments Market Growth & Trends
The global voice-based payments market size is expected to reach USD 14.66 billion by 2030, expanding at a CAGR of 10.9% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growing adoption of voice commerce solutions worldwide is anticipated to drive the growth of the market. The strong emphasis payment service providers are putting on offering enhanced payment solutions also bodes well for the market growth.
Voice-based Payments Market Segmentation
Grand View Research has segmented the global voice-based payments market based on component, enterprise size, end-use, and region.
Based on the Component Insights, the market is segmented into Software and Hardware.
- The software segment dominated the market in 2021 and accounted for a share of more than 66.0% of the global revenue. The growing integration of virtual assistants, such as Google Assistant, Alexa, and Siri, into the voice-based payment solutions for conventional banking is expected to drive the segment. The aggressive efforts being pursued by various voice-based payment companies to enhance their respective products also bode well for the growth of the segment. For instance, in November 2021, Google announced the launch of speech-to-text features that allow users to use voice input to add their account numbers to the app to initiate payments.
- The hardware segment is anticipated to witness significant growth during the forecast period. Hardware is mainly required to convert sound signals into digital signals in voice-based payment systems. The growing popularity of voice-based payments worldwide is expected to trigger the demand for hardware that can potentially support voice-based payments, thereby driving the segment. The efforts being pursued by various companies worldwide to develop hardware with modern user interfaces and ensure a better customer experience also bodes well for the segment growth.
Based on the Enterprise Size Insights, the market is segmented into Large Enterprises, Small & Medium Enterprises.
- The large enterprises segment dominated the market in 2021 and accounted for a share of more than 59.0% of the global revenue. The demand for voice-based payments is particularly rising among large enterprises as several large enterprises are trying aggressively to adopt contactless payment For instance, in April 2019, Walmart announced a partnership with Google. The partnership envisaged rolling out Walmart Voice Order, a new voice ordering capability that works across various Google Assistant-powered platforms.
- The small & medium enterprises segment is expected to register the fastest growth during the forecast period. Small banks are typically trying to digitalize their services and enhance the customer experience. Small banks are particularly adopting paperless services for opening bank accounts, thereby driving the need for voice-based payments. Such enhancements being pursued by various banks to gain a competitive edge and strengthen the market position are expected to drive the segment forward.
Based on the End-use Insights, the market is segmented into BFSI, Automotive, Healthcare, Retail, Government, Others.
- The BFSI segment dominated the market in 2021 and accounted for a share of over 23.0% of the global revenue. Several banks worldwide are rolling out voice assistants as part of the efforts to streamline their operations and enhance customer experience.
- The retail segment is anticipated to expand at a promising CAGR during the forecast period. The rapid growth of voice commerce and the growing preference for touchless payments during the pandemic are among the major factors that are expected to drive the growth of the segment. Voice-based payments are being preferred over cash payments across the retail industry, owing to factors such as accessibility and convenience.
Voice-based Payments Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- May 2021: Cerence, a provider of biometric authentication and voice-based payment services, announced that P97 Networks, a mobile commerce platform provider, has been added to the company's Cerence Pay partner ecosystem.
- May 2021: The Indian Institute of Technology Madras researchers announced that they will collaborate with the Mobile Payment Forum of India members. The collaboration is aimed to create voice-based payments for digital money transactions.
Key Companies Profile & Market Share Insights
The voice-based payments market can be described as a highly competitive market characterized by the presence of several prominent market players.
Some of the prominent players operating in the global voice-based payments market include,
- NCR Corporation
- Amazon.com, Inc.
- PayPal
- Paysafe
- PCI Pal
- Vibepay
- Cerence
- Huawei Technologies Co., Ltd.
- Google
- Alibaba
Order a free sample PDF of the Voice-based Payments Market Intelligence Study, published by Grand View Research.
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