US & Canada, Dec. 12, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, “Voice-based Payments Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component, By Enterprise Size, By Industry, and by Geography”, the global voice-based payments market is observing significant growth owing to the integration of artificial intelligence (AI) technology and expanding BFSI industry.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the voice-based payments market comprises a vast array of component, enterprise size, industry, and geography, which are expected to register strength during the coming years.
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Market Overview and Growth Trajectory:
Voice-based Payments Market Growth: According to an exhaustive report by The Insight Partners, the Voice-based Payments Market is experiencing significant growth, driven by increasing adoption by retail sector, advancements in automated speech recognition (ASR), machine learning (ML), and natural language understanding (NLU). The market, valued at $6.47 Billion in 2022, is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.5% during 2022–2030.
With rising requirements for convenience and efficiency, the demand for contactless payments has increased tremendously. As the adoption of digital payment methods continues to surge, contactless payment is a new method that revolutionizes the way consumers transact voice-based payments. Contactless payments have witnessed a remarkable surge in popularity over the past few years. With the advent of near-field communication (NFC) technology, consumers can make secure payments by simply selecting that option on their smartphones or contactless cards on payment terminals. This technology has not only expedited transaction times but has also reduced the need for physical contact, enhancing convenience and hygiene, especially after the emergence of the COVID-19 pandemic. Voice-based payments, on the other hand, take convenience to a whole new level. Powered by artificial intelligence (AI) and natural language processing (NLP), voice assistants such as Siri, Google Assistant, and Amazon Alexa have enabled users to initiate transactions using just their voice commands. This hands-free approach eliminates the need for physical interaction with payment terminals, cards, or smartphones, making it an appealing option for those seeking a seamless and effortless payment experience.
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The growth of the voice-based payments market is attributed to the increasing accessibility and growing adoption of voice assistants. With the increased use of smart speakers, smartphones, and other voice-enabled devices in households, more consumers have access to voice assistants and 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. The future of voice-based payments appears promising as advancements in AI and NLP continue to enhance the accuracy and efficiency of voice assistants. Integration with various platforms, including e-commerce websites, mobile applications, and in-store payment terminals, will further drive the adoption of voice-based payments. Thus, increasing demand for contactless payments is likely to fuel the voice-based payments market growth during the forecast period.
Country Insights: According to the voice-based payments market forecast, the market in US is expected to grow significantly owing to the high technological penetration. In addition, the rise in smart devices, such as smart TVs, smartphones, and tablets, has contributed to the expansion of the voice-based payments market. For instance, in the US, ~63.43 million houses are actively employing smart home devices as of 2023. Furthermore, the region has a robust ecosystem of innovative tech companies, financial institutions, and payment solution providers. These entities have been at the forefront of developing and deploying voice-enabled technologies, such as artificial intelligence (AI) and natural language processing (NLP), to facilitate seamless voice-based transactions. Another factor contributing to North America's dominance in the market is the growing number of collaborations between industry players. Financial institutions, technology companies, and payment service providers have joined forces to develop robust voice-based payment solutions that meet consumers' demands for security, convenience, and reliability. For instance, in September 2021, Google introduced voice-enabled payment for gas and announced a partnership with Honda as part of a series of upgrades. Google Assistant enables drivers to use voice commands to make purchases using Google Pay at over 32,500 gas stations in the US, including Conoco, 76, Phillips 66, Exxon, and Mobil. The company has also announced its plan to expand this feature by including additional stations and franchise names in the near future. These collaborations have led to the integration of voice-based payment capabilities into various devices and platforms, ranging from smartphones to smart speakers, further fueling the market growth.
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Geographical Insights: The North America held the largest market share in 2022, followed by Europe and Asia Pacific.
Voice-based Payments Market Segmentation, Applications, Geographical Insights:
- Based on component, the market is bifurcated into hardware and software. The software segment held the largest share of the voice-based payments market in 2022.
- Based on enterprise size, the market is segmented into large enterprises and small and medium-sized enterprises. The large enterprises segment held the largest share of the voice-based payments market in 2022.
- Based on industry, the market is segmented into BFSI, automotive, healthcare, retail, government, and others. The BFSI segment held the largest share of the voice-based payments market in 2022.
- The voice-based payments market is segmented into five major regions: North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Key Players and Competitive Landscape:
The Voice-based Payments Market is characterized by the presence of several major players, including:
- NCR Corporation
- Amazon.com
- Google LLC
- PayPal
- Vibepay
- NPCI Corporation
- PCI Pal
- Paysafe, Inc
- Cerence
- Huawei Technologies Co Ltd.
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
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Voice-based Payments Market Recent Developments and Innovations:
- “In September 2023, PCI Pal, a leading global provider of secure payment solutions, unveiled the latest advancements in Automatic Speech Recognition (ASR) technology for their suite of PCI-compliant payment solutions. This includes enhancements to their well-regarded offerings, such as PCI Pal Agent Assist and IVR Payments. The release of these next-generation ASR improvements underscores PCI Pal's commitment to providing cutting-edge solutions that ensure secure and compliant payment processing.”
- “In September 2022, ToneTag introduced VoiceSe UPI Payments in vernacular languages on feature phones. This service allows users to make voice-based digital payments in languages such as Hindi, Tamil, Telugu, Malayalam, Kannada, and Bengali. The company plans to expand the availability of this voice-based payment system to other languages like Gujarati, Marathi, and Punjabi in the near future.”
Conclusion:
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.
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With projected growth to $14.37 Billion by 2030, the Voice-based Payments Market represents a significant opportunity for voice assistant manufacturers, technology providers, regulatory bodies and government agencies, and end-users. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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