Voice Payment Market Size was valued at USD 6.2 Billion in 2022. The voice payment market industry is projected to grow from USD 6.8 Billion in 2023 to USD 16.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.2% during the forecast period (2023 - 2032).
The increasing prevalence of smart devices, including virtual assistants and smart speakers, provides a natural platform for voice payments to thrive. Seamless integration with these devices encourages widespread adoption are the key market drivers enhancing the market growth.
Figure 1: Voice Payment Market Size, 2022-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for the proliferation of clever gadgets, along with virtual assistants and smart audio system, has drastically contributed to the increase of voice payments. This upward push in smart device usage affords a natural platform for voice bills to gain traction. Companies like Amazon, Google, and Apple have incorporated voice assistants into their devices, growing an atmosphere in which users can seamlessly make transactions the use of their voice. This interconnectedness fosters a convenient and efficient environment for voice bills to thrive, as customers discover it more and more intuitive to conduct transactions thru their smart gadgets. Thus, driving the Voice payment solutions market revenue.
In addition, the transportation enterprise has witnessed a surge in the adoption of voice payments, remodeling the manner people pay for their rides. Ride-hailing offerings, particularly, have embraced this technology to beautify the general consumer enjoy. This growth is attributed to the demand for arms-unfastened fee options, especially in eventualities wherein customers prioritize safety and efficiency. As transportation agencies accomplice with voice fee carriers, commuters can experience an unbroken price system, making their trips quicker and more handy.
Moreover, the recognition of voice payments in the transportation industry is going past simply imparting an alternative payment approach. It performs a pivotal function in making sure faster and smoother rides for passengers. Companies like Uber and Lyft have included voice charge alternatives, allowing users to finish transactions effortlessly. The pace of voice-based transactions substantially reduces the time spent on bills, improving the general efficiency of the transportation provider. This is supported by means of statistics from a McKinsey document, which highlights that seamless payment experiences make contributions to higher patron pride and loyalty in the transportation sector.
The Voice Payment Market segmentation, based on Component includes Software, and Hardware. The software segment dominated the market in 2022 accounting for 66%. Voice payments leverage biometric features, such as voiceprints, for authentication. This adds an extra layer of security, reducing the risk of fraud and unauthorized access, thus instilling trust among users.
The Voice Payment Market segmentation, based on Enterprise Size, includes Large Enterprises, and Small & Medium Enterprises. The Small & Medium Enterprises category generated the most revenue in 2022. Ongoing advancements in NLP and speech recognition technologies enhance the accuracy and reliability of voice payments.
Figure 2: Voice Payment Market, by Enterprise Size, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Voice Payment Market segmentation, based on End-use includes BFSI, Automotive, Healthcare, Retail, Government, and Others. The retail segment dominated the market, accounting for double growth of market revenue. Promoting awareness and educating users about the benefits and security features of voice payments is crucial.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American voice payment market area will dominate this market, due to the Supportive regulatory frameworks and industry standards contribute to the legitimacy and widespread acceptance of voice payments. Clear guidelines enhance consumer trust and ensure a secure financial environment.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: VOICE PAYMENT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe voice payment market accounts for the second-largest market share due to the rising demand in retail, and government Industry. Further, the Germany voice payment market held the largest market share, and the UK voice payment market was the fastest growing market in the European region.
The Asia-Pacific Voice payment market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the continuous technological innovations in payment have enabled service to offer customizable and visually appealing voice payment. This customization caters to brand differentiation and helps service stand out on retailers. Moreover, China’s Voice payment market held the largest market share, and the Indian voice payment market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in advanced technologies in order to expand their services, which will help the voice payment market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new service launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, voice payment industry must offer cost-effective solutions.
Developing services locally to minimize operational costs is one of the key business tactics used by key players in the global voice payment industry to benefit clients and increase the market sector. In recent years, the voice payment industry has offered some of the most significant advantages to enterprises. Major players in the voice payment market, including NCR Corporation, Amazon.com, Inc., PayPal, Paysafe, PCI Pal, Vibepay, Cerence, Huawei Technologies Co., Ltd., Google, Alibaba, and others, are attempting to increase market demand by investing in research and development operations.
NCR Corporation, centered in Atlanta, Georgia, is a global generation agency that makes a speciality of providing solutions and services that enable businesses to connect, have interaction, and transact with their clients seamlessly. With a wealthy records relationship back to the discovery of the primary mechanical coins register in 1884, NCR has evolved into a pacesetter within the fintech and retail generation area. The corporation gives a complete suite of solutions, such as factor-of-sale (POS) structures, self-carrier kiosks, computerized teller machines (ATMs), and omni-channel banking offerings. NCR's modern technology empower agencies across numerous industries, which includes retail, hospitality, banking, and telecommunications, to decorate consumer experiences, optimize operational performance, and power virtual transformation. The corporation's commitment to innovation and purchaser-centric solutions has solidified its position as a key participant within the ever-evolving panorama of technology-pushed enterprise solutions.
Amazon.Com, Inc., based actually in Washington, is a multinational technology and exchange massive that has redefined the retail panorama because of the truth it’s founding in 1994. Established with the resource of using Jeff Bezos as a web e-book save, Amazon has grown into one of the internationals biggest and most numerous technology organizations. The corporation's sizeable portfolio spans e-trade, cloud computing, synthetic intelligence, streaming services, and additional. Amazon's e-trade platform is famed for its terrific product preference, competitive pricing, and inexperienced shipping offerings, making it a dominant force inside the global online retail market. Beyond retail, Amazon Web Services (AWS) has turn out to be a major cloud services organization, offering a large variety of infrastructure and computing answers. Amazon's relentless cognizance on client satisfaction, coupled with its ambitious ventures into several tech-driven sectors, has solidified its characteristic as an influential participant in shaping the destiny of virtual trade and technology.
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.
September 2023: National Payments Corporation of India (NPCI) introduced several new payment features to enhance digital inclusivity. These offerings include a credit line on UPI, UPI Lite X for offline payments, a Tap & Pay feature enabled by near-field communication (NFC), and conversational payments through Hello! UPI and conversational bill payments with BillPay Connect.
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.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 6.2 Billion |
| Market Size 2023 | USD 6.8 Billion |
| Market Size 2032 | USD 16.1 Billion |
| Compound Annual Growth Rate (CAGR) | 11.2% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Enterprise Size, End-use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | NCR Corporation, Amazon.com, Inc., PayPal, Paysafe, PCI Pal, Vibepay, Cerence, Huawei Technologies Co., Ltd., Google, Alibaba |
| Key Market Opportunities | ·      Accepting Voice Payments for Faster, Smoother Rides |
| Key Market Dynamics | ·      Rise of Voice Payments in the Transportation Industry |
Frequently Asked Questions (FAQ) :
The Voice Payment Market size was valued at USD 6.20 Billion in 2022.
The global market is projected to grow at a CAGR of 11.2% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are NCR Corporation, Amazon.com, Inc., PayPal, Paysafe, PCI Pal, Vibepay, Cerence, Huawei Technologies Co., Ltd., Google, Alibaba
The software category dominated the market in 2022.
The retail had the largest share in the global market.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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