Voice-based Payment Technology Market Value to reach US$ 18.2 Bn by 2031: TMR Study
Rise in the usage of voice commands by customers to perform activities, such as paying for shopping and utility, is expected to propel the market in the near future
Wilmington, Delaware, United States , March 08, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The Voice-based Payment Technology Market was valued at US$ 6.4 Bn in 2022. The market is anticipated to grow at a compound annual growth rate (CAGR) of 11.2% during the forecast period from 2023 to 2031.
Voice-based payment refers to the procedure of paying or receiving money from different clients with the help of a voice command. Voice-based payment technology has both hardware and software components and has emerged as a suitable alternative to conventional payment systems since it permits payments by using simple speech commands.
A key requirement to perform voice-based payments efficiently is that the merchant’s device needs to be encrypted and secured. Voice-based payment technology is a secure way to perform transactions and deploys decentralized ledgers that function on the blockchain, which helps ensure maximum security for merchants and consumers.
Voice-based payment technology has been adopted by both small & medium enterprises as well as large enterprises. Some of the end-use industries that use voice-based payment technology are BFSI, automotive, energy and utility, healthcare, and retail & e-commerce.
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The launch of new voice-based payment technology solutions is helping leading players generate revenue and gain an edge over other players. For instance, banks such as the Royal Bank of Canada and Barclays introduced voice recognition payments via Siri in order to facilitate customers in performing various banking transactions.
Additionally, prominent companies are collaborating with other players to expand their presence and increase revenue share.
Key Findings of Market Study
- Rise in Integration of Voice-based Technologies in Banking Services: Prominent financial institutions are using voice-based technology in their banking ecosystem. Customers are using their smartphones for banking activities owing to ease of transactions in performing various financial transactions. Increase in pace of digitization in the banking industry is estimated to boost the adoption of voice-authenticated and guided payments in the next few years.
- COVID-19 Pandemic Bolstered Voice-based Payment Technology Market: The affinity towards contactless payment has increased at large as a direct consequence of the COVID-19 pandemic. Consumers are increasingly looking for more contactless payment options and preferring alternative payment methods. Consumers opted for use voice-based payment technology from the comfort of their homes to purchase essentials, which helped expand the market. Consequently, usage of voice-based payments technology increased considerably across various industries including retail, banking, and travel.
Voice-based Payment Technology Market – Key Drivers
- Rise in adoption of peer-to-peer voice-based payments is anticipated to drive the global voice-based payment technology market during the forecast period
- Increase in usage of voice commands by consumers to perform different activities including shopping and payments at supermarkets, hypermarkets, and gas stations is estimated to trigger market development in the next few years
- Proliferation of voice-recognition system devices is likely to help expand market size during the forecast period
- Improvement in AI capabilities and the proliferation of value proposition and use cases to provide enhanced user experience.
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Voice-based Payment Technology Market- Regional Insights
- North America accounted for dominant market share of global market in 2022, and it is estimated to account for significant share during the forecast period as well. The prevailing affinity and willingness of consumers in the region coupled with rise in adoption of voice payment on e-commerce platforms, voice-initiated P2P payments, and utility bill payments in countries such as the U.S. and Canada is expected to help market development in the region.
- Asia Pacific is estimated to offer significant opportunities for market growth in future due to increase in awareness about voice-based payment technology, increase in preference for UPI-based transactions among customers, and rise in initiatives and measures by authorities promoting the usage of voice-based payment technology in countries such as India and China. India offers considerable growth opportunity due to a huge tech savvy population, existing penetration of mobile phones, and an expected potential growth in voice-based payments in the areas of P2P payments, bills payments, and utility & recharge payments.
Voice-based Payment Technology Market- Key Players
The global market is competitive and has several international and local players. The entry of new players is likely to intensify the competition during the forecast period.
Leading players are investing in research and development activities to develop improved voice-based technology that meet consumer needs in different end-use industries. An increase in demand for improved technology is likely to help create business opportunities in the next few years.
A few leading players in the market are
- Google LLC,
- PayPal Holdings, Inc.,
- Amazon.com, Inc.,
- NCR Corporation, and Alibaba Cloud (Alibaba Group).
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The global market has been segmented as follows:
- Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
- By End-Use
- Retail & E-commerce
- Energy and Utility
- North America
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 10 years.
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