Voice assistant modern concept. Equalizer sound waves on the smart phone and on the smart speaker. Landing page with Personal assistant concept. Vector illustration.
The voice payment software market consists of revenues earned by entities by providing voice-enabled digital wallets and P2P payment apps, voice-enabled banking and financial apps, and voice-enabled retail and e-commerce platforms. The market value includes the value of related goods sold by the service provider or included within the service offering. The voice payment software market also includes sales of voice-enabled devices and voice biometric systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The voice payment software market size has grown rapidly in recent years. It will grow from $17.15 billion in 2023 to $19.23 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increased adoption of smartphones, increased demand for frictionless payment experiences, increased adoption in retail sector, increased demand for online shopping, and rise in adoption of voice assistants.
The voice payment software market size is expected to see rapid growth in the next few years. It will grow to $30.72 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to changing consumer preferences, robust security measures, increasing use of smart speakers, increasing demand for contactless payments, and rising adoption of digital wallets. Major trends in the forecast period include technological advancements of interactive voice response, advancements in speech recognition technology, integration of voice-based payment capabilities into devices, artificial intelligence in voice-based payments, and advancements in automated speech recognition.
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Segmentation & Regional Insights
The voice payment software market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
3) By End-User: Automotive, Healthcare, Retail, Banking, Financial Services and Insurance (BFSI), Government, Other End Users
North America was the largest region in the voice payment software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice payment software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing preference for mobile payments is expected to propel the growth of the voice payment software market going forward. Mobile payments encompass any transaction conducted through a mobile device. The growing preference for mobile payments is due to its convenience, enhanced security, faster checkout times, and cost-effective transaction factors. Voice payment software enhances mobile payments by providing a hands-free, efficient, and secure way to manage transactions. It simplifies the payment process, improves accessibility, and offers personalized financial management tools, making mobile payments more user-friendly and effective. For instance, in September 2023, according to the Octal IT Solution, a US-based software development company, mobile payments in the U.S.A. are expected to surge from $502 billion in 2020 to $755 billion by 2024. Therefore, the growing preference for mobile payments is driving the growth of the voice payment software market.
Key Industry Players
Major companies operating in the voice payment software market are Amazon.com Inc. , Apple Inc., Google LLC, Microsoft Corporation, Alibaba Holdings Ltd., Huawei Technologies Co. Ltd., IBM Corporation , PayPal Holdings Inc, Baidu Inc. , FIS Global, Paysafe Holdings Ltd., Nuance Communications Inc., Cerence Inc., SoundHound Inc., Replicant Inc., PCI Pal Plc, ToneTag Inc., Sensory Inc., LumenVox LLC, NCR Corporation, VibePay, Voxpay, Microchip Payments Pvt Ltd., Payrix Solutions, Blutag Inc.
The voice payment software market report table of contents includes:
1. Executive Summary
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