GVR Report cover Voice-based Payments Market Size, Share & Trends Report

Voice-based Payments Market Size, Share & Trends Analysis Report By Component, By End-use, By Region, And Segment Forecasts, 2021 To 2028

  • Published Date: ---
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  • Report ID: GVR452109
  • Format: Electronic (PDF)
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The global voice-based payments market is expected to witness significant growth over the forecast period. The demand for voice-based payments is increasing among people worldwide as they enable them to conduct faster and easier payment transactions. This is driving the market growth. At the same time, people also demand voice-based payments as they add an additional layer of security to their transactions. According to the survey of Capgemini, a software company, 28% of people across countries such as the U.S., France, Germany, and the U.K. started using voice-based payments in 2017. Additionally, 44% of people expressed their interest in using voice-based payments in 2017. This is encouraging retailers and banks, among others, to adopt voice-based payments solutions to offer their customers fast and accurate transaction solutions.

Voice-based Payments Market Segmentation

Segments

Details

Component

Software; Hardware

End-use

Automotive; Healthcare; Retail; Government; Others

Enterprise Size

Small & Medium Enterprises; Large Enterprises

Region

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

 

The increasing penetration of mobile phones across the world is also one of the major factors driving the market growth. Mobile phones enable people to leverage the capabilities of voice-based payments. Millennials and Gen Z mainly use the voice command features in mobile phones to transfer money and shop online. According to the study conducted by Mercado Group, an advisor to the payments industry, 12% of young customers used a voice command to initiate bill payments across the U.S. in 2020. Additionally, 10% of consumers used mobile-based voice commands for peer-to-peer payments in 2020 across the U.S. Moreover, the rising use of voice-based payments for online shopping bodes well for the market growth. According to the statistics provided by Insider Intelligence, an information service provider, 31.0 million U.S. consumers shopped using smart speakers in 2019, and the number is expected to reach 38 million by the end of 2021.

Banks are increasingly deploying voice-based payments solutions in their operations to enhance their offerings, thereby creating new opportunities for market growth. The voice-enabled payment solutions help customers of banks check their account details and conduct financial transactions, among others, through voice commands. As a result, numerous banks are launching voice-based payments solutions to enhance their customer experience. For instance, in July 2020, U.S. Bank announced the launch of a voice assistant for its mobile app. This voice assistant was developed by the bank to imitate their human bank tellers. This helped the bank in enhancing customer experience by reducing transaction time.

Various venture capital firms are investing in voice assistant technology, which is creating new opportunities for the market growth. For instance, in August 2021, Baidu Inc, an internet company, announced that its voice assistant, Xiaodu, had raised a funding of USD 5.1 billion. The company planned to use this funding to enhance the features of its voice assistant.

The key players in the voice-based payments market include NCR Corporation; Amazon; PayPal; Paysafe; PCI Pal; and Vibepay. These companies are focused on strategies such as partnership, which help them in strengthening their offerings and market position. For instance, in May 2021, Cerence Inc., a voice-based payment solutions provider, announced its partnership with P97 Networks, a mobile commerce platform provider. Through this partnership, the former company expanded its voice-based payment services across U.S. gas stations.

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