Voice-based Payments Market Opportunities In 2030: USD 14.66 Bn Industry On An Upward TrendPosted by rahul nikade on January 18th, 2023 Voice-based Payments Industry Overview The global voice-based payments market size was valued at USD 5.89 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.9% from 2022 to 2030. The continued rollout of voice-based payments by financial institutions and retailers to seamlessly access personal data and understand customer behavior is expected to drive the growth of the market. Mobile payments platforms, such as Zelle, PayPal, and Venmo, have started rolling out voice-activated controls for their customers to carry out financial and banking functions. Conventional banks, such as Wells Fargo, are also adding conversational voice interfaces to their mobile banking apps to help their customers in accessing all the banking services. The growing adoption of peer-to-peer voice-based payments worldwide is expected to drive the growth of the market during the forecast period. Several banks, such as Barclays and Royal Bank of Canada, among others, have started offering voice-enabled peer-to-peer payments to their customers. Gather more insights about the market drivers, restrains and growth of the Global Voice-based Payments Market Barclays allows its customers to make voice-based payments using Siri, the virtual assistant offered as part of Apple Inc.’s operating systems. Similarly, Google Assistant allows Google Pay users to make peer-to-peer payments using voice commands. The integration of voice-based payment systems in cars is also emerging as one of the major factors driving the growth of the market. Innovative services are being introduced aggressively to allow drivers to use voice assistants to pay for gas and make reservations in restaurants, among other applications, from within their cars. Government bodies across the globe are continuously encouraging the companies offering digital payment solutions to enhance their offerings. For instance, the Government of India has invited proposals from fintech and start-up companies to develop innovative solutions that can potentially take digital payments to India’s marginalized areas. The proposals invited by the government include proposals for voice-based solutions facilitating digital payments using smartphones and other devices. The shortlisted ideas are expected to receive funding from the government. However, the growing concerns over the level of security offered by voice-based payments are expected to restrain the market growth during the forecast period. The inability of voice assistants to understand different accents, especially non-American accents, is also expected to hinder the market expansion. On the other hand, the software and hardware at the point-of-sale terminals need to be upgraded if they were to support voice-activated technology. As such, the costs involved in integrating voice-based payments with Bluetooth and WiFi-enabled systems at the point-of-sale terminals equally do not bode well for the growth of the market. The COVID-19 pandemic is expected to play a decisive role in driving the market growth during the forecast period. The popularity of contactless payment methods is growing as people worldwide are putting a strong emphasis on avoiding any potential exposure to coronavirus through contaminated surfaces. The growing preference for contactless payment solutions during the pandemic is particularly opening opportunities for rolling out voice-based payments. At the same time, several retail stores are also adopting voice-based payments as part of their efforts to ensure a safe and secure way of payment for the customers. Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
Voice-based Payments Market Segmentation Grand View Research has segmented the global voice-based payments market based on component, enterprise size, end-use, and region. Voice-based Payments Component Outlook (Revenue, USD Million, 2017 - 2030)
Voice-based Payments Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)
Voice-based Payments End-Use Outlook (Revenue, USD Million, 2017 - 2030)
Voice-based Payments Regional Outlook (Revenue, USD Million, 2017 - 2030)
Market Share Insights
Key Companies profiled: Some prominent players in the global Voice-based Payments market include
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