Product Code: TIPRE00032625
The voice-based payments market was valued at US$ 6.47 billion in 2022 and is expected to reach US$ 14.37 billion by 2030; it is estimated to record a CAGR of 10.5% from 2022 to 2030.
The scope of the market report covers North America, Europe, Asia Pacific, Middle East and Africa, South and Central America. The Europe voice-based payment market is further segmented into Germany, the UK, Italy, Russia, France, and the Rest of Europe. The demand for online banking in Europe is growing significantly. According to the Global Commerce Media LLC Company, Gitnux, 89% of UK adults use online banking, and 64% use mobile banking apps. In 2022, the number of mobile users of digital banking reached 90.4% in Europe. This data shows that the digital banking trend is growing in Europe, and more people are shifting to online banking as a secure and convenient way to manage their finances.
Various companies are launching new voice-based payments in Europe. For instance, in September 2021, VibePay, a social payment initiation service, became the first organization to provide account-to-account voice-activated payments in Europe. VibePay's users on iOS can pay or request payment from others with their voice directly and instantly from one bank account to another with no fees.
In December 2020, Ingenico, CopSonic, and Validsoft developed two strong voice authentication technologies that enable secure digital purchases at home and in vehicles and other environments. One of them was deployed to buy fuel in the city of Argentina in France. Therefore, with the growing use of digital and voice-based payments, the voice-based payment market is growing in the region.
Based on Industry, the voice-based payments market is segmented into BFSI, automotive, healthcare, retail, government, and others. The BFSI segment held the largest share in the voice-based payments market in 2022. The banking, financial services, and insurance (BFSI) sector is witnessing a significant transformation in the era of voice-based payments. With the rapid advancements in technology and changes in consumer preferences, BFSI players are increasingly exploring voice-based payment solutions as a means to enhance customer experience, drive operational efficiency, and stay ahead in the competitive landscape. In the BFSI sector, voice-based payments are revolutionizing customer interactions and engagement. Customers can use their voice to initiate transactions, check account balances, make bill payments, and access financial information, all without the need for physical interaction or navigating through complex menus. This saves time and provides a personalized and effortless customer experience.
PayPal; NCR Corporation; NPCI; Google LLC; Amazon.com, Inc.; Paysafe; Huawei Technologies Co., Ltd.; Vibepay; Cerence Inc.; and PCI Pal are among the key companies operating in the voice-based payments market that are profiled in the report. Other players are also functioning in the global market, contributing significant revenue shares year on year. The voice-based payments market report covers key developments in the market, such as organic and inorganic growth strategies. Several companies focus on organic growth strategies, including product approvals and product launches.
The overall voice-based payments market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the voice-based payments market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the voice-based payments market.
Table Of Contents
1. Introduction
- 1.1 The Insight Partners Research Report Guidance
- 1.2 Market Segmentation
2. Executive Summary
- 2.1 Key Insights
- 2.2 Market Attractiveness
3. Research Methodology
- 3.1 Coverage
- 3.2 Secondary Research
- 3.3 Primary Research
4. Voice-Based Payments Market Landscape
- 4.1 Overview
- 4.2 PEST Analysis
- 4.3 Ecosystem Analysis
- 4.3.1 Solution and Service Providers:
- 4.3.2 End Users
- 4.3.3 List of Vendors in Value Chain:
5. Voice-Based Payments Market - Key Market Dynamics
- 5.1 Voice-Based Payments Market - Key Market Dynamics
- 5.2 Market Drivers
- 5.2.1 Preference for Contactless Payment Solutions
- 5.2.2 Advancements in Natural Language Processing (NLP) Technology
- 5.2.3 Widespread Use of Smartphones and Smart Speakers
- 5.3 Market Restraints
- 5.3.1 Security concerns
- 5.3.2 Limited Accuracy in Voice Recognition Technology
- 5.4 Market Opportunities
- 5.4.1 Adoption of Artificial Intelligence (AI)
- 5.5 Future Trends
- 5.5.1 Increasing Adoption by Retail Sector
- 5.6 Impact of Drivers and Restraints:
6. Voice-Based Payments Market - Global Market Analysis
- 6.1 Voice-Based Payments Market Revenue (US$ Million), 2022-2030
- 6.2 Voice-Based Payments Market Forecast Analysis
7. Voice-Based Payments Market Analysis - by Component
- 7.1 Software
- 7.1.1 Overview
- 7.1.2 Software: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 7.2 Hardware
- 7.2.1 Overview
- 7.2.2 Hardware: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
8. Voice-Based Payments Market Analysis - by Enterprise Size
- 8.1 Large Enterprises
- 8.1.1 Overview
- 8.1.2 Large Enterprises: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 8.2 SMEs
- 8.2.1 Overview
- 8.2.2 SMEs: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
9. Voice-Based Payments Market Analysis - by Industry
- 9.1 BFSI
- 9.1.1 Overview
- 9.1.2 BFSI: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 9.2 Automotive
- 9.2.1 Overview
- 9.2.2 Automotive: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 9.3 Healthcare
- 9.3.1 Overview
- 9.3.2 Healthcare: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 9.4 Retail
- 9.4.1 Overview
- 9.4.2 Retail: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 9.5 Government
- 9.5.1 Overview
- 9.5.2 Government: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 9.6 Others
- 9.6.1 Overview
- 9.6.2 Others: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
10. Voice-Based Payments Market - Geographical Analysis
- 10.1 Overview
- 10.2 North America
- 10.2.1 North America Voice-Based Payments Market Overview
- 10.2.2 North America: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.2.3 North America: Voice-Based Payments Market Breakdown, by Component
- 10.2.3.1 North America: Voice-Based Payments Market - Revenue and Forecast Analysis - by Component
- 10.2.4 North America: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.2.4.1 North America: Voice-Based Payments Market - Revenue and Forecast Analysis - by Enterprise Size
- 10.2.5 North America: Voice-Based Payments Market Breakdown, by Industry
- 10.2.5.1 North America: Voice-Based Payments Market - Revenue and Forecast Analysis - by Industry
- 10.2.6 North America: Voice-Based Payments Market - Revenue and Forecast Analysis - by Country
- 10.2.6.1 North America: Voice-Based Payments Market - Revenue and Forecast Analysis - by Country
- 10.2.6.2 United States: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.2.6.2.1 United States: Voice-Based Payments Market Breakdown, by Component
- 10.2.6.2.2 United States: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.2.6.2.3 United States: Voice-Based Payments Market Breakdown, by Industry
- 10.2.6.3 Canada: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.2.6.3.1 Canada: Voice-Based Payments Market Breakdown, by Component
- 10.2.6.3.2 Canada: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.2.6.3.3 Canada: Voice-Based Payments Market Breakdown, by Industry
- 10.2.6.4 Mexico: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.2.6.4.1 Mexico: Voice-Based Payments Market Breakdown, by Component
- 10.2.6.4.2 Mexico: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.2.6.4.3 Mexico: Voice-Based Payments Market Breakdown, by Industry
- 10.3 Europe
- 10.3.1 Europe Voice-Based Payments Market Overview
- 10.3.2 Europe: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.3.3 Europe: Voice-Based Payments Market Breakdown, by Component
- 10.3.3.1 Europe: Voice-Based Payments Market - Revenue and Forecast Analysis - by Component
- 10.3.4 Europe: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.3.4.1 Europe: Voice-Based Payments Market - Revenue and Forecast Analysis - by Enterprise Size
- 10.3.5 Europe: Voice-Based Payments Market Breakdown, by Industry
- 10.3.5.1 Europe: Voice-Based Payments Market - Revenue and Forecast Analysis - by Industry
- 10.3.6 Europe: Voice-Based Payments Market - Revenue and Forecast Analysis - by Country
- 10.3.6.1 Europe: Voice-Based Payments Market - Revenue and Forecast Analysis - by Country
- 10.3.6.2 Germany: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.3.6.2.1 Germany: Voice-Based Payments Market Breakdown, by Component
- 10.3.6.2.2 Germany: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.3.6.2.3 Germany: Voice-Based Payments Market Breakdown, by Industry
- 10.3.6.3 France: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.3.6.3.1 France: Voice-Based Payments Market Breakdown, by Component
- 10.3.6.3.2 France: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.3.6.3.3 France: Voice-Based Payments Market Breakdown, by Industry
- 10.3.6.4 United Kingdom: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.3.6.4.1 United Kingdom: Voice-Based Payments Market Breakdown, by Component
- 10.3.6.4.2 United Kingdom: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.3.6.4.3 United Kingdom: Voice-Based Payments Market Breakdown, by Industry
- 10.3.6.5 Italy: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.3.6.5.1 Italy: Voice-Based Payments Market Breakdown, by Component
- 10.3.6.5.2 Italy: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.3.6.5.3 Italy: Voice-Based Payments Market Breakdown, by Industry
- 10.3.6.6 Russia: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.3.6.6.1 Russia: Voice-Based Payments Market Breakdown, by Component
- 10.3.6.6.2 Russia: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.3.6.6.3 Russia: Voice-Based Payments Market Breakdown, by Industry
- 10.3.6.7 Rest of Europe: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.3.6.7.1 Rest of Europe: Voice-Based Payments Market Breakdown, by Component
- 10.3.6.7.2 Rest of Europe: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.3.6.7.3 Rest of Europe: Voice-Based Payments Market Breakdown, by Industry
- 10.4 Asia Pacific
- 10.4.1 Asia Pacific Voice-Based Payments Market Overview
- 10.4.2 Asia Pacific: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.4.3 Asia Pacific: Voice-Based Payments Market Breakdown, by Component
- 10.4.3.1 Asia Pacific: Voice-Based Payments Market - Revenue and Forecast Analysis - by Component
- 10.4.4 Asia Pacific: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.4.4.1 Asia Pacific: Voice-Based Payments Market - Revenue and Forecast Analysis - by Enterprise Size
- 10.4.5 Asia Pacific: Voice-Based Payments Market Breakdown, by Industry
- 10.4.5.1 Asia Pacific: Voice-Based Payments Market - Revenue and Forecast Analysis - by Industry
- 10.4.6 Asia Pacific: Voice-Based Payments Market - Revenue and Forecast Analysis - by Country
- 10.4.6.1 Asia Pacific: Voice-Based Payments Market - Revenue and Forecast Analysis - by Country
- 10.4.6.2 China: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.4.6.2.1 China: Voice-Based Payments Market Breakdown, by Component
- 10.4.6.2.2 China: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.4.6.2.3 China: Voice-Based Payments Market Breakdown, by Industry
- 10.4.6.3 India: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.4.6.3.1 India: Voice-Based Payments Market Breakdown, by Component
- 10.4.6.3.2 India: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.4.6.3.3 India: Voice-Based Payments Market Breakdown, by Industry
- 10.4.6.4 Japan: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.4.6.4.1 Japan: Voice-Based Payments Market Breakdown, by Component
- 10.4.6.4.2 Japan: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.4.6.4.3 Japan: Voice-Based Payments Market Breakdown, by Industry
- 10.4.6.5 South Korea: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.4.6.5.1 South Korea: Voice-Based Payments Market Breakdown, by Component
- 10.4.6.5.2 South Korea: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.4.6.5.3 South Korea: Voice-Based Payments Market Breakdown, by Industry
- 10.4.6.6 Australia: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.4.6.6.1 Australia: Voice-Based Payments Market Breakdown, by Component
- 10.4.6.6.2 Australia: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.4.6.6.3 Australia: Voice-Based Payments Market Breakdown, by Industry
- 10.4.6.7 Rest of APAC: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.4.6.7.1 Rest of APAC: Voice-Based Payments Market Breakdown, by Component
- 10.4.6.7.2 Rest of APAC: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.4.6.7.3 Rest of APAC: Voice-Based Payments Market Breakdown, by Industry
- 10.5 Middle East and Africa
- 10.5.1 Middle East and Africa Voice-Based Payments Market Overview
- 10.5.2 Middle East and Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.5.3 Middle East and Africa: Voice-Based Payments Market Breakdown, by Component
- 10.5.3.1 Middle East and Africa: Voice-Based Payments Market - Revenue and Forecast Analysis - by Component
- 10.5.4 Middle East and Africa: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.5.4.1 Middle East and Africa: Voice-Based Payments Market - Revenue and Forecast Analysis - by Enterprise Size
- 10.5.5 Middle East and Africa: Voice-Based Payments Market Breakdown, by Industry
- 10.5.5.1 Middle East and Africa: Voice-Based Payments Market - Revenue and Forecast Analysis - by Industry
- 10.5.6 Middle East and Africa: Voice-Based Payments Market - Revenue and Forecast Analysis - by Country
- 10.5.6.1 Middle East and Africa: Voice-Based Payments Market - Revenue and Forecast Analysis - by Country
- 10.5.6.2 Saudi Arabia: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.5.6.2.1 Saudi Arabia: Voice-Based Payments Market Breakdown, by Component
- 10.5.6.2.2 Saudi Arabia: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.5.6.2.3 Saudi Arabia: Voice-Based Payments Market Breakdown, by Industry
- 10.5.6.3 United Arab Emirates: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.5.6.3.1 United Arab Emirates: Voice-Based Payments Market Breakdown, by Component
- 10.5.6.3.2 United Arab Emirates: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.5.6.3.3 United Arab Emirates: Voice-Based Payments Market Breakdown, by Industry
- 10.5.6.4 South Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.5.6.4.1 South Africa: Voice-Based Payments Market Breakdown, by Component
- 10.5.6.4.2 South Africa: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.5.6.4.3 South Africa: Voice-Based Payments Market Breakdown, by Industry
- 10.5.6.5 Rest of Middle East and Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.5.6.5.1 Rest of Middle East and Africa: Voice-Based Payments Market Breakdown, by Component
- 10.5.6.5.2 Rest of Middle East and Africa: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.5.6.5.3 Rest of Middle East and Africa: Voice-Based Payments Market Breakdown, by Industry
- 10.6 South and Central America
- 10.6.1 South and Central America Voice-Based Payments Market Overview
- 10.6.2 South and Central America: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.6.3 South and Central America: Voice-Based Payments Market Breakdown, by Component
- 10.6.3.1 South and Central America: Voice-Based Payments Market - Revenue and Forecast Analysis - by Component
- 10.6.4 South and Central America: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.6.4.1 South and Central America: Voice-Based Payments Market - Revenue and Forecast Analysis - by Enterprise Size
- 10.6.5 South and Central America: Voice-Based Payments Market Breakdown, by Industry
- 10.6.5.1 South and Central America: Voice-Based Payments Market - Revenue and Forecast Analysis - by Industry
- 10.6.6 South and Central America: Voice-Based Payments Market - Revenue and Forecast Analysis - by Country
- 10.6.6.1 South and Central America: Voice-Based Payments Market - Revenue and Forecast Analysis - by Country
- 10.6.6.2 Brazil: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.6.6.2.1 Brazil: Voice-Based Payments Market Breakdown, by Component
- 10.6.6.2.2 Brazil: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.6.6.2.3 Brazil: Voice-Based Payments Market Breakdown, by Industry
- 10.6.6.3 Argentina: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.6.6.3.1 Argentina: Voice-Based Payments Market Breakdown, by Component
- 10.6.6.3.2 Argentina: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.6.6.3.3 Argentina: Voice-Based Payments Market Breakdown, by Industry
- 10.6.6.4 Rest of South and Central America: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
- 10.6.6.4.1 Rest of South and Central America: Voice-Based Payments Market Breakdown, by Component
- 10.6.6.4.2 Rest of South and Central America: Voice-Based Payments Market Breakdown, by Enterprise Size
- 10.6.6.4.3 Rest of South and Central America: Voice-Based Payments Market Breakdown, by Industry
11. Competitive Landscape
- 11.1 Heat Map Analysis by Key Players
- 11.2 Company Positioning & Concentration
- 11.3 Company Share Analysis of Voice Based Payments Market
12. Industry Landscape
- 12.1 Overview
- 12.2 Market Initiative
- 12.3 New Product Development
13. Company Profiles
- 13.1 Amazon.com Inc
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
- 13.2 NCR VOYIX Corp
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
- 13.3 Google LLC
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
- 13.4 PayPal Holdings Inc
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
- 13.5 Vibe Pay Limited
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
- 13.6 Paysafe Limited
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
- 13.7 Cerence Inc
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
- 13.8 Huawei Technologies Co Ltd
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
- 13.9 PCI Pal
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
- 13.10 National Payments Corporation of India (NPCI)
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments
14. Appendix
- 14.1 About The Insight Partners