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The voice-based payments market size was valued at US$ 6.47 billion in 2022 and is expected to reach US$ 14.37 billion by 2030; it is estimated to register a CAGR of 10.5% from 2022 to 2030. The advancements in automated speech recognition (ASR), machine learning (ML), and natural language understanding (NLU) are likely to remain key voice-based payments market trends.
Voice-based Payments Market Analysis
The voice-based payments market has witnessed significant growth in recent years, driven by numerous voice commerce solutions from payment service providers. As a result, the industry is expanding, and more customers are becoming interested in voice payment alternatives. With the adoption of voice-based payment solutions, businesses can cater to the growing demand for frictionless and intuitive payment experiences, improving customer satisfaction and potentially increasing conversion rates. Additionally, this technology can streamline internal payment processes, offering businesses a more efficient and automated way to handle financial transactions.
Voice-based Payments Market Overview
Voice-based payments refer to a method of conducting financial transactions using spoken commands or instructions, typically through voice-enabled devices or digital assistants. This technology allows users to make payments, initiate transfers, or perform other monetary transactions by utilizing their voice instead of traditional manual inputs, such as typing or clicking. Furthermore, voice-based payments can be integrated into various platforms, including mobile applications, virtual assistants, or smart devices, enabling businesses to offer a wide range of payment options to their customers. This technology often incorporates robust security measures, such as authentication protocols and encryption, to ensure the privacy and protection of sensitive financial information.
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Voice-based Payments Market: Strategic Insights
Market Size Value in US$ 6.47 billion in 2022 Market Size Value by US$ 14.37 billion by 2030 Growth rate CAGR of 10.5% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Voice-based Payments Market: Strategic Insights
| Market Size Value in | US$ 6.47 billion in 2022 |
| Market Size Value by | US$ 14.37 billion by 2030 |
| Growth rate | CAGR of 10.5% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Voice-based Payments Market Drivers and Opportunities
Advancements in Speech Recognition Technology to Favor Market
With the increased use of smart speakers, smartphones, and other voice-enabled devices in households, more consumers have access to voice assistants. They are comfortable using them for various tasks, including making payments. This widespread adoption has paved the way for the integration of voice-based payment capabilities into these devices, further fuelling the market growth. The future of voice-based payments appears promising as advancements in AI and NLP continue to enhance the accuracy and efficiency of voice assistants, which are major drivers of voice-based payments market share.
Artificial Intelligence (AI) – An Opportunity in Voice-based Payments
Artificial intelligence (AI), with its ability to perform cognitive functions associated with human minds, offers a range of capabilities that can enhance and optimize voice-based payment systems. AI-powered voice assistants can use algorithms to understand better and interpret user commands, leading to more accurate and seamless voice-based payment experiences. This can enhance user satisfaction and increase the adoption of voice-based payment solutions. AI can also contribute to enhanced security in voice-based payments. By analyzing patterns and behaviors, AI algorithms can detect and prevent fraudulent activities, providing an additional layer of protection for users. This can help build trust in voice-based payment systems, encouraging more individuals to adopt this payment method. Therefore, the adoption of AI is expected to present significant opportunities for the voice-based payments market.
Voice-based Payments Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Voice-based Payments market analysis are component, enterprise size, and industry.
- Based on component, the market is bifurcated into hardware and software. The software segment held the largest share of the voice-based payments market in 2022.
- Based on enterprise size, the market is segmented into large enterprises and small and medium-sized enterprises. The large enterprises segment held the largest share of the voice-based payments market in 2022.
- Based on industry, the market is segmented into BFSI, automotive, healthcare, retail, government, and others. The BFSI segment held the largest share of the voice-based payments market in 2022.
Voice-based Payments Market Share Analysis by Geography
The geographic scope of the Voice-based Payments market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America holds one of the largest global voice-based payments market share in 2022. High technology adoption trends in various industries in the region fuel the growth of the voice-based payments market. The increased adoption of digital tools and high technological spending by government agencies are a few factors expected to boost the North America voice-based payments market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to introduce technologically advanced solutions into the market. Furthermore, the region has a robust ecosystem of innovative tech companies, financial institutions, and payment solution providers.
Voice-based Payments Market News and Recent Developments
The voice-based payments market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for voice-based payments and strategies:
- PCI Pal, a leading global provider of secure payment solutions, unveiled the latest advancements in Automatic Speech Recognition (ASR) technology for their suite of PCI-compliant payment solutions. This includes enhancements to their well-regarded offerings, such as PCI Pal Agent Assist and IVR Payments. The release of these next-generation ASR improvements underscores PCI Pal's commitment to providing cutting-edge solutions that ensure secure and compliant payment processing. (Source: PCI PAL, Press Release/Company Website/Newsletter, 2023)
- The National Payments Corporation of India (NPCI) introduced several new payment features to enhance digital inclusivity. These offerings include a credit line on UPI, UPI Lite X for offline payments, a Tap & Pay feature enabled by near-field communication (NFC), and conversational payments through Hello! UPI and conversational bill payments with BillPay Connect. (Source: National Payments Corporation of India (NPCI), Press Release/Company Website/Newsletter, 2023)
- ToneTag introduced VoiceSe UPI Payments in vernacular languages on feature phones. This service allows users to make voice-based digital payments in languages such as Hindi, Tamil, Telugu, Malayalam, Kannada, and Bengali. The company plans to expand the availability of this voice-based payment system to other languages like Gujarati, Marathi, and Punjabi in the near future. (Source: ToneTag, Press Release/Company Website/Newsletter, 2022)
- VibePay, a social payment initiation service, has recently unveiled its voice-activated account-to-account payment feature in Europe. This new functionality allows VibePay users on iOS to conveniently make or request payments using their voice, specifically through Siri. The payments are executed instantly and involve no fees, enabling seamless transactions from one UK bank account to another. By integrating voice activation and eliminating transaction fees, VibePay aims to enhance the user experience and streamline the payment process for its customers. (Source: VibePay, Press Release/Company Website/Newsletter, 2021)
- Google introduced voice-enabled payment for gas and announced a partnership with Honda as part of a series of upgrades. Google Assistant enables drivers to use voice commands to make purchases using Google Pay at over 32,500 gas stations in the US, including Conoco, 76, Phillips 66, Exxon, and Mobil. (Source: VibePay, Press Release/Company Website/Newsletter, 2021)
Voice-based Payments Market Report Scope
Voice-based Payments Market Report Coverage and Deliverables
The "Voice-based Payments Market Size and Forecast (2020–2030)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Enterprise Size, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The key players holding majority shares in the global voice-based payments market are PayPal; NCR Corporation; NPCI; Google LLC; and Amazon.com, Inc.
The global voice-based payments market was estimated to be US$ 6.47 billion in 2022 and is expected to grow at a CAGR of 10.5 % during the forecast period 2023 - 2030.
Preference for contactless payment solutions, advancements in Natural Language Processing (NLP) technology, and widespread use of smartphones and smart speakers are the major factors that propel the global voice-based payments market.
The incremental growth expected to be recorded for the global voice-based payments market during the forecast period is US$ 7.89 billion.
Increasing adoption by retail sector which is anticipated to play a significant role in the global voice-based payments market in the coming years.
The global voice-based payments market is expected to reach US$ 14.37 billion by 2030.
The List of Companies - Voice-Based Payments Market
- PayPal
- NCR Corporation
- NPCI
- Google LLC
- Amazon.com, Inc.
- Paysafe
- Huawei Technologies Co., Ltd.
- Vibepay
- Cerence Inc.
- PCI Pal
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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