The global voice payment market size reached USD 19.87 Billion in 2020 and is expected to register a revenue CAGR of 9.8%, during the forecast period, according to latest analysis by Emergen Research. Some major factors driving global voice payment market revenue growth include rapid increase in usage and dependence on virtual assistants and need to social-distance and make contactless purchases and payments due to the COVID-19 pandemic. Global voice payment market revenue is also expected to expand significantly going ahead owing to increasing e-Commerce transactions as well as digital retail activities as a result of rising preference for online purchasing for domestic consumables among a rapidly increasing number of consumers globally.
The latest industry intelligence research on the Voice Payment market offers a repository of valuable data on the size, share, and growth rate of the Voice Payment market for the forecast period, 2020 - 2027. Importantly, examination of various facets of the industry including but not limited to production volume, product sales, demand and supply assessment and forecast for the period, 2020 - 2027 aim at offering business owners a competitive edge over their rivals. The study further conducts a qualitative evaluation of various driving forces expected to shape the future of the industry during the estimated period.
Some Key Highlights From the Report
- Software segment revenue is expected to expand at a significant CAGR during the forecast period as major leading companies are rapidly introducing voice payment software. Increasing integration of Alexa, Google Assistant, and Siri voice payments into conventional banking software is also expected to augment revenue growth of this segment.
- BFSI segment is expected to lead in terms of revenue among the end-use segments over the forecast period since voice payment solutions are more widely used in financial institutions and Fintech firms. Customers can use their voice to check their accounts, transfer cash or make payments, apply for loans, and pay bills, among others.
- Asia Pacific is expected to account for largest revenue share than other regional markets over the forecast period owing to increasing demand for voice-enabled consumer electronics products including smartphones, laptops, smartwatches, and laptops in countries in the region.
- Some major companies in the market include Microsoft Corporation, Google Inc., Apple Inc., Amazon.com, Inc., NCR Corporation, Huawei Technologies Co., Ltd., Iflytek Co., Ltd, Alibaba Group, Cerence Inc., and Infopulse Ukraine LLC
- In July 2021, Cerence Inc. announced a collaboration with Harman International to bring voice-enabled third-party apps to the HARMAN ignite store. Automakers who use HARMAN ignite store can give the drivers hands-free, secure access to the platform's full features, with Cerence AI-powered voice recognition providing an intuitive, powerful experience.
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/voice-payment-market
Emergen Research has segmented the global voice payment market on the basis of component, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Software
- End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Consumer
- Automotive
- Healthcare
- BFSI
- Government
- Retail
- Others
