Voice-based Payments Market

Voice-Based Payments Market: Overview

The voice-based payments market is expected to witness enormous growth during the forecast period of 2021-2031 owing to the rising popularity of voice-based payment systems across the globe. The advancements in payment modes and the need for convenient, secure, and quick payment methods may create multiple growth avenues for the voice-based payments market. The seamless integration of voice-based payments with various payment options has made financial transactions instant and easy. The voice interfaces on various mobile banking apps have led to significant growth in the voice-based payments market.

Based on components the voice-based payments market can be segmented into hardware and software. On the basis of the size, it can be divided into automotive, healthcare, BFSI, government, retail, automotive, and others.

The team at TMR has curated the report on the voice-based payments market based on various aspects such as growth opportunities, key trends, competitive landscape, product listing, innovations, and regional dimensions. This all-important report throws light on the growth trajectory of the market and helps the stakeholders and key players to make important decisions regarding investments and plan strategies accordingly. The COVID-19 impact has also been included in this report.

Voice-Based Payments Market: Key Drivers and Opportunities

The popularity of voice-based payment services has increased as it is an easy, convenient, and secure mode of payment. Furthermore, the integration of these systems in cars which allows the individuals to pay for fuel, make bookings, and other such features are likely to create immense growth opportunities for the voice-based payments market. Peer-to-peer voice payments have been accepted across the globe by several banks and financial institutions which may promote the growth of the voice-based payments market. Virtual assistants such as Siri and Google assistant are being widely used to give voice commands. The ease in transactions due to these voice features is likely to create multiple opportunities for the voice-based payments market.

The initiatives by government bodies of various countries to encourage digital payment solutions to digitalize the payment modes may bring considerable growth to the voice-based payments market. The onset of the COVID-19 pandemic played a crucial role in bringing robust growth opportunities for the voice-based payments market owing to the preference for contactless modes of payment to avoid the contraction of coronavirus through touch. The adoption of voice-based payment modes in various stores and businesses has driven market growth.

The software segment is anticipated to show good growth owing to the integration of virtual assistants such as Alexa, Siri, and Google assistant into voice-based payment coupled with speech-to-text features. The hardware segment also may experience significant growth due to the need for the conversion of sound signals into digital signals to support voice-based payments. The adoption of voice-based payment modes by various countries across the world may bring immense growth opportunities to the voice-based payments market.

Voice-Based Payments Market: Competitive Perspective

The key players operating in the voice-based payments market are indulging in rigorous research and development activities to ensure smooth operations. The innovative technologies developed by the team of researchers have enhanced the features of voice-based payments which can prove to be growth boosters for the market. The advertising campaigns and promotional activities create product awareness among the population which may augment the growth of the voice-based payments market. Strategic planning and collaborations play a crucial role in market growth.

Some of the key players operating in the voice-based payments market are Google, Alibaba, Vibepay, PCI Pal, PayPal, and Amazon. com, Inc., and NCR Corporation.

Voice-Based Payments Market: Regional Perspective

North America is expected to be at the forefront of the global voice-based payments market due to the expanding popularity of contactless payment in this region. Asia Pacific may follow North America in the growth trajectory owing to the development of digital platforms such as UPI in this region.