Voice Payment Market by Grade, by End-Use Industry and by Region - Global Trends and Forecasts to 2028


Increasing introduction of virtual assistants and COVID-19 pandemic are changing how we bank and pay bills and are some key factors driving global voice payment market growth

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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. Due to the COVID-19 epidemic, social distance, dependence on virtual assistants, and the necessity to make contactless transactions and payments are some of the key reasons propelling the growth of the voice payment industry globally. Due to rising e-Commerce transactions and digital retail activities as a result of a rising preference for online purchasing for domestic consumables among a rapidly expanding number of consumers globally, the global voice payment market revenue is also anticipated to increase significantly going forward.

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In the IT industry, voice-activated and AI-powered gadgets are already important. Virtual assistants are quickly evolving and showing signs of staying power as a result of the rapid improvements in technology. As technology has become more accurate and consumers' trust and dependence have grown, there has been a growth in the demand for virtual assistants among users in both developed and developing nations worldwide. Consumer preferences for particular services and conveniences have changed and grown as a result of the development of virtual assistants. Users are accustomed to giving spoken directions to virtual assistants and their cellphones in order to complete tasks.

Along with the growing acceptance and use of virtual assistants, a number of financial industry leaders are thinking about creating their own in-house voice assistants or partnering with digital giants like Amazon or Google to provide customers better services. The assistants are designed to carry out transactions and other financial tasks when given voice commands by the user.

The Global Voice Payment Market Research Report added by Emergen Research to its expanding repository is an all-inclusive document containing insightful data about the Voice Payment Market and its key elements. The report is formulated through extensive primary and secondary research and is curated with an intent to offer the readers and businesses a competitive edge over other players in the industry. The report sheds light on the minute details of the Voice Payment Market industry pertaining to growth factors, opportunities and lucrative business prospects, regions showing promising growth, and forecast estimation till 2020.

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Key players 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

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

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Regional segmentation comprises of a current and forecast estimation of the market in the key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa.

Regional Outlook of Voice Payment Market:

North America

U.S.

Canada

Mexico

Europe

Germany

U.K.

Italy

France

BENELUX

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East Africa

Saudi Arabia

U.A.E.

South Africa

Rest of MEA

Key Features of the Voice Payment Market Report:

The report offers details about key drivers, restraints, opportunities, challenges, growth prospects, limitations, and threats

The report encompasses details about the key companies, product portfolio along with specifications, production valuation, and market shares

Evaluation of key current and emerging market trends and growth prospects

It also offers research-backed estimations for the forecast period of eight years, primarily to estimate the potential market growth

Brief overview of industry with regards to research and development, technological advancements, and product development

In-depth assessment of upstream raw materials, downstream buyers, demands, and current market scenario

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