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.

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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.

 

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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
  • Regional Outlook (Revenue, USD Billion; 2018–2028)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. U.K.
      4. Italy
      5. Spain
      6. BENELUX
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of MEA