The voice payment software from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Voice Payment Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The voice payment software market size has grown rapidly in recent years. It will grow from $17.15 billion in 2023 to $19.23 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increased adoption of smartphones, increased demand for frictionless payment experiences, increased adoption in retail sector, increased demand for online shopping, and rise in adoption of voice assistants.
The voice payment software market size is expected to see rapid growth in the next few years. It will grow to $30.72 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to changing consumer preferences, robust security measures, increasing use of smart speakers, increasing demand for contactless payments, and rising adoption of digital wallets. Major trends in the forecast period include technological advancements of interactive voice response, advancements in speech recognition technology, integration of voice-based payment capabilities into devices, artificial intelligence in voice-based payments, and advancements in automated speech recognition.
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Scope Of Voice Payment Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Voice Payment Software Market Overview
Market Drivers –
The growing preference for mobile payments is expected to propel the growth of the voice payment software market going forward. Mobile payments encompass any transaction conducted through a mobile device. The growing preference for mobile payments is due to its convenience, enhanced security, faster checkout times, and cost-effective transaction factors. Voice payment software enhances mobile payments by providing a hands-free, efficient, and secure way to manage transactions. It simplifies the payment process, improves accessibility, and offers personalized financial management tools, making mobile payments more user-friendly and effective. For instance, in September 2023, according to the Octal IT Solution, a US-based software development company, mobile payments in the U.S.A. are expected to surge from $502 billion in 2020 to $755 billion by 2024. Therefore, the growing preference for mobile payments is driving the growth of the voice payment software market.
Market Trends –
Major companies operating in the voice payment apps market are developing innovative solutions, such as voice-enabled UPI payments, to enhance user convenience, improve accessibility, and streamline the transaction process. Voice-enabled UPI (Unified Payments Interface) payments refer to a technology that allows users to initiate and complete financial transactions using voice commands through UPI, a real-time payment system developed by the National Payments Corporation of India (NPCI). This system leverages voice recognition and natural language processing to facilitate secure and convenient transactions via voice-activated devices or applications. For instance, in September 2023, the National Payments Corporation of India (NPCI), an India-based government organization, launched Hello UPI, a voice-based payment service that allows users to perform financial transactions using voice commands. This service integrates voice recognition technology with the Unified Payments Interface (UPI), enabling users to interact with their bank accounts and perform tasks such as transferring money, checking balances, and making payments through spoken instructions. Voice-enabled UPI payments are facilitated through applications, telecom calls, and IoT devices in both Hindi and English, with plans to support additional regional languages. This capability utilizes AI-powered transactions to enhance interaction between humans and machines, expanding the accessibility and adoption of digital payments across India.
The voice payment software market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
3) By End-User: Automotive, Healthcare, Retail, Banking, Financial Services and Insurance (BFSI), Government, Other End Users
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Regional Insights –
North America was the largest region in the voice payment software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice payment software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the voice payment software market are Amazon.com Inc. , Apple Inc., Google LLC, Microsoft Corporation, Alibaba Holdings Ltd., Huawei Technologies Co. Ltd., IBM Corporation , PayPal Holdings Inc, Baidu Inc. , FIS Global, Paysafe Holdings Ltd., Nuance Communications Inc., Cerence Inc., SoundHound Inc., Replicant Inc., PCI Pal Plc, ToneTag Inc., Sensory Inc., LumenVox LLC, NCR Corporation, VibePay, Voxpay, Microchip Payments Pvt Ltd., Payrix Solutions, Blutag Inc.
Table of Contents
1. Executive Summary
2. Voice Payment Software Market Report Structure
3. Voice Payment Software Market Trends And Strategies
4. Voice Payment Software Market – Macro Economic Scenario
5. Voice Payment Software Market Size And Growth
…..
27. Voice Payment Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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