The global voice-based payments market size was US$ 16.21 billion in 2021. The global voice-based payments market size is forecast to reach US$ 35.27 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.1% during the forecast period from 2022 to 2030.

Establishing a voice payment account is very similar to setting up a payment account through an online wallet. In either case, the customer must link their credit/debit card or their bank account to their devices first. Nonetheless, in a typical wallet scenario, the customer must open the app, enter the amount and recipient manually, and press the OK button to complete the transaction. However, in the case of voice payments, customers simply speak to their devices to initiate the payment. Additionally, customers are able to check their account balances and monitor their payment schedule while making payments. 

Factors Influencing Market Growth

• There are a few factors driving the global voice-based payments market growth, including the rising adoption of voice-based payment across various verticals and the increasing use of this system in banking sectors.
• Voice-based payments are gaining popularity worldwide, enabling faster and easier payment transactions. These factors are fueling the global market growth.
• People can use their mobile phones to make voice-based payments. Gen Z and millennials mainly use mobile phones' voice command capabilities to transfer money and shop online. As a result, the increasing penetration of mobile phones across the globe also contributes to global market growth.
• The voice-enabled payment solutions allow bank customers to check their account details, conduct financial transactions, and more using voice commands. Therefore, several banks have launched voice-based payment solutions to improve customer service. As a result, banks are increasingly implementing voice-based payment solutions as a means to enhance their offerings, creating new opportunities for market growth. 

Impact Analysis of COVID-19

COVID-19 resulted in a need for social distancing, resulting in reduced spending in banks and malls, among others. As a result, these factors drove adoption, deployment, and use of emerging technology by consumers across sectors, which resulted in significant revenue growth of the global market. COVID-19 has prompted financial institutions to adopt touchless financial voice-enabled commercial transactions, and gas stations and petrol stations are now accepting voice payments. As with many other novel technologies before, the technology has gained traction among young people more quickly. Thus, the COVID-19 pandemic has positively impacted the global voice-based payment market growth. 

Regional Insights

North America accounted for the largest share of the market revenue. As a result of the presence of major players in the voice-based payments market and their adoption of advanced technology across various enterprises, voice-based payments have become highly dominant. Moreover, the growing popularity of smartphones has increased the market demand for voice-based payment systems. 

The Asia Pacific region had the highest CAGR in the global market in 2021. Key growth factors for the market include the increasing adoption of voice-based payments across various enterprises, the government's focus on embracing advanced technology, and the demand for voice-based consumer electronics such as laptops, smartphones, and smartwatches, among others.

Leading Competitors

The leading prominent companies profiled in the global voice-based payments market are:

• Amazon.com, Incorporated
• Baidu Incorporated
• Cerence Incorporated
• Google LLC
• Huawei Technologies Co., Limited
• IBM Corporation
• LumenVox LLC
• NCR Corporation
• Nuance Communications
• Paypal
• Paysafe
• PCI pal
• Sensory Incorporated
• Square Cash, Incorporated
• ToneTag Incorporated
• VibePay
• Other Prominent Players

Scope of the Report

The global voice-based payments market segmentation focuses on Component, Enterprise Size, End-Use, and Region.

Segmentation based on Component

• Hardware
• Software

Segmentation based on Enterprise Size

• Small & Medium Enterprises
• Large Enterprises

Segmentation based on End-Use

• Automotive
• Healthcare
• Retail
• BFSI
• Government
• Others

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America