What Is The Scope Of The Global Voice Payment Software Market?
Voice payment software is a technology that enables users to make financial transactions using voice commands. This software leverages voice recognition and natural language processing (NLP) to interpret spoken instructions, allowing users to conduct various payment-related activities such as transferring money, making purchases, or paying bills through voice-activated devices or applications.
Voice Payment Software Global Market Report 2024 provides data on the global voice payment software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The voice payment software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Voice Payment Software Market?
The voice payment software market has experienced rapid growth in recent years. It is expected to increase from $17.15 billion in 2023 to $19.23 billion in 2024, growing at a CAGR of 12.1%. This growth is attributed to the increased adoption of smartphones, demand for frictionless payment experiences, the growing retail sector, the rise in online shopping, and the adoption of voice assistants. The market is projected to grow to $30.72 billion by 2028, with a CAGR of 12.4%. This growth is driven by changing consumer preferences, enhanced security measures, growing use of smart speakers, the demand for contactless payments, and the rise of digital wallets. Major trends include technological advancements in interactive voice response, improvements in speech recognition, integration of voice-based payment systems into devices, AI in voice payments, and advancements in automated speech recognition.
What Are The Leading Drivers Of Growth In The Voice Payment Software Market?
The growing preference for mobile payments is expected to drive the growth of the voice payment software market. Mobile payments, which are transactions made through mobile devices, are becoming more popular due to their convenience, enhanced security, and quicker checkout times. Voice payment software adds a hands-free and secure layer to the mobile payment process, improving accessibility and offering personalized financial tools. For example, according to Octal IT Solutions in September 2023, mobile payments in the U.S. were expected to increase from $502 billion in 2020 to $755 billion by 2024. This growing preference for mobile payments is fueling the demand for voice payment software.
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How Are The Segments Defined Within The Global Voice Payment Software Market?
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
How Are New Trends Expected To Influence The Growth Of The Voice Payment Software Market?
The voice payment apps market is experiencing advancements in solutions such as voice-enabled UPI payments, which enhance convenience, accessibility, and transaction efficiency. Voice-enabled UPI payments use voice recognition and natural language processing for secure, real-time financial transactions. In September 2023, the National Payments Corporation of India (NPCI) introduced Hello UPI, a voice-based payment service. This service allows users to perform tasks like transferring funds and checking balances using voice commands, supporting both Hindi and English, with plans to expand to regional languages. The AI-driven technology behind this service enhances digital payment accessibility across India.
Which Region Drives The Highest Growth In The Voice Payment Software Market?
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.
