What are the Historical Developments and Current Growth Metrics of the Voice Payment Software Market?
The voice payment software market has seen considerable growth due to a variety of factors.
• The voice payment software market has experienced strong growth in recent years. It will expand from $19.23 billion in 2024 to $21.67 billion in 2025, at a CAGR of 12.7%.
This growth is driven by the increasing adoption of smartphones, demand for frictionless payment experiences, greater use in retail, a surge in online shopping, and the rising popularity of voice assistants.
What Is The Projected Growth Of The Voice Payment Software Template Market?
The voice payment software market is expected to maintain its strong growth trajectory in upcoming years.
• The voice payment software market is expected to grow to $34.46 billion by 2029, with a CAGR of 12.3%.
Growth factors include changing consumer preferences, enhanced security measures, the increased use of smart speakers, and a rise in contactless payments and digital wallets. Key trends include advancements in interactive voice response, improvements in speech recognition, integration of voice payments into devices, and AI in voice-based payments.
What Are The Key Drivers Fueling Growth In The Voice Payment Software Market?
The increased inclination towards mobile transactions is anticipated to fuel the development of the voice payment software market in the future. Mobile transactions include any operations performed via a mobile device. This inclination is attributed to its advantages such as convenience, improved security, speedier checkout times, and cost-efficient transaction elements. Voice payment software complements mobile payments by offering a hands-free, efficient, and safe manner to handle transactions. It streamlines the payment procedure, heightens accessibility, and provides personalized financial management tools, thereby enhancing the user-friendliness and effectiveness of mobile payments. For instance, as per the Octal IT Solution, a software development firm based in the U.S., the mobile payments in the U.S.A are projected to rise from $502 billion in 2020 to $755 billion by 2024 in September 2023. Consequently, the increased inclination towards mobile payments is propelling the expansion of the voice payment software market.
What Are The Principal Market Segments In The Global Voice Payment Software Industry?
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
Subsegments:
1) By Hardware: Voice Recognition Devices, Microphones, Speakers, Payment Terminals
2) By Software: Voice Recognition Software, Speech-To-Text Software, Natural Language Processing (NLP) Software, Security Software
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What Emerging Trends Are Influencing The Growth Of The Voice Payment Software Market?
Leading companies in the voice payment apps market are introducing advanced solutions such as voice-enabled UPI payments to enhance user convenience, boost accessibility and simplify transactions. Voice-enabled UPI payments, a technology that allows financial transactions to be made using voice commands through UPI, are a feature of a real-time payment system created by the National Payments Corporation of India (NPCI). This system, which utilises voice recognition and natural language processing, enables secured, convenient transactions through voice-controlled devices or applications. For instance, in September 2023, the National Payments Corporation of India (NPCI) launched a service known as Hello UPI, a voice-operated payment system that allows financial transactions through voice instructions. This service integrates voice recognition technology with the Unified Payments Interface (UPI), enabling users to interact with their bank accounts and undertake tasks such as money transfers, balance checks, and payments through voice commands. Voice-enabled UPI transactions can be performed through applications, telecom calls, and IoT devices in Hindi and English, with further plans to incorporate more regional languages. Enabled by AI, these transactions improve the interaction between humans and machines, extending the reach and acceptance of digital payments across India.
Who Are the Key Players In The Voice Payment Software Market?
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.
What Are The Regional Insights Into 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.
