Increasing introduction of virtual assistants and COVID-19 pandemic are changing how we bank and pay bills and are some key factors driving global voice payment market growth
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.
Subject matter experts conducting the study also take a closer look at the products at their development stage and in the pipeline to help business owners conclude on the business strategies that can lower their cost and promise great returns or profits. Strong emphasis on new launches, acquisition and mergers, collaboration, import and export status and supply chain management empowers the business evangelists, manufacturers and business owners build a robust strategy when it comes to making an investment.
Voice-enabled and AI-driven devices have already established importance in the IT sector. As a result of rapid technological advancements, virtual assistants are fast becoming more sophisticated and proving to be something that is here to stay. Demand for virtual assistants has increased among users in various developed and developing countries across the globe as accuracy of the technology has increased and trust and dependence continues to grow. As a result of the emergence of virtual assistants, consumer demands have also changed and increased for specific types of services and convenience. Users have become accustomed to using verbal instructions to get things done through their smartphones, and through virtual assistants. Along with rising popularity and rising usage of virtual assistants, a number of majors in the financial sector are considering developing their own native voice assistants or collaborating with technology companies such as Amazon or Google to provide clients with more optimized services. The assistants are intended to perform transactions and other financial operations as prompted by voice instructions from the user.
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The competitive landscape section of the report talks about the recent advancements in the R&D and technologies undertaken by the prominent players, along with their strategic business expansion plans, product launches, and brand promotions. The report pays special attention to the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, agreements, corporate and government deals, and others adopted by the prominent players of the industry to expand their market presence and gain a substantial market position.
Based on the competitive landscape, the market report analyzes the key companies operating in the industry: Microsoft Corporation, Google Inc., Apple Inc., Amazon.com, Inc., NCR Corporation, Huawei Technologies Co., Ltd., Iflytek Co., Ltd, Alibaba Group, Cerence Inc., and Infopulse Ukraine LLC
The global Voice Payment market report covers the analysis of drivers, trends, limitations, restraints, and challenges arising in the Voice Payment market. The report also discusses the impact of various other market factors affecting the growth of the market across various segments and regions. The report segments the market on the basis of types, applications, and regions to impart a better understanding of the Voice Payment market.
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.
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)
End-Use Outlook (Revenue, USD Billion; 2018–2028)
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The research study also offers insights into various regulatory frameworks and evaluates the growth of the industry in each key region of the world. The report also provides an assessment of the micro and macro-economic factors influencing the growth of the market in the mentioned regions. The global Voice Payment market is segmented into the following based on the key regions of the world:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The all-inclusive report on the Global Voice Payment Market added by Emergen Research demonstrates that the global Voice Payment market is presumed to grow at a steady CAGR throughout the forecast timeline. The report analyzed the key market drivers, restraints, growth opportunities, investment opportunities, threats, and limitations of the Voice Payment market. The report also offers accurate forecast estimation at a global and regional level to impart a better understanding of the scope of the market.
Summary of the Global Voice Payment Report:
Comprehensive analysis of the market including risks and opportunities
Details of business strategies and plans undertaken by key market players
Analysis of current and future trends that will affect the growth of the market in the forecast timeline
In-depth analysis of drivers and constraints for better understanding of the market
The report encompasses a detailed forecast for the years 2021-2028.
The report provides valuable insights on key market growth driving trends and monetary competence in the forecast timeline.
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