Global Voice Payment Software Market, By Component (Hardware, Software), Enterprise Size ( Small and Medium Enterprises, Large Enterprises), End-Use (Automotive, Healthcare, Retail, BFSI, Government and Others) - Industry Trends and Forecast to 2031.
Voice Payment Software Market Analysis and Size
With a voice-based payments system, people with feature phones can avail of UPI and make payments without using the internet, elevating digital costs to new heights. Voice technology, which uses IVR (interactive voice response) as a voice assistant and is supported by Artificial intelligence and machine learning, allows users to do financial transactions easily.
Data Bridge Market Research analyzes that the global voice payment software market was valued at USD 16.11 billion in 2023 and is expected to reach USD 32.34 billion by 2031, registering a CAGR of 9.1% during the forecast period of 2024-2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024-2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Hardware, Software), Enterprise Size ( Small and Medium Enterprises, Large Enterprises), End-Use (Automotive, Healthcare, Retail, BFSI, Government and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), South Africa, Saudi Arabia, U.A.E., Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Amazon.com, Inc (U.S.)., Baidu Inc.(U.S.), Cerence Inc.(U.S.), Google LLC (U.S.), Huawei Technologies Co., Ltd (U.S.), IBM Corporation (U.S.)
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Market Opportunities
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Market Definition
The global voice payment software refers to the worldwide industry that develops and provides software enabling financial transactions through voice commands. This technology allows users to make payments, transfer funds, and perform other monetary transactions by using spoken instructions, enhancing convenience and accessibility in digital financial interactions.
Global Voice Payment Software Market Dynamics
Drivers
- Technological Advancements of Interactive Voice Response
Advancements in technology have significantly impacted the smart payment market. This includes innovations in encryption, tokenization, and secure authentication methods, which enhance the security of digital transactions. Additionally, the development of blockchain and distributed ledger technology has opened up possibilities for more secure and transparent transactions, with cryptocurrencies such as Bitcoin and Ethereum becoming viable payment options.
- Changing Consumer Preferences Across the Region
Consumers increasingly favor convenient and secure payment methods. The shift from traditional cash and card payments to digital wallets and contactless payment methods is driven by the desire for faster, more efficient transactions. This is particularly evident in younger generations who are more tech-savvy and comfortable with mobile payments
Opportunity
- Advancing Voice-Payment Technology in Banking to Boost Market Opportunities
With each new piece of software launched, voice technologies are used by sectors ranging from banking to E-Commerce. Each year, voice-enabled virtual assistants grow more significant in popularity, and the financial industry is one of its top users. Voice payments are increasingly replacing on-the-go tapping as more people use smartphones for banking services. Voice-enabled solutions are driven mainly by personalization.
Restraint/Challenge
- High Cost of Voice Payment Software
The pricey geographic information of payment software system will further derail the overall market’s growth. Voice payment software expensive because in addition to the technology and software, it is necessary to have a properly qualified human workforce. Specialized knowledge is needed to comprehend and interpret the information which is expensive to hire and train. This factor will therefore obstruct market growth over the forecast period
The global voice payment software market, report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on global voice payment software market, contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth
Recent Developments
- In April 2022, Verint launched Verint Virtual Assistant (IVA), a low-code conversational Al offering, which can rapidly turn the existing conversation data into automated self-service experiences. It allows business professionals to quickly deploy a production-ready chatbot to deflect calls and support customers. With this, the company has enables their businesses to expand capabilities across the enterprise with boundless intelligence for both voice and digital
- In September 2021, Microsoft and Nuance Communications introduced Nuance Dragon Ambient experience (DAX), an ambient clinical intelligence (ACI) solution, to integrate it into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes. With this, the company was able to expand their footprint across the region
Global Voice Payment Software Market Scope
The global voice payment software market is segmented on the basis of component, enterprise size, end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Hardware
- Software
Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
End-Use
- Automotive
- Healthcare
- Retail
- BFSI
- Government
- Others
Global Voice Payment Software Market Region Analysis/Insights
The global voice payment software market is analyzed and market size insights and trends are provided by the basis of component, enterprise size, end-use
The countries covered in the global voice payment software market report are U.S., Canada and Mexico in North America, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is dominating global voice payment software market due to its advanced technological infrastructure, widespread adoption of digital payment systems, a tech-savvy population, and significant investments in innovation and development.
Asia-Pacific is the fastest growing region in the market due to its rapid technological adoption, growing mobile user base, and increasing demand for convenient and secure digital payment solutions in the region.
The country section of the market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Voice Payment Software Market Share Analysis
The global voice payment software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global voice payment software market
Some of the major players operating in the global voice payment software market are:
- Amazon.com, Inc (U.S.).
- Baidu Inc.(U.S.)
- Cerence Inc.(U.S.)
- Google LLC(U.S.)
- Huawei Technologies Co., Ltd (U.S.)
- IBM Corporation (U.S.)
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