According to our latest study on "Voice-based Payments Market Global and Regional Share, Trends, and Growth Opportunity Analysis - by Component, Enterprise Size, and Industry," the market was valued at US$ 6.47 billion in 2022 and is expected to reach US$ 14.37 billion by 2030; it is estimated to record a CAGR of 10.5% from 2022 to 2030.

Widespread Use of Smartphones and Smart Speakers to Provide Lucrative Opportunities for Voice-based Payments Market Growth During Forecast Period

The widespread use of smartphones and smart speakers catalyzes the expansion of voice-based payments, reshaping the landscape of digital transactions. The ubiquity of these devices has created a pervasive and convenient platform for consumers to engage in seamless, voice-enabled financial interactions. Based on findings from National Public Media (NPM) in 2023, 62% of Americans aged 18 and above used voice assistants on various devices. Furthermore, the most recent study conducted by Edison indicates that 36% of Americans possess smart speakers. These statistics highlight the widespread adoption and integration of voice assistant technology among the American population. Smartphones, being an integral part of daily life for a significant portion of the global population, provide a ready infrastructure for voice-based payment adoption. Mobile wallets, virtual assistants, and integrated voice command functionalities use the computing power and connectivity of smartphones to facilitate secure and efficient voice-initiated transactions. This convenience aligns with the contemporary consumer's preference for quick, hassle-free payment methods.

The proliferation of smart speakers equipped with voice recognition capabilities has extended the reach of voice-based payments into homes and beyond. Users can verbally authorize transactions, check balances, and manage their finances through these devices. The hands-free nature of smart speakers aligns with the growing demand for smooth and accessible payment methods, especially in scenarios where manual input may be inconvenient or impractical. The synergy between smartphones, smart speakers, and voice-based payments creates an ecosystem that promotes user adoption. As consumers become increasingly comfortable with voice interactions, the market expands organically. This factor is reshaping how individuals make payments and influencing businesses to integrate voice-enabled features into their digital payment offerings, fostering a more interconnected and technologically advanced financial landscape.

Key Findings of High-Speed Connector Market Study:

The voice-based payments market is categorized on the basis of component, enterprise size, industry, and geography. Based on component, the market is bifurcated into hardware and software. Based on enterprise size, the market is divided into large enterprises and small and medium-sized enterprises. Based on industry, the market is segmented into BFSI, automotive, healthcare, retail, government, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Based on enterprise size, the market is bifurcated into large enterprises and small and medium-sized enterprises. The large enterprises segment in the voice-based payments market is expected to dominate with a larger share in 2022. Large enterprises prioritize streamlining processes and opt for voice-based payments that are faster and more convenient, thereby reducing friction in transactions. Moreover, advanced security measures integrated into voice payments such as biometric verification and voice recognition appeal to large enterprises seeking robust authentication methods.




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