The global voice-based payments market size is expected to reach USD 34.02 billion by 2030, according to a new study by Polaris Market Research. The report “Voice-based Payments Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software); By End-Use (Automotive, Healthcare, BFSI, Retail, Government, Others); By Enterprise Size (Small & Medium Enterprises, Large Enterprises); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Voice-based payments are becoming more popular worldwide as they allow users to perform transactions more quickly and easily, which in turn is propelling the industry forward. Furthermore, the growing popularity of voice-based payments for online purchasing bodes well for industry expansion. For instance, in December 2020, ToneTag launched a new technology, 'Voice Commerce', for enterprises to interact with the customer for a fruitful relationship.
Moreover, various venture capital firms invest in voice assistant technologies, resulting in new industry growth potential. For instance, in August 2021, Baidu Inc., a Chinese tech behemoth, revealed that its artificial intelligence (AI) voice assistant Xiaodu Technology had raised $5.1 billion in Series B funding. This comes amid a Chinese government crackdown on the digital industry, which has wreaked havoc on various industries, including e-commerce, ride-hailing, and cryptocurrency.
Additionally, in September 2021, PolyAI, has raised USD 14 million in the project funded by the Khosla Ventures, with existing investors participating, followed by a USD 12 million Series A round and will help the company expand its presence in the U.S. beyond its current team. This enables businesses to obtain an unlimited and lower-cost supply of their best human voice operators, reducing customer wait times and increasing customer happiness and retention. Thus, the various startup's investment in the installation of these payment systems boosts industry growth during the forecast period.
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Based on the end-use, the BFSI segment accounted for the leading share in the industry in 2021. Since voice payment solutions are more extensively utilized in financial institutions and Fintech organizations, the BFSI segment is likely to increase revenue among the end-use categories over the projection period. Customers can use their voices to check their accounts, make cash or payment transfers, apply for loans, and pay bills, among other things.
Industry players such as Alibaba, Amazon.com, Inc., Baidu Inc., Cerence Inc., Google LLC, Huawei Technologies Co., Ltd, IBM Corporation, LumenVox LLC, NCR Corporation, Nuance Communications, Paypal, Paysafe, PCI pal, Sensory Inc., Square Cash, Inc., ToneTag Inc., and VibePay are some key players operating in the global market.
In May 2021, Cerence Inc., the AI company for a moving world, has announced the addition of P97 Networks Inc. to its Cerence Pay collaboration platform. P97 Networks Inc. is a leader in cloud-based electronic marketing, in-vehicle transactions, and digital advertising solutions.
Polaris Market Research has segmented the voice-based payments market report based on component, enterprise size, end-use, and region:
Voice-based Payments, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Voice-based Payments, Enterprise Size Outlook (Revenue - USD Billion, 2018 - 2030)
Voice-based Payments, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Voice-based Payments, Regional Outlook (Revenue - USD Billion, 2018 - 2030)