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Global Voice Payment Software Market - Industry Trends and Forecast to 2031

ICT

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Global Voice Payment Software Market - Industry Trends and Forecast to 2031

  • ICT
  • Upcoming Report
  • Apr 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Voice Payment Software Market - Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 16.11 Billion
Diagram Market Size (Forecast Year) USD 32.34 Billion
Diagram CAGR %

Major Markets Players

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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

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

Report Metric

Details

Forecast Period

2024-2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Component (Hardware, Software), Enterprise Size ( Small and Medium Enterprises, Large Enterprises), End-Use (Automotive, Healthcare, Retail, BFSI, Government and Others)

Countries Covered

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.

Market Players Covered

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.)

Market Opportunities

  • Increasing Adoption of Virtual Assistants and Smart Speakers
  • Advancing Voice-Payment Technology in Banking to Boost Market Opportunities

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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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The Voice Payment Software Market size will be worth USD 32.34 billion by 2031.
The Voice Payment Software Market growth rate will be 9.1% by 2031.
Technological Advancements of Interactive Voice Response and Changing Consumer Preferences Across the Region are the growth drivers of the Voice Payment Software Market.
The component, enterprise size, end-use are the factors on which the Voice Payment Software Market research is based.
The major companies in the 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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