Voice Payment Software Global Market Report 2024

Voice payment software is a technology that facilitates financial transactions through voice commands. It utilizes voice recognition and natural language processing (NLP) to understand spoken instructions, enabling users to perform tasks such as transferring money, making purchases, or paying bills via voice-activated devices or applications.

The key components of voice payment software include hardware and software. Hardware encompasses the physical components of a computer system, such as the motherboard, processor, memory, storage drives, and peripherals. This software is utilized by enterprises of various sizes, including small and medium enterprises, as well as large enterprises. It caters to diverse end-users across sectors such as automotive, healthcare, retail, banking, financial services and insurance (BFSI), government, and other industries.

The voice payment software market research report is one of a series of new reports that provides voice payment software market statistics, including voice payment software industry global market size, regional shares, competitors with a voice payment software market share, detailed voice payment software market segments, market trends and opportunities, and any further data you may need to thrive in the voice payment software industry. This voice payment software research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The voice payment software market size has grown rapidly in recent years. It will grow from $17.15 billion in 2023 to $19.23 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth observed in the historic period can be attributed to several factors, including the increased adoption of smartphones, a growing demand for frictionless payment experiences, higher adoption rates in the retail sector, increased demand for online shopping, and a rise in the adoption of voice assistants.

The voice payment software market size is expected to see rapid growth in the next few years. It will grow to $30.72 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The expected growth in the forecast period can be attributed to evolving consumer preferences, stringent security measures, the growing use of smart speakers, increasing demand for contactless payments, and the rising adoption of digital wallets. Major trends anticipated during this period include technological advancements in interactive voice response, enhancements in speech recognition technology, the integration of voice-based payment capabilities into devices, the incorporation of artificial intelligence in voice-based payments, and advancements in automated speech recognition.

The growth of the voice payment software market is expected to be driven by the increasing preference for mobile payments. Mobile payments refer to transactions conducted through mobile devices. This preference is growing due to the convenience, enhanced security, faster checkout times, and cost-effective transaction factors associated with mobile payments. Voice payment software complements mobile payments by offering a hands-free, efficient, and secure way to handle transactions. It simplifies the payment process, enhances accessibility, and provides personalized financial management tools, making mobile payments more user-friendly and efficient. For instance, Octal IT Solution reported that mobile payments in the U.S.A. are projected to rise from $502 billion in 2020 to $755 billion by 2024, indicating the driving force of the growing preference for mobile payments on the voice payment software market.

Leading companies in the voice payment apps market are innovating with solutions such as voice-enabled UPI payments to enhance user convenience, accessibility, and transaction efficiency. Voice-enabled UPI (Unified Payments Interface) payments allow users to initiate and complete financial transactions using voice commands through the UPI system, developed by the National Payments Corporation of India (NPCI). This technology employs voice recognition and natural language processing to facilitate secure and convenient transactions via voice-activated devices or apps. For instance, NPCI launched Hello UPI in September 2023, a voice-based payment service enabling users to perform financial tasks such as money transfers, balance checks, and payments through spoken commands. This service integrates voice recognition with UPI, supporting Hindi and English initially and expanding to more regional languages. Voice-enabled UPI payments leverage AI-powered transactions to improve human-machine interaction, promoting digital payment adoption in India.

In February 2022, Fidelity National Information Services Inc. acquired Payrix, marking a strategic move to broaden its portfolio with Payrix's financial services technology and outsourcing solutions. Payrix, based in Atlanta, is a payment facilitation platform assisting software businesses in monetizing payments and managing infrastructure seamlessly.

Major companies operating in the voice payment software market are Amazon.com Inc., Apple Inc., Google LLC, Microsoft Corporation, Alibaba Holdings Ltd., Huawei Technologies Co. Ltd., IBM Corporation, PayPal Holdings Inc, Baidu Inc., FIS Global, Paysafe Holdings Ltd., Nuance Communications Inc., Cerence Inc., SoundHound Inc., Replicant Inc., PCI Pal Plc, ToneTag Inc., Sensory Inc., LumenVox LLC, NCR Corporation, VibePay, Voxpay, Microchip Payments Pvt Ltd., Payrix Solutions, Blutag Inc.

North America was the largest region in the voice payment software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice payment software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the voice payment software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The voice payment software market consists of revenues earned by entities by providing voice-enabled digital wallets and P2P payment apps, voice-enabled banking and financial apps, and voice-enabled retail and e-commerce platforms. The market value includes the value of related goods sold by the service provider or included within the service offering. The voice payment software market also includes sales of voice-enabled devices and voice biometric systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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