LAMEA Voice-based Payments Market Size, Share & Industry Trends Analysis Report By Component (Software and Hardware), By Organization Size, By End-use, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Latin America, Middle East and Africa Voice-based Payments Market would witness market growth of 13.7% CAGR during the forecast period (2022-2028).
Virtual assistants like Siri, Alexa, and Google Assistant have already been adopted by the majority of tech-savvy users. As a result, speech payments and voice banking are a natural progression for them. Several FinTech industry giants are already assisting banks and financial institutions in gaining a virtual presence. At the same time, disruptors in the sector are working on their own voice payment systems.
The financial industry is embracing voice banking, and FinTechs are competing to provide more advanced, resilient, and secure solutions. Voice banking presents a barrier in terms of keeping information secret while going through authentication procedures. However, combining biometric identifiers like fingerprints, irises, and voice could be a viable approach.
FinTech is the delivery of financial products and services to stakeholders by combining innovation and technology. In the United Arab Emirates, FinTech has radically revolutionized the banking business. As a result, client interest in FinTech services has grown in the UAE, with both positive and bad outcomes. The relationship between FinTech and the banking industry has a favorable impact on the banking industry's efficiency and effectiveness. The reduction in transaction costs is due to the collaboration of various stakeholders across the sector, which benefits customers. Emirates NBD is an example of a company that uses a humanoid robot named Pepper to communicate with consumers in both English and Arabic in order to better understand market demands and provide relevant advice, hence enhancing customer happiness. Customer satisfaction and retention are improved when high-quality services are delivered using technology in the banking industry. It assists banks in keeping their competitiveness. As a result, FinTech adoption enhanced the banking industry's performance. The growth of FinTech services has laid the groundwork for the acceptance of voice-based payment systems in the region.
The Brazil market dominated the LAMEA Voice-based Payments Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $219.1 Million by 2028. The Argentina market is estimated to grow at a CAGR of 14.3% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 13.4% during (2022 - 2028).
Based on Component, the market is segmented into Software and Hardware. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End-use, the market is segmented into BFSI, Retail, Automotive, Government & Defense, Healthcare & Life Sciences, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC, Amazon.com, Inc., Alibaba Group Holding Limited, Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Cerence, Inc., PCI Pal PLC, Paysafe Limited, NCR Corporation, PayPal Holdings, Inc., and Vibe Group (Vibe Pay Limited)
Scope of the Study
Market Segments Covered in the Report:
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
- Government & Defense
- Healthcare & Life Sciences
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Google LLC
- Amazon.com, Inc.
- Alibaba Group Holding Limited
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
- Cerence, Inc.
- PCI Pal PLC
- Paysafe Limited
- NCR Corporation
- PayPal Holdings, Inc.
- Vibe Group (Vibe Pay Limited)
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