North America 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 North America Voice-based Payments Market would witness market growth of 10.9% CAGR during the forecast period (2022-2028).
Voice payments are becoming more common as a result of the 'always connected' lifestyle. In today's fast-paced world, voice payments provide consumers with options that save them time and are simple to use. Brands, on the other hand, benefit because they have unprecedented access to their customers' personal data and behavior patterns. Many companies and financial institutions have jumped on the voice payment train because of this win-win situation. Customers of mobile payment networks like Zelle, Venmo, and PayPal may already use voice-triggered instructions to conduct banking and other financial transactions. Traditional banks, on the other hand, are integrating conversational speech interfaces into their mobile banking apps to provide users access to all of their banking services.
By offering credit to the economy across a broad range of retail and commercial asset classes, nonbank financial institutions play a vital role in delivering financial services to U.S. consumers and businesses. Nonbanks are well-integrated into the US payments system, providing services such as back-end check processing, card issuing, processing, network activity, and customer-facing digital payment software. Nonbank financial enterprises also play a vital role in capital markets, as well as offering financial advice and execution services to retail investors. The amount of money flowing into financial technology investments is enormous. From 2010 to 2017, US companies contributed over half of the $117 billion in global investments. Many significant, well-established companies interested in data, software, mobile devices, cloud computing, internet search, retail e-commerce, payments, and telecommunications have begun to engage in operations linked to financial services, either directly or indirectly. Many of these companies are headquartered in the United States, including some with some of the world's greatest market capitalizations. Thus, innovations in the financial technology sector reach the United States before other countries. This could also be the case with the widespread adoption of voice-based payments.
The US market dominated the North America Voice-based Payments Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,165.1 Million by 2028. The Canada market is experiencing a CAGR of 13.4% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 12.4% 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 U.S., Mexico, Canada, and Rest of North America.
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
- Rest of North America
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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