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According to a new report, published by KBV research, The Global Voice-based Payments Market size is expected to reach $12.2 billion by 2028, rising at a market growth of 11.6% CAGR during the forecast period.
The Hardware segment is showcasing a CAGR of 13.6% during (2022 - 2028). In voice-based payment systems, hardware is mostly required to translate sound signals into digital signals. The rising popularity of voice-based payments around the world is likely to fuel demand for hardware that can handle voice-based payments, propelling the market forward. The efforts being made by many companies around the world to build hardware with current user interfaces and improve customer experience are also encouraging for the segment's growth.
The Large Enterprises segment acquired maximum revenue share in the Global Voice-based Payments Market by Organization Size in 2021, thereby, achieving a market value of $7.5 billion by 2028. The demand for voice-based payments is particularly high among large businesses, as many of them are rushing to implement contactless payment systems. Walmart, for example, established a relationship with Google in April 2019. Walmart Voice Order, a new voice ordering capability that works across several Google Assistant-powered platforms, was to be launched as part of the agreement.
The Automotive segment has shown growth rate of 12.7% during (2022 - 2028). Voice assistants in automobiles are becoming more like co-drivers. They understand the common language and provide solutions in addition to reacting to commands. Automotive companies have identified an opportunity to make the driver's life easier by allowing them to pay for gas, make restaurant reservations, and other similar applications using the voice assistant in their car. Cerence uses such software. Cerence Pay works with traditional payment processors, so if a store accepts credit cards, they can also accept Cerence Pay. They will require some sort of interface, such as an API.
The North America market dominated the Global Voice-based Payments Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4.4 billion by 2028. The Europe market is estimated to grow at a CAGR of 11.4% during (2022 - 2028). Additionally, The Asia Pacific market would witness a CAGR of 12.4% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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)
By Organization Size