The Worldwide Voice-based Payments Industry is Expected to Reach $14.6 Billion by 2030
The “Voice-based Payments Market Size, Share & Trends Analysis Report by Component (Software, Hardware), by Enterprise Size, by End Use, by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The global voice-based payments market size is expected to reach USD 14.66 billion by 2030, expanding at a CAGR of 10.9% from 2022 to 2030. The growing adoption of voice commerce solutions worldwide is anticipated to drive the growth of the market. The strong emphasis payment service providers are putting on offering enhanced payment solutions also bodes well for the market growth.
According to statistics provided by the media company ComScore, approximately 50% of Google mobile searches were conducted by voice in 2020. However, a survey conducted in 2019 by fintech company Handsome and Ethik Connection, an event management company, of 120 people in France revealed that around 89% of the visually impaired people have already been the victims of errors and frauds while they were paying for services and goods. As a result, voice-based payment providers are particularly enhancing payment solutions for visually impaired people. For instance, a secure and discreet assistive technology solution offered by Thales Group and Handsome gives visually impaired people greater control over the payments they are making by vocalizing the transaction details.
The investments being raised by voice assistant solution providers are anticipated to create new opportunities for the growth of the market over the forecast period. For instance, in August 2021, Baidu Inc. announced that its artificial intelligence (AI) voice assistant, Xiaodu Technology, raised USD 5.1 billion in a Series B round. The fundraising came as the company continued to push forward with its ambitions aimed at AI chip designing and manufacturing.
People are particularly preferring touchless ordering and payments at fast restaurants in the wake of the pandemic, thereby opening new opportunities for the growth of the market. Touchless payments are in demand among restaurants due to their greater convenience, ordering accuracy, and reduced human contact.
by Globe Newswire