The global voice payment market size reached USD 19.87 Billion in 2020 and is expected to register a revenue CAGR of 9.8%, during the forecast period, according to latest analysis by Emergen Research.
Voice-enabled and AI-driven devices have already established importance in the IT sector. As a result of rapid technological advancements, virtual assistants are fast becoming more sophisticated and proving to be something that is here to stay. Demand for virtual assistants has increased among users in various developed and developing countries across the globe as accuracy of the technology has increased and trust and dependence continues to grow. As a result of the emergence of virtual assistants, consumer demands have also changed and increased for specific types of services and convenience. Users have become accustomed to using verbal instructions to get things done through their smartphones, and through virtual assistants. Along with rising popularity and rising usage of virtual assistants, a number of majors in the financial sector are considering developing their own native voice assistants or collaborating with technology companies such as Amazon or Google to provide clients with more optimized services. The assistants are intended to perform transactions and other financial operations as prompted by voice instructions from the user.
- Asia Pacific is expected to account for largest revenue share than other regional markets over the forecast period owing to increasing demand for voice-enabled consumer electronics products including smartphones, laptops, smartwatches, and laptops in countries in the region.
- Some major companies in the market include Microsoft Corporation, Google Inc., Apple Inc., Amazon.com, Inc., NCR Corporation, Huawei Technologies Co., Ltd., Iflytek Co., Ltd, Alibaba Group, Cerence Inc., and Infopulse Ukraine LLC
- In July 2021, Cerence Inc. announced a collaboration with Harman International to bring voice-enabled third-party apps to the HARMAN ignite store. Automakers who use HARMAN ignite store can give the drivers hands-free, secure access to the platform’s full features, with Cerence AI-powered voice recognition providing an intuitive, powerful experience.
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- Category : Announcement
- Voice Payment Market