Voice-Based Payments Market to Reach $19.67 Billion by 2029

The Business Research Company has predicted that the burgeoning voice-based payments market is set for exponential growth, projecting it to expand from $9.42 billion in 2024 and $10.94 billion this year to $19.67 billion by 2029, at a robust compound annual growth rate (CAGR) of 15.8 percent.

Voice-based payments, it said, includes services such as voice-enabled bill payments, voice-based money transfers, voice-activated account management, voice authentication, and multi-language support.

The market expansion is fueled by smartphone penetration, e-commerce adoption, increasing consumer confidence in digital financial transactions, enhanced mobile wallet functionality, and improved internet accessibility. Other key drivers include the rising demand for biometric authentication; a notable shift towards contactless payments post-pandemic; innovations in voice assistants and cloud-based payment solutions; and significant investments in voice recognition technology.

Trends such as advancements in voice recognition, natural language processing, and AI-driven solutions are shaping the future landscape by enhancing user experience through voice commands, the firm said.

Among the leading companies in the voice-based payments market are Amazon, Apple, Google, Samsung, Alibaba, Huawei, Visa, PayPal, Mastercard, Baidu, Cerence, PayJunction, Naffa Innovations, Fonix Mobile, PCI Pal, Voxpay, Spitch, iWallet, VoicePay, and Kasisto, according to the report. These companies, it said, are prioritizing the development of advanced solutions, such as multilingual voice command support, to improve accessibility and provide users with smooth, convenient payment experiences.