At 11.0% CAGR, Europe Voice-Based Payments Market is Projected to be Worth US$ 4,323.62 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe voice-based payments market was valued at US$ 1,882.77 million in 2022 and is projected to reach US$ 4,323.62 million by 2030, registering a CAGR of 11.0% from 2022 to 2030. Preference for contactless payment solutions and adoption of artificial intelligence (AI) are among the critical factors attributed to drive the Europe voice-based payments market growth.

Artificial intelligence (AI), with its ability to perform cognitive functions associated with human minds, offers a range of capabilities that can enhance and optimize voice-based payment systems. AI-powered voice assistants can use algorithms to understand better and interpret user commands, leading to more accurate and seamless voice-based payment experiences. This can enhance user satisfaction and increase the adoption of voice-based payment solutions. AI can also contribute to enhanced security in voice-based payments. By analyzing patterns and behaviors, AI algorithms can detect and prevent fraudulent activities, providing an additional layer of protection for users. This can help build trust in voice-based payment systems, encouraging more individuals to adopt this payment method. Therefore, the adoption of AI is expected to present significant opportunities for the voice-based payments market.

On the contrary, security concerns hamper the growth of Europe voice-based payments market.

Based on component, the Europe voice-based payments market is segmented into software and hardware. The software segment held 58.2% market share in 2022, amassing US$ 1,096.52 million. It is projected to garner US$ 2,446.87 million by 2030 to register 10.6% CAGR during 2022-2030.

In terms of enterprise size, the Europe voice-based payments market is segmented into large enterprises and SMEs. The large enterprises segment held 60.7% market share in 2022, amassing US$ 1,142.85 million. It is projected to garner US$ 2,547.69 million by 2030 to register 10.5% CAGR during 2022-2030.

Based on industry, the Europe voice-based payments market is segmented into BFSI, automotive, healthcare, retail, government, and others. The BFSI segment held 22.2% market share in 2022, amassing US$ 418.59 million. It is projected to garner US$ 995.11 million by 2030 to register 11.4% CAGR during 2022-2030.

Based on country, the Europe voice-based payments market is categorized into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 26.9% share of Europe voice-based payments market in 2022. It was assessed at US$ 505.91 million in 2022 and is likely to hit US$ 1,189.96 million by 2030, registering a CAGR of 11.3% during 2022-2030.

Key players operating in the Europe voice-based payments market are Amazon.com Inc, Cerence Inc, Google LLC, Huawei Technologies Co Ltd, NCR VOYIX Corp, PayPal Holdings Inc, Paysafe Limited, PCI Pal, and Vibe Pay Limited, among others.

• In September 2021, VibePay, the company powering the next evolution of payments through Open Banking, became the first to offer account-to-account voice-activated payments in Europe.
  
  
• In July 2021, Cerence Inc., a leader in AI technology for the automotive industry, announced the expansion of its Cerence Pay partner ecosystem through a new collaboration with ryd pay. ryd pay, the leading cross-brand solution for mobile payments at gas stations, will join forces with Cerence to enable voice-activated fuel payments across Europe directly from the vehicle. This partnership aims to enhance the convenience and efficiency of payment transactions for drivers while further establishing Cerence's presence in the automotive payment sector.

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