Middle East & Africa Voice-Based Payments Market
Published On: Sep 2024
Published On: Sep 2024
According to Business Market Insights' research, the Middle East & Africa voice-based payments market was valued at US$ 501.44 million in 2022 and is projected to reach US$ 937.62 million by 2030, registering a CAGR of 8.1% from 2022 to 2030. Preference for contactless payment solutions and advancements in natural language processing (NLP) technology are among the critical factors attributed to drive the Middle East & Africa voice-based payments market growth.
The rising preference for contactless payment solutions within the business landscape represents a broader shift toward streamlined and secure transaction processes creating more demand for voice-based payments. This shift is driven by the modern consumer's requirement for convenience, speed, and enhanced safety in financial interactions. As the global marketplace evolves, businesses recognize the necessity to meet these preferences, leading to a surge in the adoption of contactless payment methods. Contactless payments, facilitated by technologies such as Near Field Communication (NFC), Radio Frequency Identification (RFID), and mobile wallets, offer a swift and efficient alternative to traditional payment methods. According to data from Mastercard, contactless transactions experienced a remarkable growth of over 40% globally in the first quarter of 2021. Additionally, it was found that 80% of these contactless transactions were valued under US$ 25.
Consumers appreciate reduced physical contact, expedited transactions, and minimized potential health concerns, which are especially pertinent in the context of recent global events. Moreover, the seamless user experience associated with contactless payments fosters customer satisfaction and loyalty. Businesses embracing contactless payment solutions also benefit from improved operational efficiency. Faster transaction processing enhances customer throughput and reduces queues and checkout times, contributing to an overall positive shopping experience. Furthermore, data encryption and tokenization are essential in contactless transactions to provide enhanced security and mitigate risks associated with traditional payment methods. Thus, all the aforementioned factors are fueling the market growth.
Based on component, the Middle East & Africa voice-based payments market is segmented into software and hardware. The software segment held 57.8% market share in 2022, amassing US$ 289.88 million. It is projected to garner US$ 529.22 million by 2030 to register 7.8% CAGR during 2022-2030.
In terms of enterprise size, the Middle East & Africa voice-based payments market is segmented into large enterprises and SMEs. The large enterprises segment held 57.8% market share in 2022, amassing US$ 289.84 million. It is projected to garner US$ 526.76 million by 2030 to register 7.8% CAGR during 2022-2030.
Based on industry, the Middle East & Africa voice-based payments market is segmented into BFSI, automotive, healthcare, retail, government, and others. The BFSI segment held 23.6% market share in 2022, amassing US$ 118.18 million. It is projected to garner US$ 228.12 million by 2030 to register 8.6% CAGR during 2022-2030.
Based on country, the Middle East & Africa voice-based payments market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 37.7% share of Middle East & Africa voice-based payments market in 2022. It was assessed at US$ 189.01 million in 2022 and is likely to hit US$ 359.11 million by 2030, registering a CAGR of 8.4% during 2022-2030.
Key players operating in the Middle East & Africa voice-based payments market are Amazon.com Inc, Google LLC, Huawei Technologies Co Ltd, and NCR VOYIX Corp, among others.
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