At 10.4% CAGR, North America Voice-Based Payments Market is Projected to be worth US$ 4,822.93 million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America voice-based payments market was valued at US$ 2,189.27 million in 2022 and is projected to reach US$ 4,822.93 million by 2030, registering a CAGR of 10.4% from 2022 to 2030. Preference for contactless payment solutions and increasing adoption by the retail sector are among the critical factors attributed to drive the North America voice-based payments market growth.

The retail sector is poised to dominate the voice-based payment market due to the convenience and security offered by voice-based payment solutions. These solutions provide an attractive option for consumers, especially for online purchases. Retailers are leveraging voice-based payment technology to enhance the customer experience, reduce checkout times, and drive sales. Retailers are also leveraging voice-based payment technology to reduce checkout times. Traditional checkout processes can be time-consuming, leading to customer frustration and potential cart abandonment. Voice-based payments enable customers to complete transactions quickly and efficiently, reducing waiting times and improving overall customer satisfaction. Additionally, voice-based payments have the potential to drive sales for retailers. By integrating voice technology into their payment systems, retailers can offer personalized recommendations and promotions based on customer preferences and purchase history. This targeted approach can increase upselling and cross-selling opportunities, ultimately boosting sales revenue. Thus, all these factors collectively contribute towards market growth.

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

Based on component, the North America voice-based payments market is segmented into software and hardware. The software segment held 65.0% market share in 2022, amassing US$ 1,422.04 million. It is projected to garner US$ 3,061.76 million by 2030 to register 10.1% CAGR during 2022-2030.

In terms of enterprise size, the North America voice-based payments market is segmented into large enterprises and SMEs. The large enterprises segment held 62.9% market share in 2022, amassing US$ 1,376.24 million. It is projected to garner US$ 2,931.40 million by 2030 to register 9.9% CAGR during 2022-2030.

Based on industry, the North America voice-based payments market is segmented into BFSI, automotive, healthcare, retail, government, and others. The BFSI segment held 26.9% market share in 2022, amassing US$ 589.73 million. It is projected to garner US$ 1,342.92 million by 2030 to register 10.8% CAGR during 2022-2030.

Based on country, the North America voice-based payments market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 86.1% share of North America voice-based payments market in 2022. It was assessed at US$ 1,884.39 million in 2022 and is likely to hit US$ 4,154.61 million by 2030, registering a CAGR of 10.4% during 2022-2030.

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

• In November 2023, PCI Pal, a global SaaS provider of secure payment solutions for business communications, announced a strategic partnership with Zoom Video Communications, Inc. This collaboration aims to enhance the customer experience by integrating PCI Pal's Agent Assist and Digital Payments solutions into Zoom's Contact Center and Zoom Phone platforms. This integration will provide businesses with improved security and convenience when handling customer payments, further strengthening PCI Pal's position as a leading provider of secure payment solutions.
  
  
• In May 2023, Paysafe Limited, a prominent payments platform, unveiled the launch of its enhanced Skrill digital wallet tailored for the online betting market in the Canadian province of Ontario. This revamped version of Skrill is specifically designed to cater to the payment preferences of iGaming players, providing them with seamless and efficient funding for wagers and hassle-free withdrawal of winnings. The user experience (UX) has been significantly improved, offering Ontarians a streamlined and intuitive platform to enhance their online betting experience.

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