Report : South & Central America Voice-Based Payments Market Forecast to 2030 - Regional Analysis - by Component (Software and Hardware), Enterprise Size (Large Enterprises and SMEs), and Industry (BFSI, Automotive, Healthcare, Retail, Government, and Others)
At 5.1% CAGR, South & Central America Voice-Based Payments Market is Speculated to be Worth US$ 543.04 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the South & Central America voice-based payments market was valued at US$ 365.51 million in 2022 and is projected to reach US$ 543.04 million by 2030, registering a CAGR of 5.1% from 2022 to 2030. Preference for contactless payment solutions and increasing adoption by retail sector are among the critical factors attributed to drive the South & Central 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 South & Central America voice-based payments market.
Based on component, the South & Central America voice-based payments market is segmented into software and hardware. The software segment held 56.3% market share in 2022, amassing US$ 205.89 million. It is projected to garner US$ 292.46 million by 2030 to register 4.5% CAGR during 2022-2030.
In terms of enterprise size, the South & Central America voice-based payments market is segmented into large enterprises and SMEs. The large enterprises segment held 59.4% market share in 2022, amassing US$ 217.25 million. It is projected to garner US$ 312.26 million by 2030 to register 4.6% CAGR during 2022-2030.
Based on industry, the South & Central America voice-based payments market is segmented into BFSI, automotive, healthcare, retail, government, and others. The BFSI segment held 24.9% market share in 2022, amassing US$ 90.91 million. It is projected to garner US$ 139.22 million by 2030 to register 5.5% CAGR during 2022-2030.
Based on country, the South & Central America voice-based payments market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 43.4% share of South & Central America voice-based payments market in 2022. It was assessed at US$ 158.81 million in 2022 and is likely to hit US$ 232.19 million by 2030, registering a CAGR of 4.9% during 2022-2030.
Key players operating in the South & Central America voice-based payments market are Amazon.com Inc, Google LLC, Huawei Technologies Co Ltd, NCR VOYIX Corp, PayPal Holdings Inc, and Paysafe Limited, among others.
- In July 2023, Paysafe Limited, a leading payments platform, announced an expansion of its partnership with International Capital Markets Pty. Ltd. (IC Markets), the world's largest foreign exchange provider, into the Latin American market. This collaboration builds upon their existing payments partnership, which began in 2018 and initially focused on offering a wide range of payment options, including digital wallets and locally preferred payment methods, to IC Markets' traders in Europe.
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