Analysis - by Component (Software and Hardware), Enterprise Size (Large Enterprises and SMEs), and Industry (BFSI, Automotive, Healthcare, Retail, Government, and Others)
No. of Pages:70
Report Code:
BMIRE00030771
Category:
Banking, Financial Services, and Insurance
The Middle East & Africa voice-based payments market was valued at US$ 501.44 million in 2022 and is expected to reach US$ 937.62 million by 2030; it is estimated to register a CAGR of 8.1% from 2022 to 2030.
Increasing Adoption by Retail Sector Bolsters Middle East & Africa Voice-Based Payments Market
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.
Middle East & Africa Voice-Based Payments Market Overview
The Middle East & Africa (MEA) voice-based payment market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The digital payment landscape in the Middle East & Africa is rapidly evolving, with the region showing immense growth potential. The Middle East & Africa is poised to witness a significant shift in the way payments are made, owing to the surge in the adoption of digital payment methods such as voice-based payments, contactless payments, and mobile wallets. This shift has been triggered by several factors, such as the need for quicker, safer, and more convenient payment solutions across various sectors. Several companies are taking various initiatives to increase digital payments in the region. For instance, in August 2022, Volante Technologies announced that banks and fintech firms in the Middle East & Africa are planning more investment in payments modernization over the next two years than in any other region in the world. Similarly, in October 2023, Al Etihad Payments (AEP) officially launched "Aani," an instant payments platform aiming to transform the landscape of digital payments in the UAE. Hence, with the increasing initiatives by several companies, the adoption of voice-based payments is also growing in the Middle East & Africa.
Middle East & Africa Voice-Based Payments Market Revenue and Forecast to 2030 (US$ Million)
Middle East & Africa Voice-Based Payments Market Segmentation
Based on component, the Middle East & Africa voice-based payments market is segmented into software and hardware. The software segment held a larger market share in 2022.
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 a larger market share in 2022.
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 the largest market share in 2022.
By country, the Middle East & Africa voice-based payments market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The UAE dominated the Middle East & Africa voice-based payments market share in 2022.
Amazon.com Inc, Google LLC, Huawei Technologies Co Ltd, and NCR VOYIX Corp are some of the leading companies operating in the Middle East & Africa voice-based payments market.
Middle East & Africa Voice-Based Payments Market Strategic Insights
Get more information on this report
Middle East & Africa Voice-Based Payments Market Segmentation Analysis
Middle East & Africa Voice-Based Payments Market Report Highlights
Middle East & Africa Voice-Based Payments Report Scope
Report Attribute
Details
Market size in 2022
US$ 501.44 Million
Market Size by 2030
US$ 937.62 Million
CAGR (2022 - 2030)
8.1%
Historical Data
2020-2021
Forecast period
2023-2030
Segments Covered
By Component
Software and Hardware
By Enterprise Size
Large Enterprises and SMEs
Regions and Countries Covered
Middle East and Africa
South Africa
Saudi Arabia
UAE
Rest of Middle East and Africa
Market leaders and key company profiles
Amazon.com Inc
Google LLC
Huawei Technologies Co Ltd
NCR VOYIX Corp
Get more information on this report
Middle East & Africa Voice-Based Payments Market Country and Regional Insights
Get more information on this report
Identical Market Reports with other Region/Countries
The List of Companies - Middle East & Africa Voice-Based Payments Market
Amazon.com Inc
Google LLC
Huawei Technologies Co Ltd
NCR VOYIX Corp
Frequently Asked Questions
How big is the Middle East & Africa Voice-Based Payments Market?
The Middle East & Africa Voice-Based Payments Market is valued at US$ 501.44 Million in 2022, it is projected to reach US$ 937.62 Million by 2030.
What is the CAGR for Middle East & Africa Voice-Based Payments Market by (2022 - 2030)?
As per our report Middle East & Africa Voice-Based Payments Market, the market size is valued at US$ 501.44 Million in 2022, projecting it to reach US$ 937.62 Million by 2030. This translates to a CAGR of approximately 8.1% during the forecast period.
What segments are covered in this report?
The Middle East & Africa Voice-Based Payments Market report typically cover these key segments-
Component (Software and Hardware)
Enterprise Size (Large Enterprises and SMEs)
What is the historic period, base year, and forecast period taken for Middle East & Africa Voice-Based Payments Market?
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Voice-Based Payments Market report:
Historic Period : 2020-2021
Base Year : 2022
Forecast Period : 2023-2030
Who are the major players in Middle East & Africa Voice-Based Payments Market?
The Middle East & Africa Voice-Based Payments Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
Amazon.com Inc
Google LLC
Huawei Technologies Co Ltd
NCR VOYIX Corp
Who should buy this report?
The Middle East & Africa Voice-Based Payments Market report is valuable for diverse stakeholders, including:
Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.
Essentially, anyone involved in or considering involvement in the Middle East & Africa Voice-Based Payments Market value chain can benefit from the information contained in a comprehensive market report.
Get Free Sample For Middle East & Africa Voice-Based Payments Market
