PUBLISHER: The Business Research Company | PRODUCT CODE: 1849481
PUBLISHER: The Business Research Company | PRODUCT CODE: 1849481
Voice payment software is a technology that facilitates financial transactions through voice commands. It utilizes voice recognition and natural language processing (NLP) to understand spoken instructions, enabling users to perform tasks such as transferring money, making purchases, or paying bills via voice-activated devices or applications.
The key components of voice payment software include hardware and software. Hardware encompasses the physical components of a computer system, such as the motherboard, processor, memory, storage drives, and peripherals. This software is utilized by enterprises of various sizes, including small and medium enterprises, as well as large enterprises. It caters to diverse end-users across sectors such as automotive, healthcare, retail, banking, financial services and insurance (BFSI), government, and other industries.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The sharp rise in U.S. tariffs and the ensuing trade tensions in spring 2025 are having a significant impact on the information technology sector, especially in hardware manufacturing, data infrastructure, and software deployment. Increased duties on imported semiconductors, circuit boards, and networking equipment have driven up production and operating costs for tech companies, cloud service providers, and data centers. Firms that depend on globally sourced components for laptops, servers, and consumer electronics are grappling with extended lead times and mounting pricing pressures. At the same time, tariffs on specialized software and retaliatory actions by key international markets have disrupted global IT supply chains and dampened foreign demand for U.S.-made technologies. In response, the sector is ramping up investments in domestic chip production, broadening its supplier network, and leveraging AI-powered automation to improve resilience and manage costs more effectively.
The voice payment software market research report is one of a series of new reports from The Business Research Company that provides voice payment software market statistics, including voice payment software industry global market size, regional shares, competitors with a voice payment software market share, detailed voice payment software market segments, market trends and opportunities, and any further data you may need to thrive in the voice payment software industry. This voice payment software research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The voice payment software market size has grown rapidly in recent years. It will grow from $19.23 billion in 2024 to $21.5 billion in 2025 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to increased adoption of smartphones, increased demand for frictionless payment experiences, increased adoption in retail sector, increased demand for online shopping, and rise in adoption of voice assistants.
The voice payment software market size is expected to see rapid growth in the next few years. It will grow to $33.2 billion in 2029 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to changing consumer preferences, robust security measures, increasing use of smart speakers, increasing demand for contactless payments, and rising adoption of digital wallets. Major trends in the forecast period include technological advancements of interactive voice response, advancements in speech recognition technology, integration of voice-based payment capabilities into devices, artificial intelligence in voice-based payments, and advancements in automated speech recognition.
The forecast of 11.5% growth over the next five years reflects a modest reduction of 0.8% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. This segment could face challenges as tariffs inflate costs for security chipsets and voice recognition modules used in voice-based payment authentication, predominantly imported from Japan and South Korea. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.
The growth of the voice payment software market is expected to be driven by the increasing preference for mobile payments. Mobile payments refer to transactions conducted through mobile devices. This preference is growing due to the convenience, enhanced security, faster checkout times, and cost-effective transaction factors associated with mobile payments. Voice payment software complements mobile payments by offering a hands-free, efficient, and secure way to handle transactions. It simplifies the payment process, enhances accessibility, and provides personalized financial management tools, making mobile payments more user-friendly and efficient. For instance, Octal IT Solution reported that mobile payments in the U.S.A. are projected to rise from $502 billion in 2020 to $755 billion by 2024, indicating the driving force of the growing preference for mobile payments on the voice payment software market.
Leading companies in the voice payment apps market are innovating with solutions such as voice-enabled UPI payments to enhance user convenience, accessibility, and transaction efficiency. Voice-enabled UPI (Unified Payments Interface) payments allow users to initiate and complete financial transactions using voice commands through the UPI system, developed by the National Payments Corporation of India (NPCI). This technology employs voice recognition and natural language processing to facilitate secure and convenient transactions via voice-activated devices or apps. For instance, NPCI launched Hello UPI in September 2023, a voice-based payment service enabling users to perform financial tasks such as money transfers, balance checks, and payments through spoken commands. This service integrates voice recognition with UPI, supporting Hindi and English initially and expanding to more regional languages. Voice-enabled UPI payments leverage AI-powered transactions to improve human-machine interaction, promoting digital payment adoption in India.
In February 2022, Fidelity National Information Services Inc. acquired Payrix, marking a strategic move to broaden its portfolio with Payrix's financial services technology and outsourcing solutions. Payrix, based in Atlanta, is a payment facilitation platform assisting software businesses in monetizing payments and managing infrastructure seamlessly.
Major companies operating in the voice payment software market are Amazon.com Inc., Apple Inc., Google LLC, Microsoft Corporation, Alibaba Holdings Ltd., Huawei Technologies Co. Ltd., IBM Corporation, PayPal Holdings Inc, Baidu Inc., FIS Global, Paysafe Holdings Ltd., Nuance Communications Inc., Cerence Inc., SoundHound Inc., Replicant Inc., PCI Pal Plc, ToneTag Inc., Sensory Inc., LumenVox LLC, NCR Corporation, VibePay, Voxpay, Microchip Payments Pvt Ltd., Payrix Solutions, Blutag Inc.
North America was the largest region in the voice payment software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice payment software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the voice payment software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The voice payment software market consists of revenues earned by entities by providing voice-enabled digital wallets and P2P payment apps, voice-enabled banking and financial apps, and voice-enabled retail and e-commerce platforms. The market value includes the value of related goods sold by the service provider or included within the service offering. The voice payment software market also includes sales of voice-enabled devices and voice biometric systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Voice Payment Software Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on voice payment software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for voice payment software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The voice payment software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.