The Global Voice Payment Market Research Report added by Emergen Research to its expanding repository is an all-inclusive document containing insightful data about the Voice Payment Market and its key elements. The report is formulated through extensive primary and secondary research and is curated with an intent to offer the readers and businesses a competitive edge over other players in the industry. The report sheds light on the minute details of the Voice Payment Market industry pertaining to growth factors, opportunities and lucrhative business prospects, regions showing promising growth, and forecast estimation till 2021.
The global voice payment market size reached USD 19.87 Billion in 2020 and is expected to register a revenue CAGR of 9.8%, during the forecast period. Some major factors driving global voice payment market revenue growth include rapid increase in usage and dependence on virtual assistants and need to social-distance and make contactless purchases and payments due to the COVID-19 pandemic.
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Global voice payment market revenue is also expected to expand significantly going ahead owing to increasing e-Commerce transactions as well as digital retail activities as a result of rising preference for online purchasing for domestic consumables among a rapidly increasing number of consumers globally. Voice-enabled and AI-driven devices have already established importance in the IT sector. As a result of rapid technological advancements, virtual assistants are fast becoming more sophisticated and proving to be something that is here to stay. Demand for virtual assistants has increased among users in various developed and developing countries across the globe as accuracy of the technology has increased and trust and dependence continues to grow. As a result of the emergence of virtual assistants, consumer demands have also changed and increased for specific types of services and convenience. Users have become accustomed to using verbal instructions to get things done through their smartphones, and through virtual assistants.
Valuable Market Insights:
The report highlights the latest trends observed in the consumption pattern of each regional segment.
Extensive market segmentation included in the report helps better understand the revenue and estimated growth of the individual regions.
The report throws light on the historical and current market scenarios and provides a concise year-on-year growth rate of the global Voice Payment market.
The report further entails the current market trends, technological advancements, revenue growth, and other aspects affecting market growth.
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Competitive Outlook:
The global Voice Payment market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Voice Payment market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.
Some major companies operating in the global market include Microsoft Corporation, Google Inc., Apple Inc., Amazon.com, Inc., NCR Corporation, Huawei Technologies Co., Ltd., Iflytek Co., Ltd, Alibaba Group, Cerence Inc., and Infopulse Ukraine LLC
Emergen Research has segmented the global voice payment market on the basis of component, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Software
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Consumer
- Automotive
- Healthcare
- BFSI
- Government
- Retail
- Others
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Key point summary of the report:
The study provides a thorough overview of the market's size, share, and growth rate over the course of the projection period.
It offers information on the current situation, historical data, and gives a precise market forecast for the upcoming years.
According to product categories, applications, end users, market value and volume, industry verticals, and five main geographic areas, the study categorises the market.
Additionally, it provides regional market research and forecast for key regions in the industry, including Latin America, the Middle East, and Africa as well as North America, Europe, Asia Pacific, and the Asia Pacific.
The study report has also examined the industry supply chain, sourcing strategy, upstream feedstock, and downstream demand.
The study provides a thorough knowledge of the dynamics of supply and demand, as well as production and consumption rates and market mapping.
To provide accurate market data, the study uses a variety of analytical tools, such as SWOT analysis, Porter's Five Forces analysis, and pricing analysis.
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