Asia Pacific Voice-Based Payments Market Forecast to 2030

At 11.8% CAGR, Asia Pacific Voice-Based Payments Market is Speculated to be Worth US$ 3,743.94 Million by 2030, says The Research Team

According toThe Research Team’ research, the Asia Pacific voice-based payments market was valued at US$ 1,532.49 million in 2022 and is projected to reach US$ 3,743.94 million by 2030, registering a CAGR of 11.8% from 2022 to 2030. Preference for contactless payment solutions and advancements in natural language processing (NLP) technology are among the critical factors attributed to drive the Asia Pacific voice-based payments market growth.

Advancements in natural language processing (NLP) technology have become a transformative force within the business landscape, significantly impacting the voice-based payments market. NLP focuses on enabling machines to understand, interpret, and respond to human language in a way that simulates natural communication. This technological progress holds substantial implications for businesses seeking to enhance customer interactions, automate processes, and extract valuable insights from unstructured data. In customer service and engagement, businesses are using sophisticated NLP algorithms to develop chatbots and virtual assistants. These intelligent systems can understand customer queries and respond to them, providing real-time support and improving overall user experiences. This boosts operational efficiency and allows businesses to deliver personalized and responsive services, thereby strengthening customer relationships.

NLP advancements play a pivotal role in data analysis and decision-making processes. Businesses can harness NLP algorithms to extract meaningful information from vast amounts of unstructured textual data, such as customer feedback, social media posts, and market trends. This facilitates more informed decision-making, helping organizations stay agile and responsive to evolving market dynamics. In the financial sector, NLP is instrumental in automating tasks such as sentiment analysis of financial news, aiding investment decisions, and detecting patterns in market behavior. The ability to process and understand natural language enables more accurate risk assessments and improved compliance measures. Overall, the advancements in NLP technology empower businesses to enhance communication, streamline operations, and extract valuable insights, contributing to increased efficiency, innovation, and competitive advantage in today’s dynamic business environment.

On the contrary, security concerns hamper the growth of Asia Pacific voice-based payments market.

Based on component, the Asia Pacific voice-based payments market is segmented into software and hardware. The software segment held 63.2% market share in 2022, amassing US$ 968.76 million. It is projected to garner US$ 2,311.10 million by 2030 to register 11.5% CAGR during 2022-2030.

In terms of enterprise size, the Asia Pacific voice-based payments market is segmented into large enterprises and SMEs. The large enterprises segment held 57.3% market share in 2022, amassing US$ 878.43 million. It is projected to garner US$ 2,095.95 million by 2030 to register 11.5% CAGR during 2022-2030.

Based on industry, the Asia Pacific voice-based payments market is segmented into BFSI, automotive, healthcare, retail, government, and others. The BFSI segment held 21.5% market share in 2022, amassing US$ 329.90 million. It is projected to garner US$ 827.49 million by 2030 to register 12.2% CAGR during 2022-2030.

Based on country, the Asia Pacific voice-based payments market is categorized into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 28.9% share of Asia Pacific voice-based payments market in 2022. It was assessed at US$ 443.54 million in 2022 and is likely to hit US$ 1,114.30 million by 2030, registering a CAGR of 12.2% during 2022-2030.

Key players operating in the Asia Pacific voice-based payments market are Amazon.com Inc, Cerence Inc, Google LLC, Huawei Technologies Co Ltd, National Payments Corporation of India (NPCI), NCR VOYIX Corp, PayPal Holdings Inc, and PCI Pal, among others.

In September 2023, NPCI Corporation introduced a range of new payment options on the widely used Unified Payments Interface (UPI) platform, including conversational transactions. Among these offerings is Hello! UPI is a product that allows users to perform voice-enabled UPI payments through various channels, such as mobile applications, telecom calls, and Internet of Things (IoT) devices. This feature supports transactions in both Hindi and English languages, with plans to expand its availability to several other regional languages in the near future.
In January 2023, Amazon Pay India announced it to continue to focus on voice-enabled payments in 2023. As of now, Amazon Pay India’s customers can pay various utility bills through a voice-enabled payment system.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific voice-based payments market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific voice-based payments market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific voice-based payments market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.

TABLE OF CONTENTS

1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Voice-Based Payments Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 Solution and Service Providers:
4.2.2 End Users
4.2.3 List of Vendors in Value Chain:
5. Asia Pacific Voice-Based Payments Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Preference for Contactless Payment Solutions
5.1.2 Advancements in Natural Language Processing (NLP) Technology
5.1.3 Widespread Use of Smartphones and Smart Speakers
5.2 Market Restraints
5.2.1 Security Concerns
5.2.2 Limited Accuracy in Voice Recognition Technology
5.3 Market Opportunities
5.3.1 Adoption of Artificial Intelligence (AI)
5.4 Future Trends
5.4.1 Increasing Adoption by Retail Sector
5.5 Impact of Drivers and Restraints:
6. Voice-Based Payments Market – Asia Pacific Analysis
6.1 Asia Pacific Voice-Based Payments Market Revenue (US$ Million), 2020-2030
6.2 Asia Pacific Voice-Based Payments Market Forecast Analysis
7. Asia Pacific Voice-Based Payments Market Analysis – by Component
7.1 Software
7.1.1 Overview
7.1.2 Software: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
7.2 Hardware
7.2.1 Overview
7.2.2 Hardware: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Voice-Based Payments Market Analysis – by Enterprise Size
8.1 Large Enterprises
8.1.1 Overview
8.1.2 Large Enterprises: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
8.2 SMEs
8.2.1 Overview
8.2.2 SMEs: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9. Asia Pacific Voice-Based Payments Market Analysis – by Industry
9.1 BFSI
9.1.1 Overview
9.1.2 BFSI: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.2 Automotive
9.2.1 Overview
9.2.2 Automotive: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.3 Healthcare
9.3.1 Overview
9.3.2 Healthcare: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.4 Retail
9.4.1 Overview
9.4.2 Retail: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.5 Government
9.5.1 Overview
9.5.2 Government: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10. Asia Pacific Voice-Based Payments Market – Country Analysis
10.1 Asia Pacific Voice-Based Payments Market
10.1.1 Asia Pacific Voice-Based Payments Market – Revenue and Forecast Analysis – by Country
10.1.1.1 Asia Pacific: Voice-Based Payments Market – Revenue and Forecast Analysis – by Country
10.1.1.2 China: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.2.1 China: Voice-Based Payments Market Breakdown, by Component
10.1.1.2.2 China: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.2.3 China: Voice-Based Payments Market Breakdown, by Industry
10.1.1.3 India: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.3.1 India: Voice-Based Payments Market Breakdown, by Component
10.1.1.3.2 India: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.3.3 India: Voice-Based Payments Market Breakdown, by Industry
10.1.1.4 Japan: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.4.1 Japan: Voice-Based Payments Market Breakdown, by Component
10.1.1.4.2 Japan: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.4.3 Japan: Voice-Based Payments Market Breakdown, by Industry
10.1.1.5 South Korea: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.5.1 South Korea: Voice-Based Payments Market Breakdown, by Component
10.1.1.5.2 South Korea: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.5.3 South Korea: Voice-Based Payments Market Breakdown, by Industry
10.1.1.6 Australia: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.6.1 Australia: Voice-Based Payments Market Breakdown, by Component
10.1.1.6.2 Australia: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.6.3 Australia: Voice-Based Payments Market Breakdown, by Industry
10.1.1.7 Rest of APAC: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.7.1 Rest of APAC: Voice-Based Payments Market Breakdown, by Component
10.1.1.7.2 Rest of APAC: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.7.3 Rest of APAC: Voice-Based Payments Market Breakdown, by Industry
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
13. Company Profiles
13.1 Amazon.com Inc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 NCR VOYIX Corp
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Google LLC
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 PayPal Holdings Inc
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Cerence Inc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Huawei Technologies Co Ltd
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 PCI Pal
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 National Payments Corporation of India (NPCI)
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
14. Appendix
14.1 About The Research Team

LIST OF TABLES

Table 1. Asia Pacific Voice-Based Payments Market Segmentation
Table 2. Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Table 3. Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 4. Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million) – by Enterprise Size
Table 5. Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 6. Asia Pacific: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Country
Table 7. China: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 8. China: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 9. China: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 10. India: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 11. India: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 12. India: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 13. Japan: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 14. Japan: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 15. Japan: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 16. South Korea: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 17. South Korea: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 18. South Korea: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 19. Australia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 20. Australia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 21. Australia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 22. Rest of APAC: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 23. Rest of APAC: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 24. Rest of APAC: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 25. Company Positioning & Concentration
Table 26. Appendix

LIST OF FIGURES

Figure 1. Asia Pacific Voice-Based Payments Market Segmentation, by Country
Figure 2. Ecosystem: Voice-Based Payments Market
Figure 3. Asia Pacific Voice-Based Payments Market – Key Market Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Asia Pacific Voice-Based Payments Market Revenue (US$ Million), 2020-2030
Figure 6. Asia Pacific Voice-Based Payments Market Share (%) – by Component (2022 and 2030)
Figure 7. Software: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 8. Hardware: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 9. Asia Pacific Voice-Based Payments Market Share (%) – by Enterprise Size (2022 and 2030)
Figure 10. Large Enterprises: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 11. SMEs: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 12. Asia Pacific Voice-Based Payments Market Share (%) – by Industry (2022 and 2030)
Figure 13. BFSI: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 14. Automotive: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 15. Healthcare: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 16. Retail: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 17. Government: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 18. Others: Asia Pacific Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 19. Asia Pacific: Voice-Based Payments Market, by Key Country – Revenue (2022) (US$ Million)
Figure 20. Asia Pacific Voice-Based Payments Market Breakdown, by Key Countries, 2022 and 2030 (%)
Figure 21. China: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 22. India: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 23. Japan: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 24. South Korea: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 25. Australia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 26. Rest of APAC: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 27. Heat Map Analysis by Key Players