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Europe Voice-Based Payments Market Forecast to 2030
Europe 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)
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Description
Advancements in Natural Language Processing (NLP) Technology Drive Europe Voice-Based Payments Market
Advancements in natural language processing (NLP) technology have become a transformative force within the business landscape, significantly impacting 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.
Europe Voice-Based Payments Market Overview
The Europe voice-based payment market is further segmented into Germany, the UK, Italy, Russia, France, and the Rest of Europe. The demand for online banking in Europe is growing significantly. According to the Global Commerce Media LLC Company, Gitnux, 89% of UK adults use online banking, and 64% use mobile banking apps. In 2022, the number of mobile users of digital banking reached 90.4% in Europe. This data shows that the digital banking trend is growing in Europe, and more people are shifting to online banking as a secure and convenient way to manage their finances.
Various companies are launching new voice-based payments in Europe. For instance, in September 2021, VibePay, a social payment initiation service, became the first organization to provide account-to-account voice-activated payments in Europe. VibePay’s users on iOS can pay or request payment from others with their voice directly and instantly from one bank account to another with no fees.
In December 2020, Ingenico, CopSonic, and Validsoft developed two strong voice authentication technologies that enable secure digital purchases at home and in vehicles and other environments. One of them was deployed to buy fuel in the city of Argentan in France. Therefore, with the growing use of digital and voice-based payments, the voice-based payment market is growing in the region.
Europe Voice-Based Payments Market Revenue and Forecast to 2030 (US$ Million)
Europe Voice-Based Payments Market Segmentation
The Europe voice-based payments market is categorized into component, enterprise size, industry, and country.
Based on component, the Europe 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 Europe 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 Europe 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 Europe voice-based payments market is segmented into Germany, France, the UK, Italy, Russia and the Rest of Europe. Germany dominated the Europe voice-based payments market share in 2022.
Amazon.com Inc, Cerence Inc, Google LLC, Huawei Technologies Co Ltd, NCR VOYIX Corp, PayPal Holdings Inc, Paysafe Limited, PCI Pal, and Vibe Pay Limited are some of the leading companies operating in the Europe voice-based payments market.
Summary Info
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According toThe Research Team’ research, the Europe voice-based payments market was valued at US$ 1,882.77 million in 2022 and is projected to reach US$ 4,323.62 million by 2030, registering a CAGR of 11.0% from 2022 to 2030. Preference for contactless payment solutions and adoption of artificial intelligence (AI) are among the critical factors attributed to drive the Europe voice-based payments market growth.
Artificial intelligence (AI), with its ability to perform cognitive functions associated with human minds, offers a range of capabilities that can enhance and optimize voice-based payment systems. AI-powered voice assistants can use algorithms to understand better and interpret user commands, leading to more accurate and seamless voice-based payment experiences. This can enhance user satisfaction and increase the adoption of voice-based payment solutions. AI can also contribute to enhanced security in voice-based payments. By analyzing patterns and behaviors, AI algorithms can detect and prevent fraudulent activities, providing an additional layer of protection for users. This can help build trust in voice-based payment systems, encouraging more individuals to adopt this payment method. Therefore, the adoption of AI is expected to present significant opportunities for the voice-based payments market.
On the contrary, security concerns hamper the growth of Europe voice-based payments market.
Based on component, the Europe voice-based payments market is segmented into software and hardware. The software segment held 58.2% market share in 2022, amassing US$ 1,096.52 million. It is projected to garner US$ 2,446.87 million by 2030 to register 10.6% CAGR during 2022-2030.
In terms of enterprise size, the Europe voice-based payments market is segmented into large enterprises and SMEs. The large enterprises segment held 60.7% market share in 2022, amassing US$ 1,142.85 million. It is projected to garner US$ 2,547.69 million by 2030 to register 10.5% CAGR during 2022-2030.
Based on industry, the Europe voice-based payments market is segmented into BFSI, automotive, healthcare, retail, government, and others. The BFSI segment held 22.2% market share in 2022, amassing US$ 418.59 million. It is projected to garner US$ 995.11 million by 2030 to register 11.4% CAGR during 2022-2030.
Based on country, the Europe voice-based payments market is categorized into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 26.9% share of Europe voice-based payments market in 2022. It was assessed at US$ 505.91 million in 2022 and is likely to hit US$ 1,189.96 million by 2030, registering a CAGR of 11.3% during 2022-2030.
Key players operating in the Europe voice-based payments market are Amazon.com Inc, Cerence Inc, Google LLC, Huawei Technologies Co Ltd, NCR VOYIX Corp, PayPal Holdings Inc, Paysafe Limited, PCI Pal, and Vibe Pay Limited, among others.
In September 2021, VibePay, the company powering the next evolution of payments through Open Banking, became the first to offer account-to-account voice-activated payments in Europe.
In July 2021, Cerence Inc., a leader in AI technology for the automotive industry, announced the expansion of its Cerence Pay partner ecosystem through a new collaboration with ryd pay. ryd pay, the leading cross-brand solution for mobile payments at gas stations, will join forces with Cerence to enable voice-activated fuel payments across Europe directly from the vehicle. This partnership aims to enhance the convenience and efficiency of payment transactions for drivers while further establishing Cerence’s presence in the automotive payment sector.
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 Europe 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 Europe market trends and outlook coupled with the factors driving the Europe 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.
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. Europe 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. Europe 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 – Europe Analysis
6.1 Europe Voice-Based Payments Market Revenue (US$ Million), 2020-2030
6.2 Europe Voice-Based Payments Market Forecast Analysis
7. Europe Voice-Based Payments Market Analysis – by Component
7.1 Software
7.1.1 Overview
7.1.2 Software: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
7.2 Hardware
7.2.1 Overview
7.2.2 Hardware: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
8. Europe Voice-Based Payments Market Analysis – by Enterprise Size
8.1 Large Enterprises
8.1.1 Overview
8.1.2 Large Enterprises: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
8.2 SMEs
8.2.1 Overview
8.2.2 SMEs: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9. Europe Voice-Based Payments Market Analysis – by Industry
9.1 BFSI
9.1.1 Overview
9.1.2 BFSI: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.2 Automotive
9.2.1 Overview
9.2.2 Automotive: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.3 Healthcare
9.3.1 Overview
9.3.2 Healthcare: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.4 Retail
9.4.1 Overview
9.4.2 Retail: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.5 Government
9.5.1 Overview
9.5.2 Government: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10. Europe Voice-Based Payments Market – Country Analysis
10.1 Europe Voice-Based Payments Market
10.1.1 Europe Voice-Based Payments Market – Revenue and Forecast Analysis – by Country
10.1.1.1 Europe: Voice-Based Payments Market – Revenue and Forecast Analysis – by Country
10.1.1.2 Germany: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.2.1 Germany: Voice-Based Payments Market Breakdown, by Component
10.1.1.2.2 Germany: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.2.3 Germany: Voice-Based Payments Market Breakdown, by Industry
10.1.1.3 France: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.3.1 France: Voice-Based Payments Market Breakdown, by Component
10.1.1.3.2 France: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.3.3 France: Voice-Based Payments Market Breakdown, by Industry
10.1.1.4 United Kingdom: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.4.1 United Kingdom: Voice-Based Payments Market Breakdown, by Component
10.1.1.4.2 United Kingdom: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.4.3 United Kingdom: Voice-Based Payments Market Breakdown, by Industry
10.1.1.5 Italy: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.5.1 Italy: Voice-Based Payments Market Breakdown, by Component
10.1.1.5.2 Italy: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.5.3 Italy: Voice-Based Payments Market Breakdown, by Industry
10.1.1.6 Russia: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.6.1 Russia: Voice-Based Payments Market Breakdown, by Component
10.1.1.6.2 Russia: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.6.3 Russia: Voice-Based Payments Market Breakdown, by Industry
10.1.1.7 Rest of Europe: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.7.1 Rest of Europe: Voice-Based Payments Market Breakdown, by Component
10.1.1.7.2 Rest of Europe: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.7.3 Rest of Europe: 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 Vibe Pay Limited
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 Paysafe Limited
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 Cerence Inc
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 Huawei Technologies Co Ltd
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
13.9 PCI Pal
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About The Research Team
Table 1. Europe Voice-Based Payments Market Segmentation
Table 2. Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Table 3. Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 4. Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million) – by Enterprise Size
Table 5. Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 6. Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Country
Table 7. Germany: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 8. Germany: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 9. Germany: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 10. France: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 11. France: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 12. France: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 13. United Kingdom: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 14. United Kingdom: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 15. United Kingdom: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 16. Italy: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 17. Italy: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 18. Italy: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 19. Russia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 20. Russia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 21. Russia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 22. Rest of Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 23. Rest of Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 24. Rest of Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 25. Company Positioning & Concentration
Table 26. Appendix
Figure 1. Europe Voice-Based Payments Market Segmentation, by Country
Figure 2. Ecosystem: Voice-Based Payments Market
Figure 3. Europe Voice-Based Payments Market – Key Market Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Europe Voice-Based Payments Market Revenue (US$ Million), 2020-2030
Figure 6. Europe Voice-Based Payments Market Share (%) – by Component (2022 and 2030)
Figure 7. Software: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 8. Hardware: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 9. Europe Voice-Based Payments Market Share (%) – by Enterprise Size (2022 and 2030)
Figure 10. Large Enterprises: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 11. SMEs: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 12. Europe Voice-Based Payments Market Share (%) – by Industry (2022 and 2030)
Figure 13. BFSI: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 14. Automotive: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 15. Healthcare: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 16. Retail: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 17. Government: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 18. Others: Europe Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 19. Europe Voice-Based Payments Market, by Key Country – Revenue (2022) (US$ Million)
Figure 20. Europe Voice-Based Payments Market Breakdown, by Key Countries, 2022 and 2030 (%)
Figure 21. Germany: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 22. France: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 23. United Kingdom: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 24. Italy: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 25. Russia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 26. Rest of Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 27. Heat Map Analysis by Key Players
The List of Companies – Europe Voice-Based Payments Market
o Amazon.com Inc
o Cerence Inc
o Google LLC
o Huawei Technologies Co Ltd
o NCR VOYIX Corp
o PayPal Holdings Inc
o Paysafe Limited
o PCI Pal
o Vibe Pay Limited
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