South & Central America Voice-Based Payments Market Forecast to 2030
South & Central America 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
Adoption of Artificial Intelligence (AI) Fuels South & Central America Voice-Based Payments Market
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.
South & Central America Voice-Based Payments Market Overview
The South & Central America (SAM) voice-based payments market is further segmented into Brazil, Argentina, and the Rest of SAM. The digital payments ecosystem in SAM is evolving rapidly. While cash once dominated the payment scenario in the region, consumers are quickly moving to digital alternatives, many of which operate in real-time. Various companies are taking initiatives, such as partnerships, collaborations, and product launches, in the region. For instance, in August 2022, Paysafe announced its expansion into Argentina with its eCash payment solution, providing an easy and secure way to pay for online purchases, specifically in the digital entertainment space. The expansion follows Paysafe’s acquisitions of SAM-based payment companies SafetyPay and PagoEfectivo and enables further scale and cross-selling opportunities for the company in this digital, high-growth market.
Similarly, in April 2021, Amazon added Argentina, Costa Rica, Chile, and Peru to the list of countries supporting Alexa Voice Service (AVS). The extension allowed Amazon-certified manufacturers to build Alexa-enabled devices in the Alexa Built-in program, capable of accessing more of Alexa’s features and localizing existing ones. Therefore, the adoption of digital payments is significantly increasing in the region, boosting the growth of the voice-based payment market.
South & Central America Voice-Based Payments Market Revenue and Forecast to 2030 (US$ Million)
South & Central America Voice-Based Payments Market Segmentation
The South & Central America voice-based payments market is categorized into component, enterprise size, industry, and country.
Based on component, the South & Central America 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 South & Central America 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 South & Central America 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 South & Central America voice-based payments market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America voice-based payments market share in 2022.
Amazon.com Inc, Google LLC, Huawei Technologies Co Ltd, NCR VOYIX Corp, PayPal Holdings Inc, and Paysafe Limited are some of the leading companies operating in the South & Central America voice-based payments market.
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According toThe Research Team’ research, the South & Central America voice-based payments market was valued at US$ 365.51 million in 2022 and is projected to reach US$ 543.04 million by 2030, registering a CAGR of 5.1% from 2022 to 2030. Preference for contactless payment solutions and increasing adoption by retail sector are among the critical factors attributed to drive the South & Central America voice-based payments market growth.
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.
On the contrary, security concerns hamper the growth of South & Central America voice-based payments market.
Based on component, the South & Central America voice-based payments market is segmented into software and hardware. The software segment held 56.3% market share in 2022, amassing US$ 205.89 million. It is projected to garner US$ 292.46 million by 2030 to register 4.5% CAGR during 2022-2030.
In terms of enterprise size, the South & Central America voice-based payments market is segmented into large enterprises and SMEs. The large enterprises segment held 59.4% market share in 2022, amassing US$ 217.25 million. It is projected to garner US$ 312.26 million by 2030 to register 4.6% CAGR during 2022-2030.
Based on industry, the South & Central America voice-based payments market is segmented into BFSI, automotive, healthcare, retail, government, and others. The BFSI segment held 24.9% market share in 2022, amassing US$ 90.91 million. It is projected to garner US$ 139.22 million by 2030 to register 5.5% CAGR during 2022-2030.
Based on country, the South & Central America voice-based payments market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 43.4% share of South & Central America voice-based payments market in 2022. It was assessed at US$ 158.81 million in 2022 and is likely to hit US$ 232.19 million by 2030, registering a CAGR of 4.9% during 2022-2030.
Key players operating in the South & Central America voice-based payments market are Amazon.com Inc, Google LLC, Huawei Technologies Co Ltd, NCR VOYIX Corp, PayPal Holdings Inc, and Paysafe Limited, among others.
In July 2023, Paysafe Limited, a leading payments platform, announced an expansion of its partnership with International Capital Markets Pty. Ltd. (IC Markets), the world’s largest foreign exchange provider, into the Latin American market. This collaboration builds upon their existing payments partnership, which began in 2018 and initially focused on offering a wide range of payment options, including digital wallets and locally preferred payment methods, to IC Markets’ traders in Europe.
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 South & Central America 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 South & Central America market trends and outlook coupled with the factors driving the South & Central America 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. South & Central America 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. South & Central America 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 – South & Central America Analysis
6.1 South & Central America Voice-Based Payments Market Revenue (US$ Million), 2020-2030
6.2 South & Central America Voice-Based Payments Market Forecast Analysis
7. South & Central America Voice-Based Payments Market Analysis – by Component
7.1 Software
7.1.1 Overview
7.1.2 Software: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
7.2 Hardware
7.2.1 Overview
7.2.2 Hardware: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
8. South & Central America Voice-Based Payments Market Analysis – by Enterprise Size
8.1 Large Enterprises
8.1.1 Overview
8.1.2 Large Enterprises: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
8.2 SMEs
8.2.1 Overview
8.2.2 SMEs: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9. South & Central America Voice-Based Payments Market Analysis – by Industry
9.1 BFSI
9.1.1 Overview
9.1.2 BFSI: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.2 Automotive
9.2.1 Overview
9.2.2 Automotive: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.3 Healthcare
9.3.1 Overview
9.3.2 Healthcare: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.4 Retail
9.4.1 Overview
9.4.2 Retail: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.5 Government
9.5.1 Overview
9.5.2 Government: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10. South & Central America Voice-Based Payments Market – Country Analysis
10.1 South & Central America Voice-Based Payments Market
10.1.1 South & Central America Voice-Based Payments Market – Revenue and Forecast Analysis – by Country
10.1.1.1 South & Central America: Voice-Based Payments Market – Revenue and Forecast Analysis – by Country
10.1.1.2 Brazil: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.2.1 Brazil: Voice-Based Payments Market Breakdown, by Component
10.1.1.2.2 Brazil: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.2.3 Brazil: Voice-Based Payments Market Breakdown, by Industry
10.1.1.3 Argentina: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.3.1 Argentina: Voice-Based Payments Market Breakdown, by Component
10.1.1.3.2 Argentina: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.3.3 Argentina: Voice-Based Payments Market Breakdown, by Industry
10.1.1.4 Rest of South & Central America: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.4.1 Rest of South & Central America: Voice-Based Payments Market Breakdown, by Component
10.1.1.4.2 Rest of South & Central America: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.4.3 Rest of South & Central America: 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 Paysafe 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 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
14. Appendix
14.1 About The Research Team
Table 1. South & Central America Voice-Based Payments Market Segmentation
Table 2. South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Table 3. South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 4. South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million) – by Enterprise Size
Table 5. South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 6. South & Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Country
Table 7. Brazil: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 8. Brazil: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 9. Brazil: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 10. Argentina: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 11. Argentina: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 12. Argentina: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 13. Rest of South & Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component
Table 14. Rest of South & Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size
Table 15. Rest of South & Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry
Table 16. Company Positioning & Concentration
Table 17. Appendix
Figure 1. South & Central America Voice-Based Payments Market Segmentation, by Country
Figure 2. Ecosystem: Voice-Based Payments Market
Figure 3. South & Central America Voice-Based Payments Market – Key Market Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. South & Central America Voice-Based Payments Market Revenue (US$ Million), 2020-2030
Figure 6. South & Central America Voice-Based Payments Market Share (%) – by Component (2022 and 2030)
Figure 7. Software: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 8. Hardware: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 9. South & Central America Voice-Based Payments Market Share (%) – by Enterprise Size (2022 and 2030)
Figure 10. Large Enterprises: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 11. SMEs: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 12. South & Central America Voice-Based Payments Market Share (%) – by Industry (2022 and 2030)
Figure 13. BFSI: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 14. Automotive: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 15. Healthcare: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 16. Retail: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 17. Government: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 18. Others: South & Central America Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)
Figure 19. South & Central America Voice-Based Payments Market, by Key Country – Revenue (2022) (US$ Million)
Figure 20. South & Central America Voice-Based Payments Market Breakdown, by Key Countries, 2022 and 2030 (%)
Figure 21. Brazil: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 22. Argentina: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 23. Rest of South & Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)
Figure 24. Heat Map Analysis by Key Players
The List of Companies – South & Central America Voice-Based Payments Market
o Amazon.com Inc
o Google LLC
o Huawei Technologies Co Ltd
o NCR VOYIX Corp
o PayPal Holdings Inc
o Paysafe Limited
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