Voice-based Payments Market Size and Growth | 2030

Voice-based Payments Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Hardware and Software), By Enterprise Size (Large Enterprises and Small and Medium-Sized Enterprises), By Industry (BFSI, Automotive, Healthcare, Retail, Government, and Others), and by Geography

  • Report Code : TIPRE00032625
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 163
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The voice-based payments market size was valued at US$ 6.47 billion in 2022 and is expected to reach US$ 14.37 billion by 2030; it is estimated to register a CAGR of 10.5% from 2022 to 2030. The advancements in automated speech recognition (ASR), machine learning (ML), and natural language understanding (NLU) are likely to remain key voice-based payments market trends.

Voice-based Payments Market Analysis

The voice-based payments market has witnessed significant growth in recent years, driven by numerous voice commerce solutions from payment service providers. As a result, the industry is expanding, and more customers are becoming interested in voice payment alternatives.   With the adoption of voice-based payment solutions, businesses can cater to the growing demand for frictionless and intuitive payment experiences, improving customer satisfaction and potentially increasing conversion rates. Additionally, this technology can streamline internal payment processes, offering businesses a more efficient and automated way to handle financial transactions.

Voice-based Payments Market Overview

Voice-based payments refer to a method of conducting financial transactions using spoken commands or instructions, typically through voice-enabled devices or digital assistants. This technology allows users to make payments, initiate transfers, or perform other monetary transactions by utilizing their voice instead of traditional manual inputs, such as typing or clicking. Furthermore, voice-based payments can be integrated into various platforms, including mobile applications, virtual assistants, or smart devices, enabling businesses to offer a wide range of payment options to their customers. This technology often incorporates robust security measures, such as authentication protocols and encryption, to ensure the privacy and protection of sensitive financial information.

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Voice-based Payments Market: Strategic Insights

voice-based-payment-market
Market Size Value inUS$ 6.47 billion in 2022
Market Size Value byUS$ 14.37 billion by 2030
Growth rateCAGR of 10.5% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Voice-based Payments Market Drivers and Opportunities

Advancements in Speech Recognition Technology to Favor Market

With the increased use of smart speakers, smartphones, and other voice-enabled devices in households, more consumers have access to voice assistants. They are comfortable using them for various tasks, including making payments. This widespread adoption has paved the way for the integration of voice-based payment capabilities into these devices, further fuelling the market growth. The future of voice-based payments appears promising as advancements in AI and NLP continue to enhance the accuracy and efficiency of voice assistants, which are major drivers of voice-based payments market share.

Artificial Intelligence (AI) – An Opportunity in Voice-based Payments

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.

Voice-based Payments Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Voice-based Payments market analysis are component, enterprise size, and industry.

  • Based on component, the market is bifurcated into hardware and software. The software segment held the largest share of the voice-based payments market in 2022.
  • Based on enterprise size, the market is segmented into large enterprises and small and medium-sized enterprises. The large enterprises segment held the largest share of the voice-based payments market in 2022.
  • Based on industry, the market is segmented into BFSI, automotive, healthcare, retail, government, and others. The BFSI segment held the largest share of the voice-based payments market in 2022.

Voice-based Payments Market Share Analysis by Geography

The geographic scope of the Voice-based Payments market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

North America holds one of the largest global voice-based payments market share in 2022. High technology adoption trends in various industries in the region fuel the growth of the voice-based payments market. The increased adoption of digital tools and high technological spending by government agencies are a few factors expected to boost the North America voice-based payments market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to introduce technologically advanced solutions into the market. Furthermore, the region has a robust ecosystem of innovative tech companies, financial institutions, and payment solution providers.

Voice-based Payments Market News and Recent Developments

The voice-based payments market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for voice-based payments and strategies:

  • PCI Pal, a leading global provider of secure payment solutions, unveiled the latest advancements in Automatic Speech Recognition (ASR) technology for their suite of PCI-compliant payment solutions. This includes enhancements to their well-regarded offerings, such as PCI Pal Agent Assist and IVR Payments. The release of these next-generation ASR improvements underscores PCI Pal's commitment to providing cutting-edge solutions that ensure secure and compliant payment processing. (Source: PCI PAL, Press Release/Company Website/Newsletter, 2023)
  • The National Payments Corporation of India (NPCI) introduced several new payment features to enhance digital inclusivity. These offerings include a credit line on UPI, UPI Lite X for offline payments, a Tap & Pay feature enabled by near-field communication (NFC), and conversational payments through Hello! UPI and conversational bill payments with BillPay Connect. (Source: National Payments Corporation of India (NPCI), Press Release/Company Website/Newsletter, 2023)
  • ToneTag introduced VoiceSe UPI Payments in vernacular languages on feature phones. This service allows users to make voice-based digital payments in languages such as Hindi, Tamil, Telugu, Malayalam, Kannada, and Bengali. The company plans to expand the availability of this voice-based payment system to other languages like Gujarati, Marathi, and Punjabi in the near future. (Source: ToneTag, Press Release/Company Website/Newsletter, 2022)
  • VibePay, a social payment initiation service, has recently unveiled its voice-activated account-to-account payment feature in Europe. This new functionality allows VibePay users on iOS to conveniently make or request payments using their voice, specifically through Siri. The payments are executed instantly and involve no fees, enabling seamless transactions from one UK bank account to another. By integrating voice activation and eliminating transaction fees, VibePay aims to enhance the user experience and streamline the payment process for its customers. (Source: VibePay, Press Release/Company Website/Newsletter, 2021)
  • Google introduced voice-enabled payment for gas and announced a partnership with Honda as part of a series of upgrades. Google Assistant enables drivers to use voice commands to make purchases using Google Pay at over 32,500 gas stations in the US, including Conoco, 76, Phillips 66, Exxon, and Mobil. (Source: VibePay, Press Release/Company Website/Newsletter, 2021)

Voice-based Payments Market Report Scope

Voice-based Payments Market Report Coverage and Deliverables

The "Voice-based Payments Market Size and Forecast (2020–2030)" report provides a detailed analysis of the market covering below areas:

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Market dynamics such as drivers, restraints, and key opportunities
  • Key future trends
  • Detailed PEST/Porter's Five Forces and SWOT analysis
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
  • Detailed company profiles
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Enterprise Size, and Industry

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


Which are the key players holding the major market share of the global voice-based payments market?

The key players holding majority shares in the global voice-based payments market are PayPal; NCR Corporation; NPCI; Google LLC; and Amazon.com, Inc.

What is the estimated market size for the global voice-based payments market in 2022?

The global voice-based payments market was estimated to be US$ 6.47 billion in 2022 and is expected to grow at a CAGR of 10.5 % during the forecast period 2023 - 2030.

What are the driving factors impacting the global voice-based payments market?

Preference for contactless payment solutions, advancements in Natural Language Processing (NLP) technology, and widespread use of smartphones and smart speakers are the major factors that propel the global voice-based payments market.

What is the incremental growth of the global voice-based payments market during the forecast period?

The incremental growth expected to be recorded for the global voice-based payments market during the forecast period is US$ 7.89 billion.

What are the future trends of the global voice-based payments market?

Increasing adoption by retail sector which is anticipated to play a significant role in the global voice-based payments market in the coming years.

What will be the market size of the global voice-based payments market by 2030?

The global voice-based payments market is expected to reach US$ 14.37 billion by 2030.

1. Introduction

1.1 The Insight Partners 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. Voice-Based Payments Market Landscape

4.1 Overview

4.2 PEST Analysis

4.3 Ecosystem Analysis

4.3.1 Solution and Service Providers:

4.3.2 End Users

4.3.3 List of Vendors in Value Chain:

5. Voice-Based Payments Market – Key Market Dynamics

5.1 Voice-Based Payments Market – Key Market Dynamics

5.2 Market Drivers

5.2.1 Preference for Contactless Payment Solutions

5.2.2 Advancements in Natural Language Processing (NLP) Technology

5.2.3 Widespread Use of Smartphones and Smart Speakers

5.3 Market Restraints

5.3.1 Security concerns

5.3.2 Limited Accuracy in Voice Recognition Technology

5.4 Market Opportunities

5.4.1 Adoption of Artificial Intelligence (AI)

5.5 Future Trends

5.5.1 Increasing Adoption by Retail Sector

5.6 Impact of Drivers and Restraints:

6. Voice-Based Payments Market – Global Market Analysis

6.1 Voice-Based Payments Market Revenue (US$ Million), 2022–2030

6.2 Voice-Based Payments Market Forecast Analysis

7. Voice-Based Payments Market Analysis – by Component

7.1 Software

7.1.1 Overview

7.1.2 Software: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

7.2 Hardware

7.2.1 Overview

7.2.2 Hardware: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

8. Voice-Based Payments Market Analysis – by Enterprise Size

8.1 Large Enterprises

8.1.1 Overview

8.1.2 Large Enterprises: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

8.2 SMEs

8.2.1 Overview

8.2.2 SMEs: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

9. Voice-Based Payments Market Analysis – by Industry

9.1 BFSI

9.1.1 Overview

9.1.2 BFSI: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

9.2 Automotive

9.2.1 Overview

9.2.2 Automotive: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

9.3 Healthcare

9.3.1 Overview

9.3.2 Healthcare: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

9.4 Retail

9.4.1 Overview

9.4.2 Retail: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

9.5 Government

9.5.1 Overview

9.5.2 Government: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

9.6 Others

9.6.1 Overview

9.6.2 Others: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10. Voice-Based Payments Market – Geographical Analysis

10.1 Overview

10.2 North America

10.2.1 North America Voice-Based Payments Market Overview

10.2.2 North America: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.2.3 North America: Voice-Based Payments Market Breakdown, by Component

10.2.3.1 North America: Voice-Based Payments Market – Revenue and Forecast Analysis – by Component

10.2.4 North America: Voice-Based Payments Market Breakdown, by Enterprise Size

10.2.4.1 North America: Voice-Based Payments Market – Revenue and Forecast Analysis – by Enterprise Size

10.2.5 North America: Voice-Based Payments Market Breakdown, by Industry

10.2.5.1 North America: Voice-Based Payments Market – Revenue and Forecast Analysis – by Industry

10.2.6 North America: Voice-Based Payments Market – Revenue and Forecast Analysis – by Country

10.2.6.1 North America: Voice-Based Payments Market – Revenue and Forecast Analysis – by Country

10.2.6.2 United States: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.2.6.2.1 United States: Voice-Based Payments Market Breakdown, by Component

10.2.6.2.2 United States: Voice-Based Payments Market Breakdown, by Enterprise Size

10.2.6.2.3 United States: Voice-Based Payments Market Breakdown, by Industry

10.2.6.3 Canada: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.2.6.3.1 Canada: Voice-Based Payments Market Breakdown, by Component

10.2.6.3.2 Canada: Voice-Based Payments Market Breakdown, by Enterprise Size

10.2.6.3.3 Canada: Voice-Based Payments Market Breakdown, by Industry

10.2.6.4 Mexico: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.2.6.4.1 Mexico: Voice-Based Payments Market Breakdown, by Component

10.2.6.4.2 Mexico: Voice-Based Payments Market Breakdown, by Enterprise Size

10.2.6.4.3 Mexico: Voice-Based Payments Market Breakdown, by Industry

10.3 Europe

10.3.1 Europe Voice-Based Payments Market Overview

10.3.2 Europe: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.3.3 Europe: Voice-Based Payments Market Breakdown, by Component

10.3.3.1 Europe: Voice-Based Payments Market – Revenue and Forecast Analysis – by Component

10.3.4 Europe: Voice-Based Payments Market Breakdown, by Enterprise Size

10.3.4.1 Europe: Voice-Based Payments Market – Revenue and Forecast Analysis – by Enterprise Size

10.3.5 Europe: Voice-Based Payments Market Breakdown, by Industry

10.3.5.1 Europe: Voice-Based Payments Market – Revenue and Forecast Analysis – by Industry

10.3.6 Europe: Voice-Based Payments Market – Revenue and Forecast Analysis – by Country

10.3.6.1 Europe: Voice-Based Payments Market – Revenue and Forecast Analysis – by Country

10.3.6.2 Germany: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.3.6.2.1 Germany: Voice-Based Payments Market Breakdown, by Component

10.3.6.2.2 Germany: Voice-Based Payments Market Breakdown, by Enterprise Size

10.3.6.2.3 Germany: Voice-Based Payments Market Breakdown, by Industry

10.3.6.3 France: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.3.6.3.1 France: Voice-Based Payments Market Breakdown, by Component

10.3.6.3.2 France: Voice-Based Payments Market Breakdown, by Enterprise Size

10.3.6.3.3 France: Voice-Based Payments Market Breakdown, by Industry

10.3.6.4 United Kingdom: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.3.6.4.1 United Kingdom: Voice-Based Payments Market Breakdown, by Component

10.3.6.4.2 United Kingdom: Voice-Based Payments Market Breakdown, by Enterprise Size

10.3.6.4.3 United Kingdom: Voice-Based Payments Market Breakdown, by Industry

10.3.6.5 Italy: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.3.6.5.1 Italy: Voice-Based Payments Market Breakdown, by Component

10.3.6.5.2 Italy: Voice-Based Payments Market Breakdown, by Enterprise Size

10.3.6.5.3 Italy: Voice-Based Payments Market Breakdown, by Industry

10.3.6.6 Russia: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.3.6.6.1 Russia: Voice-Based Payments Market Breakdown, by Component

10.3.6.6.2 Russia: Voice-Based Payments Market Breakdown, by Enterprise Size

10.3.6.6.3 Russia: Voice-Based Payments Market Breakdown, by Industry

10.3.6.7 Rest of Europe: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.3.6.7.1 Rest of Europe: Voice-Based Payments Market Breakdown, by Component

10.3.6.7.2 Rest of Europe: Voice-Based Payments Market Breakdown, by Enterprise Size

10.3.6.7.3 Rest of Europe: Voice-Based Payments Market Breakdown, by Industry

10.4 Asia Pacific

10.4.1 Asia Pacific Voice-Based Payments Market Overview

10.4.2 Asia Pacific: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.4.3 Asia Pacific: Voice-Based Payments Market Breakdown, by Component

10.4.3.1 Asia Pacific: Voice-Based Payments Market – Revenue and Forecast Analysis – by Component

10.4.4 Asia Pacific: Voice-Based Payments Market Breakdown, by Enterprise Size

10.4.4.1 Asia Pacific: Voice-Based Payments Market – Revenue and Forecast Analysis – by Enterprise Size

10.4.5 Asia Pacific: Voice-Based Payments Market Breakdown, by Industry

10.4.5.1 Asia Pacific: Voice-Based Payments Market – Revenue and Forecast Analysis – by Industry

10.4.6 Asia Pacific: Voice-Based Payments Market – Revenue and Forecast Analysis – by Country

10.4.6.1 Asia Pacific: Voice-Based Payments Market – Revenue and Forecast Analysis – by Country

10.4.6.2 China: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.4.6.2.1 China: Voice-Based Payments Market Breakdown, by Component

10.4.6.2.2 China: Voice-Based Payments Market Breakdown, by Enterprise Size

10.4.6.2.3 China: Voice-Based Payments Market Breakdown, by Industry

10.4.6.3 India: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.4.6.3.1 India: Voice-Based Payments Market Breakdown, by Component

10.4.6.3.2 India: Voice-Based Payments Market Breakdown, by Enterprise Size

10.4.6.3.3 India: Voice-Based Payments Market Breakdown, by Industry

10.4.6.4 Japan: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.4.6.4.1 Japan: Voice-Based Payments Market Breakdown, by Component

10.4.6.4.2 Japan: Voice-Based Payments Market Breakdown, by Enterprise Size

10.4.6.4.3 Japan: Voice-Based Payments Market Breakdown, by Industry

10.4.6.5 South Korea: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.4.6.5.1 South Korea: Voice-Based Payments Market Breakdown, by Component

10.4.6.5.2 South Korea: Voice-Based Payments Market Breakdown, by Enterprise Size

10.4.6.5.3 South Korea: Voice-Based Payments Market Breakdown, by Industry

10.4.6.6 Australia: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.4.6.6.1 Australia: Voice-Based Payments Market Breakdown, by Component

10.4.6.6.2 Australia: Voice-Based Payments Market Breakdown, by Enterprise Size

10.4.6.6.3 Australia: Voice-Based Payments Market Breakdown, by Industry

10.4.6.7 Rest of APAC: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.4.6.7.1 Rest of APAC: Voice-Based Payments Market Breakdown, by Component

10.4.6.7.2 Rest of APAC: Voice-Based Payments Market Breakdown, by Enterprise Size

10.4.6.7.3 Rest of APAC: Voice-Based Payments Market Breakdown, by Industry

10.5 Middle East and Africa

10.5.1 Middle East and Africa Voice-Based Payments Market Overview

10.5.2 Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.5.3 Middle East and Africa: Voice-Based Payments Market Breakdown, by Component

10.5.3.1 Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast Analysis – by Component

10.5.4 Middle East and Africa: Voice-Based Payments Market Breakdown, by Enterprise Size

10.5.4.1 Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast Analysis – by Enterprise Size

10.5.5 Middle East and Africa: Voice-Based Payments Market Breakdown, by Industry

10.5.5.1 Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast Analysis – by Industry

10.5.6 Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast Analysis – by Country

10.5.6.1 Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast Analysis – by Country

10.5.6.2 Saudi Arabia: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.5.6.2.1 Saudi Arabia: Voice-Based Payments Market Breakdown, by Component

10.5.6.2.2 Saudi Arabia: Voice-Based Payments Market Breakdown, by Enterprise Size

10.5.6.2.3 Saudi Arabia: Voice-Based Payments Market Breakdown, by Industry

10.5.6.3 United Arab Emirates: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.5.6.3.1 United Arab Emirates: Voice-Based Payments Market Breakdown, by Component

10.5.6.3.2 United Arab Emirates: Voice-Based Payments Market Breakdown, by Enterprise Size

10.5.6.3.3 United Arab Emirates: Voice-Based Payments Market Breakdown, by Industry

10.5.6.4 South Africa: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.5.6.4.1 South Africa: Voice-Based Payments Market Breakdown, by Component

10.5.6.4.2 South Africa: Voice-Based Payments Market Breakdown, by Enterprise Size

10.5.6.4.3 South Africa: Voice-Based Payments Market Breakdown, by Industry

10.5.6.5 Rest of Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.5.6.5.1 Rest of Middle East and Africa: Voice-Based Payments Market Breakdown, by Component

10.5.6.5.2 Rest of Middle East and Africa: Voice-Based Payments Market Breakdown, by Enterprise Size

10.5.6.5.3 Rest of Middle East and Africa: Voice-Based Payments Market Breakdown, by Industry

10.6 South and Central America

10.6.1 South and Central America Voice-Based Payments Market Overview

10.6.2 South and Central America: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.6.3 South and Central America: Voice-Based Payments Market Breakdown, by Component

10.6.3.1 South and Central America: Voice-Based Payments Market – Revenue and Forecast Analysis – by Component

10.6.4 South and Central America: Voice-Based Payments Market Breakdown, by Enterprise Size

10.6.4.1 South and Central America: Voice-Based Payments Market – Revenue and Forecast Analysis – by Enterprise Size

10.6.5 South and Central America: Voice-Based Payments Market Breakdown, by Industry

10.6.5.1 South and Central America: Voice-Based Payments Market – Revenue and Forecast Analysis – by Industry

10.6.6 South and Central America: Voice-Based Payments Market – Revenue and Forecast Analysis – by Country

10.6.6.1 South and Central America: Voice-Based Payments Market – Revenue and Forecast Analysis – by Country

10.6.6.2 Brazil: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.6.6.2.1 Brazil: Voice-Based Payments Market Breakdown, by Component

10.6.6.2.2 Brazil: Voice-Based Payments Market Breakdown, by Enterprise Size

10.6.6.2.3 Brazil: Voice-Based Payments Market Breakdown, by Industry

10.6.6.3 Argentina: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.6.6.3.1 Argentina: Voice-Based Payments Market Breakdown, by Component

10.6.6.3.2 Argentina: Voice-Based Payments Market Breakdown, by Enterprise Size

10.6.6.3.3 Argentina: Voice-Based Payments Market Breakdown, by Industry

10.6.6.4 Rest of South and Central America: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

10.6.6.4.1 Rest of South and Central America: Voice-Based Payments Market Breakdown, by Component

10.6.6.4.2 Rest of South and Central America: Voice-Based Payments Market Breakdown, by Enterprise Size

10.6.6.4.3 Rest of South and 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

11.3 Company Share Analysis of Voice Based Payments Market

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

13.10 National Payments Corporation of India (NPCI)

13.10.1 Key Facts

13.10.2 Business Description

13.10.3 Products and Services

13.10.4 Financial Overview

13.10.5 SWOT Analysis

13.10.6 Key Developments

14. Appendix

14.1 About The Insight Partners

List of Tables

Table 1. Voice-Based Payments Market Segmentation

Table 2. Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

Table 3. Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million) – by Component

Table 4. Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million) – by Enterprise Size

Table 5. Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million) – by Industry

Table 6. North America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 7. North America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 8. North America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 9. North America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Country

Table 10. United States: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 11. United States: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 12. United States: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 13. Canada: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 14. Canada: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 15. Canada: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 16. Mexico: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 17. Mexico: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 18. Mexico: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 19. Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 20. Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 21. Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 22. Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Country

Table 23. Germany: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 24. Germany: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 25. Germany: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 26. France: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 27. France: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 28. France: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 29. United Kingdom: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 30. United Kingdom: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 31. United Kingdom: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 32. Italy: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 33. Italy: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 34. Italy: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 35. Russia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 36. Russia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 37. Russia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 38. Rest of Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 39. Rest of Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 40. Rest of Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 41. Asia Pacific: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 42. Asia Pacific: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 43. Asia Pacific: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 44. Asia Pacific: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Country

Table 45. China: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 46. China: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 47. China: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 48. India: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 49. India: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 50. India: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 51. Japan: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 52. Japan: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 53. Japan: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 54. South Korea: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 55. South Korea: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 56. South Korea: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 57. Australia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 58. Australia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 59. Australia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 60. Rest of APAC: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 61. Rest of APAC: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 62. Rest of APAC: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 63. Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 64. Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 65. Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 66. Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Country

Table 67. Saudi Arabia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 68. Saudi Arabia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 69. Saudi Arabia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 70. United Arab Emirates: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 71. United Arab Emirates: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 72. United Arab Emirates: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 73. South Africa: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 74. South Africa: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 75. South Africa: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 76. Rest of Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 77. Rest of Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 78. Rest of Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 79. South and Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 80. South and Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 81. South and Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 82. South and Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Country

Table 83. Brazil: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 84. Brazil: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 85. Brazil: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 86. Argentina: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 87. Argentina: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 88. Argentina: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 89. Rest of South and Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Component

Table 90. Rest of South and Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Enterprise Size

Table 91. Rest of South and Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million) – by Industry

Table 92. Company Positioning & Concentration

Table 93. Table

List of Figures

Figure 1. Voice-Based Payments Market Segmentation, by Geography

Figure 2. PEST Analysis

Figure 3. Ecosystem: Voice-Based Payments Market

Figure 4. Impact Analysis of Drivers and Restraints

Figure 5. Voice-Based Payments Market Revenue (US$ Million), 2022–2030

Figure 6. Voice-Based Payments Market Share (%) – by Component (2022 and 2030)

Figure 7. Software: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

Figure 8. Hardware: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

Figure 9. Voice-Based Payments Market Share (%) – by Enterprise Size (2022 and 2030)

Figure 10. Large Enterprises: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

Figure 11. SMEs: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

Figure 12. Voice-Based Payments Market Share (%) – by Industry (2022 and 2030)

Figure 13. BFSI: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

Figure 14. Automotive: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

Figure 15. Healthcare: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

Figure 16. Retail: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

Figure 17. Government: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

Figure 18. Others: Voice-Based Payments Market – Revenue and Forecast to 2030 (US$ Million)

Figure 19. Voice-Based Payments Market Breakdown by Region, 2022 and 2030 (%)

Figure 20. North America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 21. North America: Voice-Based Payments Market Breakdown, by Component (2022 and 2030)

Figure 22. North America: Voice-Based Payments Market Breakdown, by Enterprise Size (2022 and 2030)

Figure 23. North America: Voice-Based Payments Market Breakdown, by Industry (2022 and 2030)

Figure 24. North America: Voice-Based Payments Market Breakdown, by Key Countries, 2022 and 2030 (%)

Figure 25. United States: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 26. Canada: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 27. Mexico: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 28. Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 29. Europe: Voice-Based Payments Market Breakdown, by Component (2022 and 2030)

Figure 30. Europe: Voice-Based Payments Market Breakdown, by Enterprise Size (2022 and 2030)

Figure 31. Europe: Voice-Based Payments Market Breakdown, by Industry (2022 and 2030)

Figure 32. Europe: Voice-Based Payments Market Breakdown, by Key Countries, 2022 and 2030 (%)

Figure 33. Germany: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 34. France: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 35. United Kingdom: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 36. Italy: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 37. Russia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 38. Rest of Europe: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 39. Asia Pacific: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 40. Asia Pacific: Voice-Based Payments Market Breakdown, by Component (2022 and 2030)

Figure 41. Asia Pacific: Voice-Based Payments Market Breakdown, by Enterprise Size (2022 and 2030)

Figure 42. Asia Pacific: Voice-Based Payments Market Breakdown, by Industry (2022 and 2030)

Figure 43. Asia Pacific: Voice-Based Payments Market Breakdown, by Key Countries, 2022 and 2030 (%)

Figure 44. China: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 45. India: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 46. Japan: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 47. South Korea: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 48. Australia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 49. Rest of APAC: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 50. Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 51. Middle East and Africa: Voice-Based Payments Market Breakdown, by Component (2022 and 2030)

Figure 52. Middle East and Africa: Voice-Based Payments Market Breakdown, by Enterprise Size (2022 and 2030)

Figure 53. Middle East and Africa: Voice-Based Payments Market Breakdown, by Industry (2022 and 2030)

Figure 54. Middle East and Africa: Voice-Based Payments Market Breakdown, by Key Countries, 2022 and 2030 (%)

Figure 55. Saudi Arabia: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 56. United Arab Emirates: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 57. South Africa: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 58. Rest of Middle East and Africa: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 59. South and Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 60. South and Central America: Voice-Based Payments Market Breakdown, by Component (2022 and 2030)

Figure 61. South and Central America: Voice-Based Payments Market Breakdown, by Enterprise Size (2022 and 2030)

Figure 62. South and Central America: Voice-Based Payments Market Breakdown, by Industry (2022 and 2030)

Figure 63. South and Central America: Voice-Based Payments Market Breakdown, by Key Countries, 2022 and 2030 (%)

Figure 64. Brazil: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 65. Argentina: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 66. Rest of South and Central America: Voice-Based Payments Market – Revenue and Forecast to 2030(US$ Million)

Figure 67. Heat Map Analysis by Key Players

The List of Companies - Voice-Based Payments Market

  1. PayPal
  2. NCR Corporation
  3. NPCI
  4. Google LLC
  5. Amazon.com, Inc.
  6. Paysafe
  7. Huawei Technologies Co., Ltd.
  8. Vibepay
  9. Cerence Inc.
  10. PCI Pal

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

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  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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