Middle East & Africa 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)
The Middle East & Africa voice-based payments market was valued at US$ 501.44 million in 2022 and is expected to reach US$ 937.62 million by 2030; it is estimated to register a CAGR of 8.1% from 2022 to 2030.
Increasing Adoption by Retail Sector Bolsters Middle East & Africa Voice-Based Payments Market
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.
Middle East & Africa Voice-Based Payments Market Overview
The Middle East & Africa (MEA) voice-based payment market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The digital payment landscape in the Middle East & Africa is rapidly evolving, with the region showing immense growth potential. The Middle East & Africa is poised to witness a significant shift in the way payments are made, owing to the surge in the adoption of digital payment methods such as voice-based payments, contactless payments, and mobile wallets. This shift has been triggered by several factors, such as the need for quicker, safer, and more convenient payment solutions across various sectors. Several companies are taking various initiatives to increase digital payments in the region. For instance, in August 2022, Volante Technologies announced that banks and fintech firms in the Middle East & Africa are planning more investment in payments modernization over the next two years than in any other region in the world. Similarly, in October 2023, Al Etihad Payments (AEP) officially launched "Aani," an instant payments platform aiming to transform the landscape of digital payments in the UAE. Hence, with the increasing initiatives by several companies, the adoption of voice-based payments is also growing in the Middle East & Africa.
Middle East & Africa Voice-Based Payments Market Revenue and Forecast to 2030 (US$ Million)
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Middle East & Africa Voice-Based Payments Market Segmentation
The Middle East & Africa voice-based payments market is categorized into component, enterprise size, industry, and country.
Based on component, the Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa voice-based payments market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The UAE dominated the Middle East & Africa voice-based payments market share in 2022.
Amazon.com Inc, Google LLC, Huawei Technologies Co Ltd, and NCR VOYIX Corp are some of the leading companies operating in the Middle East & Africa voice-based payments market.
TABLE OF CONTENTS
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. Middle East & Africa 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. Middle East & Africa 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 - Middle East & Africa Analysis
6.1 Middle East & Africa Voice-Based Payments Market Revenue (US$ Million), 2020-2030
6.2 Middle East & Africa Voice-Based Payments Market Forecast Analysis
7. Middle East & Africa Voice-Based Payments Market Analysis - by Component
7.1 Software
7.1.1 Overview
7.1.2 Software: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
7.2 Hardware
7.2.1 Overview
7.2.2 Hardware: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
8. Middle East & Africa Voice-Based Payments Market Analysis - by Enterprise Size
8.1 Large Enterprises
8.1.1 Overview
8.1.2 Large Enterprises: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
8.2 SMEs
8.2.1 Overview
8.2.2 SMEs: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
9. Middle East & Africa Voice-Based Payments Market Analysis - by Industry
9.1 BFSI
9.1.1 Overview
9.1.2 BFSI: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
9.2 Automotive
9.2.1 Overview
9.2.2 Automotive: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
9.3 Healthcare
9.3.1 Overview
9.3.2 Healthcare: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)s
9.4 Retail
9.4.1 Overview
9.4.2 Retail: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
9.5 Government
9.5.1 Overview
9.5.2 Government: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
10. Middle East & Africa Voice-Based Payments Market - Country Analysis
10.1 Middle East & Africa Voice-Based Payments Market
10.1.1 Middle East & Africa Voice-Based Payments Market - Revenue and Forecast Analysis - by Country
10.1.1.1 Middle East & Africa: Voice-Based Payments Market - Revenue and Forecast Analysis - by Country
10.1.1.2 Saudi Arabia: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
10.1.1.2.1 Saudi Arabia: Voice-Based Payments Market Breakdown, by Component
10.1.1.2.2 Saudi Arabia: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.2.3 Saudi Arabia: Voice-Based Payments Market Breakdown, by Industry
10.1.1.3 United Arab Emirates: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
10.1.1.3.1 United Arab Emirates: Voice-Based Payments Market Breakdown, by Component
10.1.1.3.2 United Arab Emirates: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.3.3 United Arab Emirates: Voice-Based Payments Market Breakdown, by Industry
10.1.1.4 South Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
10.1.1.4.1 South Africa: Voice-Based Payments Market Breakdown, by Component
10.1.1.4.2 South Africa: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.4.3 South Africa: Voice-Based Payments Market Breakdown, by Industry
10.1.1.5 Rest of Middle East & Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
10.1.1.5.1 Rest of Middle East & Africa: Voice-Based Payments Market Breakdown, by Component
10.1.1.5.2 Rest of Middle East & Africa: Voice-Based Payments Market Breakdown, by Enterprise Size
10.1.1.5.3 Rest of Middle East & Africa: 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 Huawei Technologies Co Ltd
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
14. Appendix
14.1 About The Insight Partners
List of Tables
Table 1. Middle East & Africa Voice-Based Payments Market Segmentation
Table 2. Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Table 3. Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Component
Table 4. Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Enterprise Size
Table 5. Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Industry
Table 6. Middle East & Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Country
Table 7. Saudi Arabia: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Component
Table 8. Saudi Arabia: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Enterprise Size
Table 9. Saudi Arabia: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Industry
Table 10. United Arab Emirates: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Component
Table 11. United Arab Emirates: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Enterprise Size
Table 12. United Arab Emirates: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Industry
Table 13. South Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Component
Table 14. South Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Enterprise Size
Table 15. South Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Industry
Table 16. Rest of Middle East & Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Component
Table 17. Rest of Middle East & Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Enterprise Size
Table 18. Rest of Middle East & Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million) - by Industry
Table 19. Company Positioning & Concentration
Table 20. Appendix
List of Figures
Figure 1. Middle East & Africa Voice-Based Payments Market Segmentation, by Country
Figure 2. Ecosystem: Voice-Based Payments Market
Figure 3. Middle East & Africa Voice-Based Payments Market - Key Market Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Middle East & Africa Voice-Based Payments Market Revenue (US$ Million), 2020-2030
Figure 6. Middle East & Africa Voice-Based Payments Market Share (%) - by Component (2022 and 2030)
Figure 7. Software: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 8. Hardware: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 9. Middle East & Africa Voice-Based Payments Market Share (%) - by Enterprise Size (2022 and 2030)
Figure 10. Large Enterprises: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 11. SMEs: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 12. Middle East & Africa Voice-Based Payments Market Share (%) - by Industry (2022 and 2030)
Figure 13. BFSI: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 14. Automotive: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 15. Healthcare: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 16. Retail: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 17. Government: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 18. Others: Middle East & Africa Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 19. Middle East & Africa Voice-Based Payments Market, by Key Country - Revenue (2022) (US$ Million)
Figure 20. Middle East & Africa Voice-Based Payments Market Breakdown, by Key Countries, 2022 and 2030 (%)
Figure 21. Saudi Arabia: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 22. United Arab Emirates: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 23. South Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 24. Rest of Middle East & Africa: Voice-Based Payments Market - Revenue and Forecast to 2030 (US$ Million)
Figure 25. Heat Map Analysis by Key Players
- Amazon.com Inc
- Google LLC
- Huawei Technologies Co Ltd
- NCR VOYIX Corp
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Middle East & Africa voice-based payments market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Middle East & Africa voice-based payments market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the Middle East & Africa voice-based payments market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.