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Voice Activated Transactions Market Size, Share & Trends Analysis Report by Component (Software, Hardware, Service) Application (Peer-to-peer Transfer, Online shopping, Others) End-Use Industry (Automotive, BFSI, Consumer goods, Government, Retail, Healthcare, Others) Geography (North America, Europe, Asia-Pacific, South America, RoW) Forecast till 2028

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Voice Activated Transactions Market Overview

The report titled “Voice Activated Transactions Market – Size, Share, Growth, Opportunities, and Competitive Analysis, 2022 – 2028” offers strategic visions into the global voice activated transactions market estimates for the forecast period 2022 to 2028. This study covers an in-depth analysis of multiple market segments based on Component, Application and End-Use-Industry across five different regions covering 20+ countries. Key insights associated with forecast factors for the market during the forecast period 2022-2028 have also been covered.

Voice Activated Transactions Market Dynamics

PINs, passwords, and knowledge-based questions have all become insecure ways of verification. Developing enhanced voice biometrics to provide enterprises and their users with better user experience, efficiency, and security is the need of time. Reduced agent-handling time and a secure yet straightforward client and agent experience with Identity verification, fraud detection, and prevention using next-generation technology. Improved security and lower regulatory compliance expenses.

The mounting application usage and implementation of the Internet of Things (IoT) further open up numerous market opportunities for distributed computing services. The commercialization of high specification chips has resulted in facilitating the development of 5G communication and AI applications. Furthermore, IT experts from developing countries will provide cutting-edge algorithms to move the voice-activated transaction technology toward perfection.

One of the key benefits of this technology is that it is minimally invasive, which is also one of the major benefits of voice recognition. Individuals who utilize these security gadgets should be aware of this. Because previous forms of biometric technology appear intrusive, many consumers today dislike various sorts of biometric technology. The benefits of speech technology include the fact that it simply requires people to speak and provide a vocal sample, which is a minimally invasive procedure. Because this technology has a high percentage of consumer acceptance, it can assist businesses in keeping their clients satisfied with the service they are giving.

Segmental Analysis

Why BFSI as an end use industry is seen as an attractive segment?

As UPI transactions are gaining popularity and a large population is using it for purchases and peer-to-peer transactions, security becomes an important segment to focus on. Furthermore, using voice as a password in banking services makes it easy for the customers to avail of the facility, which has become a necessity.

Customers can make deposits or withdrawals by asking their phones to do so, thanks to voice-based technology. Banks can utilize voice-based technologies to add another degree of biometric protection to their systems. Because voice assistants can distinguish between different voices, they can utilize voice to verify a customer's identity. Voice-based technologies will aid banks in achieving more efficient and unified communication. This will assist banks in providing better services by allowing customers to use banking services 24 hours a day, seven days a week. Voice-activated technologies will assist banks in providing excellent customer service.

Because the system can recognize conversational accents, dialects, intonation, and linguistics, banks can respond to client inquiries more swiftly and effectively. Banks can use this technology on both the front and back end to lower customer service expenses and free up branch workers to do more vital work.

Regional Analysis 

North America will lead the global voice-activated transaction market as most of the players developing the technology are present in North America. In terms of technological innovation, the United States dominates the world. According to the World Economic Forum's 2018 Global Competitive Index, the nation's competitive advantage is a result of its corporate dynamism, solid institutional foundations, financing options, and active innovation ecosystem.

Since the post-World War II industrial revolution, innovation has been a defining characteristic of American competitiveness and has fueled the country's global dominance. Strategic competitive advantage can be attained by nations who are at the forefront of producing cutting-edge technology and utilizing the full potential of their digital economies.

Competitive Landscape

Sensory Inc., a leading provider of embedded speech recognition technology and an ST Authorized Partner, and STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, have announced a collaboration that will enable the STM32 microcontroller (MCU) user community to develop and prototype intuitive voice-based user interfaces for a wide range of smart embedded products.

The collaboration combines ST's STM32 hardware and software with Sensory's voice-control technologies, including the new VoiceHub online portal, which allows for the seamless creation of embedded speech-recognition models in almost twenty languages and dialects using custom wake words, voice-control command sets, and large natural-language grammars.

The global voice-activated transactions market will be a moderately consolidated competitive landscape, with the top companies accounting for the majority of revenue. Some of the key players in the global voice-activated transactions market include Google, Amazon, Apple, Microsoft, Sensory Inc., Auraya Systems Pty Ltd., Nuance Communications, Inc., Baidu, and LumenVox LLC.

Key Questions Answered 

  1. Which are the prominent drivers impacting voice activated transactions market growth?
    1. Some of the factors impacting the global voice activated transactions market during the forecast period 2022-2028 are as follows:

                                          i.    Growing adoption of smartphones

                                         ii.    Urge of safe transactions

2.    The aforementioned factors facilitate numerous growth opportunities for the global voice activated transactions market which is poised to expand at a CAGR of more than 17.6% between 2022 and 2028.  

  1. Which region is expected to dominate the voice activated transactions market by 2028 end?
    1. North American region is expected to continue its dominance during the forecast period 2022-2028

Key Segments of Voice Activated Transactions Market

  • Component
    • Software
    • Hardware
    • Service
  • Application
    • Peer-to-peer Transfer
    • Online shopping
    • Others
  • End Use Industry
    • Automotive
    • BFSI
    • Consumer goods
    • Government
    • Retail
    • Healthcare
    • Others

·         Region

o   North America

o   Europe

o   Asia Pacific

o   South America

 

o   MEA

 

  Report Attribute/Metric

 Details

  

    CAGR

~ 17.6% (2021-2028)

  

    Forecast Period

2022 – 2028

  

    Forecast Unit

Value (US$ Mn) and Volume (Mn Units)

 

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors and Trends

 

Segments Covered

Component, Application, End Use Industry

 

Geographies Covered

North America, Europe, Asia-Pacific, South America, and Middle East & Africa

 

Key Players Analyzed

Google, Amazon, Apple, Microsoft, Sensory Inc., Auraya Systems Pty Ltd., Nuance Communications, Inc., Baidu, LumenVox LLC

 

    Key Market Opportunities

·         Increasing adoption of technology by common people

 

    Key Market Drivers

  • Growing adoption of smartphones
  • Urge of safe transactions

1.      Executive Summary

1.1.    Global Market Outlook

1.2.    Demand Side Trends

1.3.    Supply Side Trends

1.4.    Recommendation and Analysis

2.      Market Overview

2.1.    Market Taxonomy

2.2.    Market Definition & Scope

3.      Market Background and Foundation Data Points

3.1.             Global IT & Telecom Industry Outlook

3.2.             Recent Developments in Voice Activated Transactions Market Segment

3.3.             Regulatory Policies and Landscape

3.4.             Market White Space Assessment and Opportunity Analysis

3.5.             Key Market Trend Analysis

3.5.1.  By Component

3.5.2.  By Application

3.5.3.  By End Use Industry

3.6.             Development Patterns in Voice Activated Transactions Market

3.7.             Competitive Scenario and Trends

3.7.1.  Market Concentration Rate, by Region

3.7.2.  List of Emerging, Prominent and Leading Players 

3.7.3.  Mergers & Acquisitions

3.8.             Scenario Forecast for Demand

3.8.1.  Optimistic Scenario

3.8.2.  Likely Scenario

3.8.3.  Conservative Scenario

3.9.             Macro-Economic Factors

3.10.         Market Dynamics

3.10.1.         Market Driving Factors and Impact Assessment

3.10.2.         Prominent Market Challenges and Impact Assessment

3.10.3.         Market Opportunities

3.10.4.         Challenges in Voice Activated Transactions

3.11.                     Expected Demand Volume (Mn Units) and Value (US$ Mn) Recovery Curve

3.11.1.         Likelihood of V-Shape Recovery

3.11.2.         Likelihood of U-Shape Recovery

3.11.3.         Likelihood of L-Shape Recovery

4.      Global Voice Activated Transactions Market - Pricing Analysis

4.1.    Regional Pricing Analysis by Application

4.2.    Pricing Break-up

4.3.    Global Average Pricing Analysis Benchmark

5.      Global Voice Activated Transactions Market Demand (in Value or Size in US$ Mn) Analysis Forecast, 2022-2028

5.1.    Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis, 2017-2021

5.2.    Current and Future Market Volume (Mn Units) and Value (US$ Mn) Projections, 2022-2028

5.2.1.  Y-o-Y Growth Trend Analysis

5.2.2.  Absolute $ Opportunity Analysis 

6.      Global Voice Activated Transactions Market Analysis Forecast 2022-2028, By Component

6.1.    Introduction / Key Findings

6.2.    Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Component, 2017-2021

6.3.    Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Component, 2022-2028

6.3.1.  Software

6.3.2.  Hardware

6.3.3.  Service

6.4.    Market Attractiveness Analysis by Component

7.      Global Voice Activated Transactions Market Analysis Forecast 2022-2028, By Application

7.1.    Introduction / Key Findings

7.2.    Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Application, 2017-2021

7.3.    Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Application, 2022-2028

7.3.1.  Peer-to-peer Transfer

7.3.2.  Online shopping

7.3.3.  Others

7.4.    Market Attractiveness Analysis by Application

8.      Global Voice Activated Transactions Market Analysis Forecast 2022-2028, By End Use Industry

8.1.    Introduction / Key Findings

8.2.    Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by End Use Industry, 2017-2021

8.3.    Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by End Use Industry, 2022-2028

8.3.1.  Automotive

8.3.2.  BFSI

8.3.3.  Consumer goods

8.3.4.  Government

8.3.5.  Retail

8.3.6.  Healthcare

8.3.7.  Others

8.4.    Market Attractiveness Analysis by End Use Industry

9.      Global Voice Activated Transactions Market Analysis Forecast 2022-2028, By Region

9.1.    Introduction / Key Findings

9.2.    Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Region, 2017-2021

9.3.                         Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Region, 2022-2028

9.3.1.  North America

9.3.2.  Europe

9.3.3.  Asia Pacific

9.3.4.  South America

9.3.5.  Middle East and Africa (MEA)

9.4.    Market Attractiveness Analysis by Region

10.  North America Voice Activated Transactions Market Analysis Forecast 2022-2028

10.1.                     Introduction / Key Findings

10.2.                     Pricing Analysis

10.3.                     Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Region, 2017-2021

10.4.                     Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Region, 2022-2028

10.4.1.     By Country

10.4.1.1. U.S.

10.4.1.2. Canada

10.4.1.3. Mexico

10.4.2.         By Component

10.4.3.         By Application

10.4.4.         By End Use Industry

10.5.                     Market Attractiveness Analysis

10.5.1.         By Country

10.5.2.         By Component

10.5.3.         By Application

10.5.4.         By End Use Industry

11.  Europe Voice Activated Transactions Market Analysis Forecast 2022-2028

11.1.                     Introduction / Key Findings

11.2.                     Pricing Analysis

11.3.                     Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Region, 2017-2021

11.4.                     Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Region, 2022-2028

11.4.1.     By Country

11.4.1.1. Germany

11.4.1.2. Italy

11.4.1.3. France

11.4.1.4. Spain

11.4.1.5. UK

11.4.1.6. Rest of Europe

11.4.2.         By Component

11.4.3.         By Application

11.4.4.         By End Use Industry

11.5.                     Market Attractiveness Analysis

11.5.1.     By Country

11.5.2.         By Component

11.5.3.         By Application

11.5.4.         By End Use Industry

12.  Asia Pacific Voice Activated Transactions Market Analysis Forecast 2022-2028

12.1.                     Introduction / Key Findings

12.2.                     Pricing Analysis

12.3.                     Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Region, 2017-2021

12.4.                     Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Region, 2022-2028

12.4.1.     By Country

12.4.1.1. China

12.4.1.2. India

12.4.1.3. Japan

12.4.1.4. South Korea

12.4.1.5. Rest of Asia Pacific

12.4.2.         By Component

12.4.3.         By Application

12.4.4.         By End Use Industry

12.5.                     Market Attractiveness Analysis

12.5.1.     By Country

12.5.2.         By Component

12.5.3.         By Application

12.5.4.         By End Use Industry

13.  South America Voice Activated Transactions Market Analysis Forecast 2022-2028

13.1.                     Introduction / Key Findings

13.2.                     Pricing Analysis

13.3.                     Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Region, 2017-2021

13.4.                     Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Region, 2022-2028

13.4.1.     By Country

13.4.1.1. Brazil

13.4.1.2. Argentina

13.4.1.3. Rest of South America

13.4.2.         By Component

13.4.3.         By Application

13.4.4.         By End Use Industry

13.5.                     Market Attractiveness Analysis

13.5.1.     By Country

13.5.2.         By Component

13.5.3.         By Application

13.5.4.         By End Use Industry

14.  Middle East and Africa (MEA) Voice Activated Transactions Market Analysis Forecast 2022-2028

14.1.                     Introduction / Key Findings

14.2.                     Pricing Analysis

14.3.                     Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Region, 2017-2021

14.4.                     Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Region, 2022-2028

14.4.1.     By Country

14.4.1.1. GCC Countries

14.4.1.2.  South Africa

14.4.1.3.                   Rest of MEA

14.4.2.         By Component

14.4.3.         By Application

14.4.4.         By End Use Industry

14.5.                     Market Attractiveness Analysis

14.5.1.     By Country

14.5.2.         By Component

14.5.3.         By Application

14.5.4.         By End Use Industry

15.  Market Structure Analysis

15.1.   Market Analysis by Tier of Companies (Voice Activated Transactions)

15.2.   Market Concentration

15.3.   Market Dashboard

15.4.   Key Player Heat Map Analysis

16.  Competition Analysis

16.1.   Competition Benchmarking

16.2.   Competition Deep Dive

16.2.1. Google

16.2.1.1. Overview

16.2.1.2. Product Portfolio

16.2.1.3. Regional Revenue

16.2.1.4. Segmental Revenue Breakup

16.2.1.5. Recent Development

16.2.1.6. SWOT analysis

16.2.2.      Amazon

16.2.3.      Apple

16.2.4.      Microsoft

16.2.5.      Sensory Inc.

16.2.6.      Auraya Systems Pty Ltd.

16.2.7.      Nuance Communications, Inc.

16.2.8.      Baidu

16.2.9.      LumenVox LLC

16.2.10.   Others

17.     Appendix

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Voice Activated Transactions Market Size, Share & ...

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