What Is The Definition Of The Global Voice Commerce Market?
Voice commerce, also known as v-commerce, refers to the process of purchasing goods and services using voice commands or virtual assistants, typically through devices equipped with voice recognition technology or connected devices. It allows consumers to browse products, add items to their shopping cart, and complete transactions entirely through spoken commands without the need for traditional visual interfaces such as screens or keyboards.
Voice Commerce Global Market Report 2024 provides data on the global voice commerce market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The voice commerce market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Voice Commerce Market Projected?
The voice commerce market has expanded rapidly, growing from $90.54 billion in 2023 to $116.83 billion in 2024, at a CAGR of 29.0%. Key drivers of past growth include the growing popularity of online shopping, evolving consumer habits, the increasing prevalence of online businesses, and greater demand for contactless shopping. The market is expected to grow to $326.69 billion by 2028, at a CAGR of 29.3%. This future growth will be fueled by the widespread adoption of voice-enabled devices, a focus on enhancing customer engagement, advancements in authentication technologies, and applications in sectors like retail, healthcare, and automotive. Trends include integrating e-commerce with voice technology, advancements in natural language processing, and automation in shopping through voice assistants.
What Are The Primary Growth Drivers In The Voice Commerce Market?
The surge in e-commerce is expected to drive the growth of the voice commerce market. E-commerce refers to the buying and selling of goods online, driven by secure payment options, home delivery, and personalized shopping experiences. Voice commerce offers a more seamless, personalized shopping experience by enabling users to browse and purchase products hands-free. For example, e-commerce sales in Canada are expected to rise significantly, from $2.34 billion in 2022 to $40.3 billion by 2025. Thus, the growing demand for e-commerce is spurring the growth of voice commerce.
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What Is The Segmentation Of The Global Voice Commerce Market?
The voice commerce market covered in this report is segmented –
1) By Type: Smart Speaker, Voice Assistant, Virtual Digital Assistant
2) By Application: Personal Care, Electronics, Household Appliances, Groceries, Arts Crafts, Other Applications
3) By End-User : Travel Industry, Hospitality Industry, Entertainment Industry, Other End-Users
What Emerging Trends Are Shaping The Voice Commerce Market Landscape?
In the voice commerce market, companies are enhancing user experience and streamlining the shopping process by developing AI-powered voice assistants. These assistants use AI technologies, such as natural language processing and machine learning, to interpret and respond to user voice commands. For example, Haptik, an India-based software company, launched Buzzo, an AI-driven voice assistant aimed at enhancing e-commerce experiences. It leverages Haptik’s advanced natural language understanding and integrates product data like pricing, reviews, and filters to provide personalized shopping recommendations.
Which Region Has The Fastest Expansion In The Voice Commerce Market?
North America was the largest region in the voice commerce market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice commerce market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
