What Fueled The Previous Growth In The Voice Commerce Market?
The voice commerce market has seen considerable growth due to a variety of factors.
• The voice commerce market has grown significantly in recent years. It will rise from $116.83 billion in 2024 to $151.39 billion in 2025, at a CAGR of 29.6%.
This rapid growth can be attributed to the popularity of online shopping, changes in consumer shopping and search habits, greater penetration of online businesses, the spread of social media and smartphones, and the increasing demand for contactless shopping options.
How Does the Forecast Look for the Voice Commerce Market?
The voice commerce market is expected to maintain its strong growth trajectory in upcoming years.
• The voice commerce market is projected to grow exponentially, reaching $421.7 billion by 2029, at a CAGR of 29.2%.
Growth is driven by the increased adoption of voice assistants and voice-enabled devices, a focus on customer engagement, and the expansion of voice searches and applications across various sectors. Key trends include the integration of e-commerce platforms with voice tech, advancements in AI and natural language processing, and automation of shopping through voice assistants.
What Are The Leading Drivers Of Growth In The Voice Commerce Market?
The surge in the e-commerce industry is predicted to fuel the expansion of the voice commerce market. E-commerce, essentially involving internet-based buying and selling of goods and services, is gaining traction due to factors like secure online payment methods, home delivery services, customization, and enhanced customer experiences. Voice commerce facilitates a smoother, more effective, and tailored shopping journey, which in turn boosts customer contentment and allegiance. Furthermore, this technology empowers users to browse and buy products without the necessity of manual intervention, making the shopping process more convenient. For example, as stated by the International Trade Administration, a U.S. government agency, in November 2023, there has been a projection that e-commerce sales in Canada will escalate from approximately $2.34 billion in March 2022 to around $40.3 billion by 2025. Henceforth, the booming e-commerce industry is a primary driving force for the voice commerce market.
How Are The Segments Defined Within 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
Subsegments:
1) By Smart Speaker: Amazon Echo, Google Home, Apple HomePod, Others
2) By Voice Assistant: Google Assistant, Amazon Alexa, Apple Siri, Microsoft Cortana
3) By Virtual Digital Assistant: AI-Based Assistants, Chatbots
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What Trends Are Shaping The Voice Commerce Market?
Leading businesses in the voice commerce sector are concentrating on the production of innovative solutions, such as AI-driven voice assistants, to augment user interaction and simplify shopping procedures. AI-powered voice assistants are software applications that employ artificial intelligence technologies, including natural language processing (NLP) and machine learning, to interpret and answer user voice commands and inquiries. Haptik, a software firm based in India, for example, introduced Buzzo, an AI-powered voice assistant intended to enhance the online shopping experience for e-commerce platforms and apps. The voice assistant employs Haptik's advanced natural language understanding (NLU) in addition to product metadata like filters, reviews, pricing, and tags to grasp a user's needs in everyday language and offer personalized suggestions akin to an in-person sales representative.
Who Are the Key Players In The Voice Commerce Market?
Major companies operating in the voice commerce market are:
• Amazon.com Inc.
• Apple inc.
• Alphabet Inc.
• Google LLC
• Samsung Electronics Co.
• Alibaba Group Holding Ltd.
• Sony Corp.
• Salesforce Inc.
• Baidu Inc.
• Adobe Inc.
• Twilio Inc.
• Vizio Inc.
• Sonos Inc.
• BigCommerce Pty. Ltd.
• Algolia Inc.
• Agora.io
• iAdvize Inc.
• SoundHound Inc.
• Ferns N Petals Pvt. Ltd.
• Edrone Ltd.
• Humanize LLC
• Yoshai Ltd.
• Voicify LLC
• Jetson AI Inc.
What Is The Most Dominant Region 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.
