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Voice Commerce Global Market Set to Skyrocket to $326.69 Billion By 2028 with an Impressive CAGR 29.3% | Apple inc., Alphabet Inc., Google LLC, Sony Corp., Salesforce Inc.
Voice Commerce Market
As per the report, the voice commerce market size has grown exponentially in recent years. It will grow from $90.54 billion in 2023 to $116.83 billion in 2024 at a compound annual growth rate (CAGR) of 29.0%. The voice commerce market size is expected to see exponential growth in the next few years. It will grow to $326.69 billion in 2028 at a compound annual growth rate (CAGR) of 29.3%.
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The Rising Demand For E-Commerce A Catalyst For Voice Commerce Growth
The increasing demand for e-commerce is expected to propel the growth of the voice commerce market going forward. E-commerce, short for electronic commerce, refers to the buying and selling goods and services over the internet. The rising demand for e-commerce is due to secure and convenient online payment options, home delivery options, personalization, and customer experience. Voice commerce provides a more seamless, efficient, and personalized shopping experience, ultimately driving customer satisfaction and loyalty. This also allows users to browse and purchase products without using their hands, making shopping easier. For instance, in November 2023, according to the International Trade Administration, a US-based government agency, e-commerce sales in Canada are estimated to increase from around $2.34 billion in March 2022 to $40.3 billion in 2025. Therefore, the increasing demand for e-commerce drives the voice commerce market.
Innovative Voice Commerce Solutions Enhancing User Experience And Streamlining Shopping With AI-Powered Assistants
Major companies operating in the voice commerce market are focused on developing innovative products, such as AI-powered voice assistants, to enhance user experience and streamline shopping processes. An AI-powered voice assistant is a software application that utilizes artificial intelligence (AI) technologies, such as natural language processing (NLP) and machine learning, to understand and respond to user voice commands and queries. For instance, Haptik, an India-based software company, launched Buzzo, an AI-powered voice assistant designed to improve the digital shopping experience for e-commerce websites and apps. The voice assistant uses Haptik's cutting-edge natural language understanding (NLU) combined with product metadata such as filters, reviews, pricing, and tags to understand a user's requirements in colloquial language and provide personalized recommendations similar to an in-store sales agent
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
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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.
Contents of the report:
1. Executive Summary
2. Voice Commerce Market Report Structure
3. Voice Commerce Market Trends And Strategies
4. Voice Commerce Market - Macro Economic Scenario
5. Voice Commerce Market Size And Growth
…..
27. Voice Commerce Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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