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Voice Commerce Global Market Growth Accelerates Toward $326.69 Billion by 2028, Driven by 29.3% CAGR | Amazon.com Inc., Apple inc., Alphabet Inc., Google LLC, Sony Corp.
Voice Commerce Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increased popularity of online shopping, change in consumer search and shopping habits, increased penetration of online businesses, proliferation of social media and smartphones, increased demand for contactless shopping.
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%. The growth in the forecast period can be attributed to increasing adoption of voice assistants and voice-enabled devices, growing focus on enhancing customer engagement, growth of the authentication market, increasing in voice-based searches, increasing applications in retail, banking, connected devices, smart homes, healthcare, and automobile sectors. Major trends in the forecast period include integration of e-commerce platforms with voice technologies, use of innovative technologies like artificial intelligence, developments in natural language processing technology, demand for connected devices, automation of shopping operations through voice assistants.
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Market Drivers and Trends:
The growing popularity of E-sports is expected to propel the growth of the sports simulator market going forward. Esports or electronic sports refers to competitive video gaming that is organized and played professionally. The increased accessibility to gaming platforms, widespread internet connectivity, and the rise of streaming platforms create a wide range of opportunities for Esports. Esports athletes use sports simulators to practice in simulated environments that closely resemble real-world sports scenarios and improve their game mechanics, strategies, and decision-making abilities. For instance, in January 2024, according to the International Esports Federation (IESF), a South Korea-based esports organization, a record-breaking 130 Member Federations had registered for the National Qualifiers of the World Esports Championship 2024, and 609 teams from around the world will compete across five game titles, representing their countries. Therefore, the growing popularity of E-sports is driving the growth of the sports simulator market.
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
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Major Key Players of the Market:
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.
Voice Commerce Market 2024 Key Insights:
• 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%.
• The Rising Demand For E-Commerce A Catalyst For Voice Commerce Growth
• Innovative Voice Commerce Solutions Enhancing User Experience And Streamlining Shopping With AI-Powered Assistants
• North America was the largest region in the voice commerce market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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