Press release
Voice Commerce Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Voice Commerce Market Size
The size of the voice commerce market has significantly expanded in the past few years. It is projected to escalate from a valuation of $116.83 billion in 2024 to a staggering $151.39 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 29.6%. Factors contributing to the growth during the historical period comprise the heightened appeal of online shopping, modifications in consumer search and purchase behaviors, increased engagement of online businesses, the spread of smartphones and social media, and a rising demand for touch-free shopping.
Anticipated to experience a substantial expansion in the coming years, the voice commerce market size is predicted to reach $421.7 billion by 2029, recording a compound annual growth rate (CAGR) of 29.2%. Growth catalysts behind the accelerated growth during the forecasted segment are primarily due to the increased adoption of voice assistants and voice-powered devices, rising emphasis on improving customer engagement, expansion of the authentication market, a surge in voice-oriented searches, as well as rising applications within retail, banking, interconnected devices, smart homes, healthcare, and the automotive industry. The forecast period will also see substantial trends such as e-commerce platforms integrating with voice technologies, implementation of pioneering technologies like artificial intelligence, progression in natural language processing technology, increased demand for interconnected devices, and automation of shopping procedures via voice assistants.
What Key Elements Are Boosting Growth in the Voice Commerce Market?
The escalating need for online shopping is anticipated to stimulate the progression of the voice commerce market in the imminent future. The term e-commerce is a convenient mode of trading goods and services online. The surge in popularity of online shopping can be attributed to the security and ease of online payments, options for home delivery, tailored preferences, and overall customer service. Voice commerce elevates the shopping experience by making it more streamlined, efficient, and personalized, thereby boosting customer contentment and loyalty. Moreover, it offers the ease of browsing and purchasing items hands-free, simplifying the shopping process. For example, the International Trade Administration, a government agency based in the U.S., predicted in November 2023 that e-commerce sales in Canada would witness a remarkable boost, growing from approximately $2.34 billion in March 2022 to a whopping $40.3 billion in 2025. Thus, the booming requirement for online shopping paves the way for the advancement of the voice commerce market.
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Who Are the Major Industry Players Fueling Voice Commerce Market Expansion?
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.
Which Key Developments Are Influencing the Voice Commerce Market?
Prominent firms in the voice commerce sector are concentrating on the creation of progressive products like AI-powered voice assistants. These innovative tools are designed to enhance customer experiences and simplify shopping processes. AI-powered voice assistants are software applications that leverage AI technologies including natural language processing and machine learning to comprehend and reply to user voice commands and enquiries. For instance, Buzzo, a cutting-edge AI-enabled voice assistant, was launched by Haptik, a software company located in India. This voice assistant is intended to better the digital shopping experience on e-commerce websites and apps. Using Haptik's advanced natural language understanding (NLU) along with product details like filters, reviews, prices, and tags, Buzzo is able to comprehend a user's needs in everyday language and provide tailored recommendations akin to an in-store sales representative.
How Is the Segmentation of the Voice Commerce Market Defined?
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 Is the Leading 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.
What Is Covered In The Voice Commerce Global Market Report?
- Market Size Analysis: Analyze the Voice Commerce Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Voice Commerce Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Voice Commerce Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Voice Commerce Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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