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Voice Commerce Market Trends That Will Shape the Next Decade: Insights from Innovative Voice Commerce Solutions Enhancing User Experience And Streamlining Shopping With AI-Powered Assistants
Voice Commerce
How Large Will the Voice Commerce Market Size By 2025?
The expansion of the voice commerce market has been remarkable in the last few years. The market size, which is predicted to be at $116.83 billion in 2024, is projected to surge to $150.34 billion in 2025, indicating a compound annual growth rate (CAGR) of 28.7%. The historical growth can be linked to the upsurge in online shopping popularity, changes in consumer search and shopping tendencies, widespread adoption of online businesses, the explosion of social media and smartphone usage, as well as the rising demand for contactless shopping options.
How Big Is the Voice Commerce Market Size Expected to Grow by 2029?
Expectations are high for a significant surge in the size of the voice commerce market in the upcoming years. It is predicted to escalate to a value of $395.53 billion by the end of 2029, displaying a compound annual growth rate (CAGR) of 27.4%. The forecasted period's growth can be linked to the rising utilization of voice assistant devices and voice-enabled technology, along with a heightened emphasis on improving customer interactions. Other factors include growth in the authentication market, a surge in voice-orientated searches, and an increase in applications within several sectors including retail, banking, connected devices, smart homes, healthcare, and automotive. Key trends within the forecast period encompass the amalgamation of e-commerce platforms with voice technologies, adoption of innovative technologies such as artificial intelligence, advancements in the realm of natural language processing technology, increased demand for connected devices, and the augmentation of shopping processes through voice assistants.
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Which Key Market Drivers Powering Voice Commerce Market Expansion and Growth?
The voice commerce market is poised for expansion, fuelled by the surge in e-commerce demand. E-commerce, which entails internet-based purchasing and selling of goods and services, has seen escalating demand due to the provision of secure and accessible online payment methods, home delivery capabilities, customer personalization, and enhanced customer experience. Voice commerce offers a more streamlined, proficient, and tailored shopping experience, which ultimately results in satisfying customers and fostering their loyalty. It also enables consumers to browse and buy products without manual involvement, thereby simplifying the shopping process. For example, in November 2023, the International Trade Administration, a US government agency, projected that e-commerce sales in Canada would rise from roughly $2.34 billion in March 2022 to $40.3 billion in 2025. Consequently, the growth of e-commerce demand fuels the voice commerce market.
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What Long-Term Trends Will Define the Future of the Voice Commerce Market?
Prominent firms engaged in the voice commerce industry are aiming at creating innovative offerings, like AI-supported voice aids, to augment customer interaction and simplify purchasing tasks. AI-powered voice services are software programs that use artificial intelligence capabilities, including natural language processing and machine learning, to comprehend and reply to user's voice instructions and inquiries. As an example, Haptik, a software enterprise from India, introduced Buzzo, an AI-assisted voice aid engineered to refine the online shopping experience for e-commerce platforms and applications. This voice tool employs Haptik's advanced natural language understanding combined with product metadata such as filters, reviews, pricing, and tags, to comprehend a customer's needs in everyday language and produce tailored suggestions akin to an in-person sales representative.
What Are the Emerging Segments in the Voice Commerce Market?
The voice commercemarket 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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Voice Commerce Industry?
North America was the largest region in the voice commerce market in 2024. 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.
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