Voice Commerce Market Size, Share, Growth, and Industry Analysis, By Type (Smart Speaker, Voice Assistant, Virtual Digital Assistant), By Application (Personal care, Electronics, Household appliances, Groceries, Arts crafts, Others) and Regional Insights and Forecast To 2031

Updated On: 29 April 2024

VOICE COMMERCE MARKET REPORT OVERVIEW

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The global voice commerce market size expanded rapidly in 2023 and the market is projected to grow substantially by 2029, exhibiting a prodigious CAGR during the forecast period.

Voice and speech recognition are a part of biometric systems, it can be defined as a process of conversion of spoken words into digitally edited and recorded words using microphones and telephones. 

Use of voice commerce technology by the organizations has enhanced shopping experience of end users and consumers and increasing the sales and purchase significantly, hence boosting the market growth.

COVID-19 Impact: Increased Demand For Voice Communication Boosted Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Governments has imposed restrictions on outing which in turn forced people to spend their most of the time on online world in shopping or accessing voice assistant applications on their smartphones. This has leads to acceptance and reliance on technologies such as artificial intelligence and IOT which use voice commerce market hence boosted the market growth during pandemic.

LATEST TRENDS

"Proliferation Of Voice-Activated Devices Will Drive Market Growth"

The proliferation of voice-activated devices is one of the main market trends for voice assistance applications, drive the growth of the market. Voice enabled devices and platforms are more convenient for consumers for various activities such as online shopping, bill payment and other operations. Voice commerce helps users to use premium products such as mobile phone, laptops and others at same time. Such convenience will create lucrative opportunities to fuel market growth.

VOICE COMMERCE MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Smart Speaker, Voice Assistant, Virtual Digital Assistant.

• Smart Speaker: Voice commerce is assisted by voice assistant to make better experience to users.

• Voice Assistant: Online shopping applications uses voice assistant to provide efficient service to their customers.

• Virtual Digital Assistant: Smartphone users take advantage of virtual digital assistant to place order while purchase.

By Application

Based on application the global market can be categorized into Personal care, Electronics, Household appliances, Groceries, Arts crafts, Others.

• Personal care: Through voice assistant, consumers can purchase belongings such as personal care products.

• Electronics: Consumers can place order through voice assistant applications to purchase belongings such as electronic items.

• Household appliances: Consumers can purchase belongings such as personal care products.

• Groceries: Consumers can place order through voice assistant applications to purchase belongings such as groceries.

• Arts crafts: Consumers can purchase belongings such as arts crafts through voice assistant application online.

DRIVING FACTORS

"Improved shopping experience will Boost the Market growth"

Due to voice commerce market, the shopping becomes easier to the consumers as they do not go through the hectic process of purchase on a website. The ease of purchase becomes a great advantage for shoppers as well as customers. Voice commerce will be a success for smart speakers, and purchase are likely to be widely made from vehicle dashboard interfaces to purchase products such as apparels or accessories. Use of voice commerce technology by the companies has enhanced shopping experience of users and consumers and increasing the sales and purchase significantly, hence boosting the voice commerce market growth.

"Use Of Innovative Technologies Like Artificial Intelligence Will Expand The Market"

Use of innovative technologies like artificial intelligence in the voice commerce market has boosted the market growth. Consumers can place the order by using their smartphones assisted through voice commerce technology, which enhance the users experience and help to place the order in an easier way.

RESTRAINING FACTORS

"Violation Of Privacy And Security May Hinder Market Growth"

Rising violation of privacy and security are one of the major challenges which may limit the market growth, as in many countries maintaining security of security prone zones is considered to be a threat for the national security as this area of network are more prone to hacking and terrorism attacks. Sharing of data by the consumers while using voice assistant online apps on smartphones has increased risk to violate the security laws leading restriction of market growth.

VOICE COMMERCE MARKET REGIONAL INSIGHTS

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"North America Dominating the Market due to Significant Technological Breakthrough In The Telecommunication Industry"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America will dominate the voice commerce market share during forecast period due to significant technological breakthrough in the telecommunication industry. Adoption of smartphone and large number of users in the North America region has boosted the market growth. The economic climate in North America is booming and business environment have seen significant adoption of VOWifi. Several companies have used Vowifi to provide their employees with affordable and reliable voice communications for both on-site and remote workers.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The voice commerce market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Microsoft Corp. (U.S.)
• Amazon.com Inc. (U.S.)
• Alphabet Inc. (U.S.)
• Samsung Electronics Co. Ltd. (South Korea)
• Jetson AI Inc. (U.K.)
• Voicify LLC (U.K.)
• Agora Inc. (U.S.)
• Salesforce.com Inc. (U.S.)
• iAdvize SAS (France)
• Yosh.AI Ltd. (U.K.)
• Adobe Inc. (U.S.)
• Algolia Inc. (U.S.)

INDUSTRIAL DEVELOPMENT

September 2021: Microsoft and Nuance communications launched Nuance dragon ambient, an intelligent solution to Microsoft team to vastly expand virtual consultations aimed at improving the wellbeing of doctors and improving patients’ health.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.