The voice commerce market share is expected to increase by USD 55.68 billion from 2021 to 2026, at an accelerating CAGR of 24.34%. The voice commerce market has been broadly categorized into the following demographic segmentations:
- Application – Personal care, electronics, household appliances, groceries, and arts crafts
- Geography – North America, Europe, APAC, South America, and Middle East and Africa
The voice commerce market report offers information on several market vendors, including Adobe Inc., Agora Inc., Algolia Inc., Alphabet Inc., Amazon.com Inc., Edrone sp. z o.o., iAdvize SAS, Jetson AI Inc., Microsoft Corp., Salesforce.com Inc., Samsung Electronics Co. Ltd., Voicify LLC, and Yosh.AI Ltd. among others.
One of the key highlights of the voice commerce market research report is the post-COVID-19 impact analysis on the market, which will help companies evaluate their business approaches for the forecast period.
The enhanced purchasing convenience is notably driving the voice commerce market growth, although factors such as data privacy and security concerns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic’s impact on the voice commerce industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Voice Commerce Market Driver
- The enhanced purchasing convenience is one of the key drivers supporting the voice commerce market growth.
- Voice commerce has enhanced the purchasing experience of buyers as they no longer need to go through the website checkout process.
- Convenience in shopping is a major advantage for buyers or customers, allowing them to bypass a lengthy checkout process.
- Voice commerce is expected to become a hit on smart speakers and purchases are likely to be widely made from vehicle dashboard interfaces for buying products ranging from smartwatches.
- Companies that implement voice commerce technology in their online shops are likely to enhance user experience and customer experience significantly. This factor will drive the voice assistant application market growth during the forecast period.
Key Voice Commerce Market Trend
- The rising adoption of voice-enabled devices is one of the key voice assistant application market trends fueling market growth.
- According to a report that was published by Juniper Research in 2017, more than half of US households (55%) are estimated to have a voice-enabled smart speaker by 2022.
- According to a survey conducted by Adobe Digital Insights in 2018, of the people who own smart speakers, such as Google Home and Amazon Echo, 71% interact with the voice assistant at least once daily, while 44% of them interact with the voice assistant several times a day.
- Consumers find voice-enabled platforms and devices convenient for various activities, such as online shopping, banking, paying bills, and other tasks.
- Voice commerce helps users to go through highly-rated products, such as premium mobile phones, laptops, and others at one go. Such convenience will propel the voice commerce market growth during the forecast period.
Key Voice Commerce Market Challenge
- Data privacy and security concerns is one of the limitations hampering the voice commerce market growth.
- In many countries, network security in high-security zones is assumed to be a threat to national security, as these network areas may be vulnerable to hacking or terrorist attacks.
- Increased data-sharing over the network has led to cybersecurity and data breach issues while using voice assistant applications over mobile phones and cloud networks.
- Earlier, cybersecurity was an issue for only a limited number of connected devices. However, due to the IoT revolution, there will be a rise in the convergence of both physical and virtual worlds during the forecast period.
- Some nations have restricted a few voice assistant applications, including vehicle and infrastructure communication, due to security concerns. Thus, the chances of cybersecurity breaches and hacking are expected to hamper voice assistant application market growth during the forecast period.
This voice commerce market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the global voice commerce market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the voice commerce market during the forecast period.
Who are the Major Voice Commerce Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Adobe Inc.
- Agora Inc.
- Algolia Inc.
- Alphabet Inc.
- Amazon.com Inc.
- Edrone sp. z o.o.
- iAdvize SAS
- Jetson AI Inc.
- Microsoft Corp.
- Salesforce.com Inc.
- Samsung Electronics Co. Ltd.
- Voicify LLC
- Yosh.AI Ltd.
This statistical study of the voice commerce market encompasses successful business strategies deployed by the key vendors. The voice commerce market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- Adobe.com – The company offers voice commerce namely Voice Assistant Analytics which delivers more personalized customer experiences through voice-based interfaces by capturing and analyzing voice data.
- Algolia.com – The company offers voice commerce such as Algolia which gives users relevant voice search results with contextual understanding capabilities, NLP, natural language understanding, and AI tools.
- Abc.xyz – The company offers voice commerce namely Google Assistant which allows shoppers to order groceries for pickup and home delivery.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Read Also: Voice Commerce Companies
The voice commerce market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Below are the Key Data Covered in this Voice Commerce Market Report.
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive voice commerce market growth during the next five years
- Precise estimation of the voice commerce market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the voice commerce industry across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of voice commerce market vendors
