Voice Commerce

Voice Commerce

Global Voice Commerce Market to Reach US$147.9 Billion by 2030

The global market for Voice Commerce estimated at US$40.5 Billion in the year 2023, is expected to reach US$147.9 Billion by 2030, growing at a CAGR of 20.3% over the analysis period 2023-2030. Personal Care Application, one of the segments analyzed in the report, is expected to record a 22.9% CAGR and reach US$50.6 Billion by the end of the analysis period. Growth in the Electronics Application segment is estimated at 20.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$11.0 Billion While China is Forecast to Grow at 28.4% CAGR

The Voice Commerce market in the U.S. is estimated at US$11.0 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$39.2 Billion by the year 2030 trailing a CAGR of 28.4% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 15.4% and 17.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.6% CAGR.

Global Voice Commerce Market - Key Trends & Drivers Summarized

What Is Voice Commerce and How Is It Transforming the Shopping Experience?
Voice commerce, also known as v-commerce, involves the use of voice recognition technology to enable users to shop online using voice commands through digital assistants like Amazon Alexa, Google Assistant, and Apple`s Siri. This innovative shopping channel is transforming the retail landscape by offering a hands-free, conversational shopping experience that mimics human interaction. Users can perform a variety of shopping-related tasks such as searching for products, checking product availability, comparing prices, and making purchases simply by speaking to their devices. This method is particularly appealing in today’s fast-paced world as it provides significant convenience, speed, and accessibility, enhancing the overall customer experience. Voice commerce is gaining traction because it allows for multi-tasking and offers a personalized shopping journey where recommendations are tailored based on the user’s previous shopping history and preferences.

How Are Advancements in AI and Machine Learning Enhancing Voice Commerce?
The backbone of effective voice commerce is advanced artificial intelligence (AI) and machine learning algorithms which continually learn and adapt to users` preferences, accents, and shopping habits. These technologies enhance voice recognition capabilities, making digital assistants smarter and more efficient at understanding various languages and dialects, which broadens their usability and acceptance globally. AI enhances the contextual understanding of voice commands, allowing for more accurate responses and appropriate product suggestions, thus enriching the shopping experience. Furthermore, machine learning algorithms analyze vast amounts of data to optimize inventory management and personalize marketing strategies, making voice commerce an invaluable tool for retailers looking to improve operational efficiency and customer satisfaction.

What Challenges Does Voice Commerce Face in Widespread Adoption?
Despite its growing popularity, voice commerce faces several challenges that could hinder its widespread adoption. One of the primary concerns is the issue of privacy and security; users are understandably wary about the potential misuse of sensitive information transmitted through voice commands. There is also skepticism regarding the accuracy of voice recognition systems, especially in noisy environments or among users with heavy accents. Moreover, the current technology is limited in its ability to handle complex transactions that require browsing through extensive catalogs or performing detailed comparisons. These limitations necessitate ongoing technological enhancements and robust security measures to build trust and provide a seamless shopping experience. Additionally, educating consumers about the capabilities and benefits of voice commerce is crucial to overcoming resistance to this new way of shopping.

What Are the Growth Drivers for the Voice Commerce Market?
The growth in the voice commerce market is driven by several factors, including the increasing penetration of smart speakers and the widespread adoption of smartphones, which are equipped with voice assistants. As technology literacy improves and consumers become more comfortable with voice-activated devices, there is a natural progression towards using these devices for shopping. The convenience of hands-free shopping and the ability to make purchases on-the-go appeal particularly to busy consumers who value efficiency and speed. Retailers are also recognizing the potential of voice commerce to provide enriched customer data and insights, allowing for more targeted marketing and improved customer engagement. Moreover, as voice recognition technology continues to advance, becoming more adept at understanding and processing diverse languages and accents, the accessibility and user-friendliness of voice commerce are expected to increase, thereby driving further adoption. The integration of voice commerce into omnichannel retail strategies is seen as a critical factor in enhancing customer experiences and boosting retail sales, marking voice commerce as a significant trend in the evolution of digital shopping.

Select Competitors (Total 34 Featured) -

• Agora, Inc.
• Algolia, Inc.
• Amazon.com Inc.
• Apple, Inc.
• Edrone sp. z o.o.
• iAdvize SAS
• Microsoft Corp.
• Rep AI Technologies
• SilverClouding Consultancy Pvt. Ltd.
• Sonos, Inc.
• SoundHound AI, Inc.
• Twillo, Inc.
• Vivoka
• Voicify LLC
• Yosh.AI Ltd.;

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.