Global Voice Commerce Market Size To Worth USD 286.87 Billion By 2033 | CAGR Of 23.70%
Category: Electronics, ICT & MediaGlobal Voice Commerce Market Size To Worth USD 286.87 Billion By 2033 | CAGR Of 23.70%
According to a research report published by Spherical Insights & Consulting, the Global voice commerce market size was valued at USD 34.21 billion in 2023 and is expected to reach USD 286.87 billion by 2033, growing at a CAGR of 23.70% from 2023 to 2033
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Browse key industry insights spread across 216 pages with 112 Market data tables and figures & charts from the report on the "Global Voice Commerce Market Size, Share, and COVID-19 Impact Analysis, By Device Type (Smart Speakers, Smartphones), By Deployment Mode (On-Premises, Cloud), By Industry Vertical (Consumer Goods & Retail, Healthcare, Automotive, Travel & Tourism, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/voice-commerce-market
The voice commerce industry is the sector in which consumers use voice commands via virtual assistants such as Microsoft’s Cortana, Siri, Amazon Alexa, or Google Assistant to find and buy products online, enabling them to shop hands-free by speaking rather than typing; it is a segment of e-commerce that depends on voice recognition technology and natural language processing to comprehend customer queries and finalize transactions. The increasing availability of the internet with technological awareness and smartphone adoption as well as the growing appeal of smart home appliances. Customers are growing more familiar with utilizing voice commands for a variety of tasks, including purchasing, as more of them embrace these technologies. Also, the demands of busy lifestyles are met by voice assistants built into smartphones and smart home appliances, which offer a smooth and hands-free purchasing experience.
Furthermore, the increasing use of smart speakers and voice assistants is driving the growth of voice commerce, allowing consumers to place orders through smart speakers while engaged in other tasks like cooking, traveling, and working on priorities.
Collaborations between e-commerce leaders and voice assistant creators develop tailored voice shopping experiences, enhancing convenience for consumers and enabling retailers to collect important consumer insights for targeted marketing. However, with increasing incidences of consumer data privacy and risk so, a significant amount of personal data is frequently associated with the accounts connected to these devices, including payment information, which makes it a potential target for cybercriminals. Consumers might feel apprehensive about the possibility of unauthorized third parties accessing their data, which could potentially lead to identity theft or fraud.
The smart speakers segment secured a dominant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the device type, the global voice commerce market is classified into smart speakers and smartphones. Among these, the smart speakers segment secured a dominant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The dominance is due to the growing adoption of smart speakers in homes around the world. The rise in internet access and the need for hands-free ordering and entertainment have made smart speakers like the Apple HomePod, Xiaomi Sound, Google Nest Mini, Amazon Echo Studio, and Marshall Stanmore II Wireless Smart Speaker, which feature built-in voice assistance, popular in homes.
The cloud segment held a significant share of the market in 2023 and is expected to grow at a notable CAGR during the forecast period.
Based on the deployment mode, the global voice commerce market is categorized into on-premises and cloud. Among these, the cloud segment held a significant share of the market in 2023 and is expected to grow at a notable CAGR during the forecast period. This is due to, their benefits such as scalability, flexibility, and cost efficiency, which aid in effective service. Additionally, companies can easily enhance their voice commerce systems to accommodate increasing demand without needing significant upfront investment in hardware and infrastructure. Furthermore, Cloud-based solutions provide access to sophisticated AI and analytical tools, enabling businesses to improve their voice commerce strategies and increase customer engagement.
The consumer goods & retail segment accounted for the highest share in 2023 and is anticipated to grow at a prominent CAGR during the forecast period.
Based on the industry vertical, the global voice commerce market is divided into consumer goods & retail, healthcare, automotive, travel & tourism, and others. Among these, the consumer goods & retail segment accounted for the highest share in 2023 and is anticipated to grow at a prominent CAGR during the forecast period. This segmental growth is driven by, the ongoing integration of digitalization in companies such as retailers, wholesalers, and more, which facilitates effective connections with consumers. Furthermore, advancements in voice recognition technology have enabled retailers to offer a more engaging and customer-friendly shopping experience. Consumers can now interact with virtual assistants to search for specific products, compare prices, and even track orders, all while avoiding direct contact with their devices.
North America is expected to hold the dominant share of the global voice commerce market over the predicted timeframe.
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North America is expected to hold the dominant share of the global voice commerce market over the predicted timeframe. This regional dominance is attributed to its high adoption rate of advanced technologies. Improvements in voice recognition technology have enabled retailers to offer interactive and user-friendly shopping experiences. Shoppers can now use virtual assistants to find items, compare prices, and track orders without touching their devices. Major e-commerce companies like Walmart, eBay, Amazon, Apple, and Target have embraced voice commerce to boost their business and market reach. The demand for voice-enabled products continues to rise as businesses add more voice-activated shopping features. Collaborations and new product launches among major companies fuel industry growth. For example, in June 2023, IBM launched Watson, an AI-powered voice commerce platform, to provide enterprises with sophisticated voice-driven shopping experiences across multiple channels. These innovations drive consumer interest and industry growth in the region.
The Asia-Pacific voice commerce market is expected to grow rapidly, driven by increasing smartphone penetration, rising disposable incomes, and growing awareness of smart technologies. Countries like China, India, and Japan significantly contribute to this growth. According to the Indian Brand Equity Foundation (IBEF), India's e-commerce market achieved a Gross Merchandise Value (GMV) of USD 60 billion in FY 2023, reflecting a 22% growth from the previous year, showcasing the impact of voice-driven interactions.
Major key players in the voice commerce market include Amazon, Apple, Tencent, Panasonic Corporation, LG Electronics, Alibaba, Google, Baidu, Samsung, IBM, Nuance Communications, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In August 2024, Sound Hound AI acquired Amelia, an enterprise AI software company known for its expertise in voice interfaces and natural language conversational capabilities for customer service applications.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global voice commerce market based on the below-mentioned segments:
Global Voice Commerce Market, By Device Type
- Smart Speakers
- Smartphones
Global Voice Commerce Market, By Deployment Mode
- On-Premises
- Cloud
Global Voice Commerce Market, By Industry Vertical
- Consumer Goods & Retail
- Healthcare
- Automotive
- Travel & Tourism
- Others
Global Voice Commerce Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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