Voice Commerce Market is segmented By Application (Retail Purchases, Banking & Finance, Healthcare, Entertainment, Others), By Type of Device (Smartphones, Smart Speakers, Wearable Devices, Others), By End-user (Individuals, Small-businesses, Large Enterprises) and By Geography (Countries).
Voice Commerce Market shall reach a value of $X Million in 2032, growing with a CAGR of X% during the forecast period of 2022 to 2032
Voice commerce is an AI technology that enables consumers to purchase goods and services using their voice through a digital assistant, such as Apple’s Siri, Amazon Alexa, or Google Assistant.
Such platforms use speech recognition technology and natural language processing (NLP) to understand the user’s voice commands and respond with relevant information or purchase information. This reduces the user’s dependence on hardware.
Voice Commerce market accounts for the total value of voice-assistant e-commerce transactions. Given that, nearly one-third of U.S. housekeeping own a voice-controlled device, such as a smart-speakers, this way voice commerce offers businesses another way to reach buyers and engage with purchases in their daily lives.
Voice Commerce Market expected to experience significant growth in the coming years
The growing popularity of smart speakers and voice assistants such as Amazons Alexa and Google Assistant have led to the growing use of voice commerce platforms. The increase in the number of mobile users across the world is also one of the main reasons for the growth of voice commerce platforms as they become more accessible to consumers. The convenience and ease of shopping online without entering a search query or navigating through menus is another reason for its success. With the development of advanced NLP technology, voice assistants are becoming more accurate and responsive, making voice trading platforms more efficient.
A few key restraints that may limit its growth, irrespective of the expected growth in the industry
A lot of consumers are concerned about the privacy and security implications of shopping with voice assistants, especially when storing sensitive information such as credit card numbers, and this appears to be a major concern. The market for voice trading platforms is still relatively new and lacks standardization regarding user interface and technical requirements. This can make it difficult for businesses to develop and deploy voice trading platforms. While voice trading platforms are becoming more and more sophisticated, they still have some limitations in terms of functionality. For example, it can be difficult to browse a large product catalog or compare prices via voice commands.
Many voice assistants are still limited to specific languages, making it difficult for companies to develop voice commerce platforms that are accessible to a global audience. Developing and putting voice trading to work is technically difficult and requires expertise in areas such as natural language processing, machine learning, and data analytics.
A feature-poor voice commerce system may also have several technological limitations. Often, it may misinterpret and misunderstand the user’s commands, especially if the customer is speaking with an accent, has a diction problem, or is using slang and professional jargon.
Voice commerce is here to stay and grow as an ecosystem, including
hardware and software
Integrated voice in e-commerce is changing its future and revolutionizing B2B and B2C e-commerce in India. With massive changes in artificial intelligence and natural language processing, voice commerce will go a long way in increasing consumer trust and improving conversion prospects for brands and businesses.
Businesses, both small and big, are using the support of a voice assistant to provide top-class services to their customers like Customer Support, allowing them to get answers to their questions and resolve issues effectively and efficiently.
Various global companies have integrated this system into their applications and websites to make the task automated and easier. For example, Alibabas voice assistant, AliGenie, is integrated into the companys range of smart speakers and home automation devices. Customers can use AliGenie to order products from Alibaba, as well as access a range of other services, such as music streaming and home automation.
Food delivery apps like Dominos also allow its customers to order pizza using voice commands through its voice assistant, Dom - the Pizza Bot. Even, Starbucks has integrated its voice assistant, Barista, into its mobile app, allowing customers to place orders using voice commands.
As the voice commerce market continues to expand, we can expect to see more companies adopt this technology to stay competitive and meet the changing customer needs.
The smart speakers’ market, an important tool for voice commerce, expected to reach $ 13.15 globally
The global smart speakers’ market will grow from $6.6 billion in 2022 to $7.07 billion in 2023. This will result in a compound annual growth rate (CAGR) of 7.1%. One in five customers has made a voice purchase through a digital home assistant, and this trend is expected to grow to a third. The voice commerce market is quickly expanding into newer markets and geographies, and companies worldwide are looking for ways to capitalize on the growth in voice-enabled devices.
As competition in the voice marketing industry increases, companies are focusing on personalizing customer experiences, and tailored recommendations and offers based on the personal preferences of the users using data analytics and machine learning.
North America is currently the largest market, followed by Europe and Asia Pacific. The rise in popularity of smart speakers, audio devices, and AI voice assistants and the proliferation of mobile devices are driving the growth of the audio business market in these regions.
The market is currently dominated by limited players, the global market being shared by Amazon, Google, Apple, Microsoft, and Samsung; these are the primary voice assistant providers. The market can also be segmented into other key aspects based on e-commerce retailers like Amazon, Walmart, and Target; and major technology companies like Nuance Communications and SoundHound.
The market entry is primarily restricted as the major players dominate it, but still, the customers have the ability to make a choice among the options available. The current players also have a technological advantage, the benefit of customer loyalty, and are trusted by their users for data safekeeping.
Recent Strategic Developments
Years considered for this report
Voice Commerce Market Research Report Analysis Highlights
Voice Commerce Market Segments
By Application (Revenue, USD Million, 2022 - 2032)
By Type of Device (Revenue, USD Million, 2022 - 2032)
By End-user (Revenue, USD Million, 2022 - 2032)
By Geography (Revenue, USD Million, 2022 - 2032)
Voice Commerce Market Companies
Available Versions of Voice Commerce Market Report:
Global Voice Commerce Market Research Report
India Voice Commerce Market Research Report
US Voice Commerce Market Research Report
GCC Voice Commerce Market Research Report
APAC Voice Commerce Market Research Report
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