Voice commerce is changing the way consumers shop by minimizing long lines, limited store hours and the timely checkout process on traditional websites. Beginning of 2019, witnessed the emergence of voice commerce (Voice Commerce), about 40% of consumers have reported that they have tried to make a purchase using their voice through either their digital assistant device or smart home speaker. Among those, 74% reported that they have completed their transaction easily, while 21% reported of having difficulties in completing the transaction, 5% reported that they could not complete their transaction. Various voice assistance devices are launched in recent year to make e-commerce more hassle free and continent for the customers. The trajectory of business growth strategies, travel plan and lives of individual have been drastically affected due to the COVID-19 pandemic. With numerous assistants proliferating globally, voice has the potential to become a substitute of a website, or an app. Voice assistant would become table stakes for a business to have voice as an interaction channel for a good consumer experience that users expect. Voice assistant brands such as Apple, Google, and Baidu have reported hundreds of millions of devices in use at the end of 2020. Amazon has 200 million users. The low adoption of Amazon Alexa is because it is not on smartphone, compared to Google Assistance, Apple Siri, and Microsoft Cortana.
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Increased penetration of Online Businesses, paired with Proliferation of social media and Smartphones owing to increasing disposable income are the major factors driving the growth of voice assistance commerce industry. Large-scale adoption of smart speakers over the coming years, with a significant number of smart speaker owners using them for commerce would provide wide opportunity for the smart speaker manufacturer and e-commerce players. According to NPR, 24% of Americans own smart speakers in 2020, witnessing an increase of 21% compared to 2019. Also, with 29% of smart speaker owners possessing three or more devices. 52% of voice assistant users claim that they use their devices several times every day since the pandemic hit in 2020.
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Based on Component, the global Voice Assistance Commerce Market is segmented into Set-top Box, Smartphone & Tablet, Smart Speaker, Other Voice Assistance Devices (Alexa, Echo etc.). Based on the analysis, increased adoption of smartphone and smart speaker is expected to boost the market. Globally there are the 3.8 billion smartphone users globally, representing 48.33% of the world's population owning a smartphone. Based on product category, the global voice assistance commerce market is bifurcated into Grocery, Entertainment, Clothing, Electronic, Others. Based on our analysis, grocery segment dominates the market, with more than 39% share in 2020. Grocery segment have witnessed increased sales through online platform, this would drive the overall growth for the segment in coming years. Globally, online grocery sales grew 22.0% in 2019. Post-pandemic, e-grocery sales is expected to jump from nearly US$35 billion sales to more than US$250 billion by 2025.
Based on end-users, the global voice assistance commerce market is segmented into residential and commercial. Voice assistance commerce has the potential to be a game-changer for B2C and B2B e-commerce. According to Google, 20% of all searches are already made via voice commands. Furthermore, the voice technology user base in the U.S. accounts for 42.7% of the population.
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For a better understanding of the overall demand, a detailed analysis was conducted for the major region/country including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Netherlands, Rest of Europe); Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of APAC) and Rest of the World. Currently North America dominates the market. Use of voice assistance technology in on the rise globally. In the US alone, the number of people who use voice assistants and smart speakers including Amazon, Google, and Apple Siri are expected to grow in coming years. However, increasing adoption of smart speaker in China, would help Asia-Pacific region to grow at highest CAGR during the forecast period 2021-2027. Some of the major players operating in the market include Apple inc., Microsoft Corporation, Google Inc., Amazon.com, Harman International Industries, Incorporated, Samsung Electronics, Baidu, JD.com, Alibaba, Bose Corporation.
Voice Assistance Commerce Market Segmentation
Market Insights, by Component
Market Insights, by Product Type
Market Insights, by End-Users
Market Insights, by Region
Top Company Profiles
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