Global Voice Commerce Market is segmented By Type (Smart Speaker, Voice Assistant, Virtual Digital Assistant) By Application (Personal Care, Electronics, Household Appliances, Groceries, Arts Crafts) By End-User (Travel Industry, Hospitality Industry, Entertainment Industry, Others) and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Voice Commerce Market Size
Global Voice Commerce Market reached US$ 108.33 billion in 2024 and is expected to reach US$ 586.3 billion by 2031, growing with a CAGR of 27.28% during the forecast period 2024-2031.
The seamless integration of voice commerce with existing daily routines and tasks makes users deal with multitasks conveniently. The voice commerce market is driven by the convenience, accessibility and time-saving benefits across various applications. The improving technological applications, growing popularity of voice assistance and rising integration of e-commerce platforms with voice technologies fuel the market expansion.
The advantages associated with the use of voice commerce are spreading its demand among all age groups. The study conducted by NIH in 2022, explored what makes people willing to use smart home voice assistants like turning on lights or playing music with their voice. The study found that ease of use and enjoyment were the most important factors that made different age groups prioritize this technology differently.
North America dominates the global voice commerce market. The leading tech companies such as Amazon, Google and Apple act as innovation hubs by continuously developing and investing in voice commerce technologies in the region further expanding the market expansion. The active promotion of the advantages of voice shopping, driving consumer awareness and adoption in North American countries.
Market Summary
| Metrics | Details |
| CAGR | 27.28% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Application, End-User and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Growing Applications of Voice Commerce
The diverse and convenient applications of voice commerce across various sectors are driving market growth. Voice commerce can simplify everyday tasks and help users to deal with various tasks conveniently. It is used in various categories of travel, hospitality and entertainment with its applications in multiple sectors such as personal care electronics, household and others.
Replenishing personal care items, browsing electronics accessories or reordering household supplies all become effortless with simple voice commands. Voice commerce empowers individuals with visual impairments or physical limitations by offering a more accessible shopping experience. With the technology advances and user adoption growth, more innovative applications and broader market reach for voice commerce are expected to reach the market in a higher position in the future.
High Convenience Provided by Voice Commerce
Voice commerce is highly in demand due to the enhanced purchasing convenience it offers. Consumers can simply speak their commands, making shopping a more seamless experience making it more comfortable for them. Its demand has increased in cases of multitasking. Unlike traditional online shopping, which often involves navigating websites and filling out lengthy checkout forms, voice commerce allows users to simply speak their commands.
The voice assistants offer unmatched speed and efficiency, allowing users to reorder familiar products or search for new ones with just a few spoken instructions. It allows users to make purchases effortlessly. It also eliminates the need for time-consuming navigation, appealing to individuals who prioritize quick and efficient shopping experiences.
Data Privacy and Security Concerns
The voice commerce market experiences greater challenges in its growth in the form of data privacy and security concerns. Voice commerce necessitates collecting sensitive data like purchase history, payment information and even location details. There are no clear regulations around data collection. This data, if not secured properly, is vulnerable to hacking, misuse by companies and the constant feeling of being monitored.
With all the possible consequences of the data security concerns, voice commerce may not be encouraged by the large population in various regions. Reduced trust in voice commerce leads to users being hesitant to share personal information, hindering transactions. With many trust issues and a lack of customer awareness in some cases, market growth and adoption can be hindered.
Market Segment Analysis
The global voice commerce market is segmented based on the type, application, end-user and region.
Wider Accessibility of the Voice Assistants Among All Age Groups
The global voice commerce market is segmented based on type into smart speakers, voice assistants and virtual digital assistants. The voice assistant dominating the segment growth in the global market. The wider accessibility, seamless integration and multi-functionality benefits of voice assistants are some of the major driving factors raising the segment demand in the market.
The voice assistants are often pre-installed on smartphones and readily available through smart speakers, making them more accessible to a wider range of users compared to dedicated smart speakers. Voice assistants offer a wider range of functionalities such as playing music, setting alarms, controlling smart home devices, and accessing information, making them more versatile and valuable to users.
Market Geographical Share
Presence of High Technological Support Systems in North America
North America dominated the global voice commerce market. The region’s early-tech adoption culture along with its presence of highly advanced technology has improved the market for voice assistants and smart speakers in the region. North America has a well-established e-commerce infrastructure. Along with the robust digital payment systems and efficient logistics networks, providing a seamless foundation for voice commerce integration.
While the US and Canada are the current leaders in voice commerce within North America, the region is predicted to experience greater growth compared to other emerging markets with its technological support. Additionally, the high disposable income in the region makes consumers more open to experimenting with convenient shopping methods like voice commerce expanding the market size.
COVID-19 Impact Analysis On Market
The outbreak of the COVID-19 pandemic positively impacted the growth of the voice commerce market. The surge in online shopping due to lockdowns and social distancing created a stronger field for voice commerce adoption. The convenient and hand-free nature of voice assistants positively handled people's concerns about hygiene and minimizing contact with surfaces.
The increased time spent at home and the need for convenient ways to shop for essentials led to a wider user base for voice assistants, including older generations. This broadened user base indirectly benefited voice commerce. The pandemic increased retailers and tech companies to innovate and invest more heavily in voice commerce, to meet the increasing demand of the market in various applications.
Russia-Ukraine War Impact Analysis
The Russia-Ukraine war had an indirect impact on the global voice commerce market. The market faced challenges through the potentially reduced consumer spending due to economic uncertainty. The greater shift of consumer focus to essentials and reduced preference toward technological support systems due to uncertain economic disruption had a strong impact on the market expansion in many of the regions.
Key Developments
- In January 2024, Mercedes-Benz launched a new virtual assistant at the CES electronics trade fair that is capable of providing context-based suggestions and engaging in dialogue with users.
- In April 2023, Voices, the world’s leading voice-over marketplace, acquired Voices.ai, a next-generation developer platform for voice applications. The acquisition aims to launch the next-generation software development platform for voice applications.
- In April 2023, Bengaluru-based startup CoRover has partnered with LIC, India's leading insurance company, to launch LIC Mitra – an AI chatbot designed to enhance LIC's digital services.
Market Key Players
The major global players in the market include Amazon.com, Inc., Google, Apple Inc., Microsoft, Adobe, Algolia, edrone LLC, yippy LLC, Samsung and NVIDIA Corporation.
Why Purchase the Report?
- To visualize the global voice commerce market segmentation based on the type, application, end-user and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of voice commerce market level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global voice commerce market report would provide approximately 62 tables, 55 figures and 186 Pages.
