Voice Commerce Global Market Report 2024

The voice commerce market size has grown exponentially in recent years. It will grow from $90.54 billion in 2023 to $116.83 billion in 2024 at a compound annual growth rate (CAGR) of 29%. The expansion observed in the historical period can be credited to several factors. These factors include the rising popularity of online shopping, shifts in consumer search and shopping behaviors, increased prevalence of online enterprises, the widespread adoption of social media and smartphones, and heightened demand for contactless shopping options.

The voice commerce market size is expected to see exponential growth in the next few years. It will grow to $326.69 billion in 2028 at a compound annual growth rate (CAGR) of 29.3%. The expansion projected for the forecast period can be ascribed to several factors. These factors encompass the rising adoption of voice assistants and voice-enabled devices, a heightened emphasis on improving customer engagement, the burgeoning authentication market, an increase in voice-based searches, and expanding applications across various sectors including retail, banking, connected devices, smart homes, healthcare, and automobile industries. Major trends anticipated for the forecast period include the integration of e-commerce platforms with voice technologies, the utilization of innovative technologies such as artificial intelligence, advancements in natural language processing technology, the demand for connected devices, and the automation of shopping operations through voice assistants.

The surge in e-commerce demand is poised to propel the voice commerce market's growth. E-commerce, or electronic commerce, involves the online buying and selling of goods and services. The rise in e-commerce stems from secure payment options, home delivery, personalization, and enhanced customer experiences. Voice commerce offers a smoother, more efficient, and personalized shopping journey, thereby boosting customer satisfaction and loyalty. It also enables hands-free browsing and purchasing, simplifying the shopping process. For example, e-commerce sales in Canada are projected to soar from $2.34 billion in March 2022 to $40.3 billion by 2025, as reported by the International Trade Administration, a US government agency.

Key players in the voice commerce arena are concentrating on developing innovative products such as AI-powered voice assistants to enhance user experiences and streamline shopping procedures. These assistants, powered by artificial intelligence technologies such as natural language processing (NLP) and machine learning, understand and respond to user voice commands and queries. Haptik, an India-based software company, introduced Buzzo, an AI-powered voice assistant aimed at enhancing the digital shopping experience for e-commerce platforms. Buzzo employs advanced natural language understanding (NLU) and product metadata to grasp user requirements in everyday language and offer personalized recommendations akin to in-store sales agents.

In March 2022, Microsoft Corporation, a US-based technology giant, acquired Nuance Communications Inc for $19.7 billion. This acquisition enables Microsoft to harness Nuance's technology in creating new solutions that integrate voice, artificial intelligence, and cloud technologies across various sectors, including healthcare, retail, telecommunications, and financial services. Nuance Communications Inc., based in the US, provides voice platforms for commerce.

Major companies operating in the voice commerce market are Amazon.com Inc., Apple inc., Alphabet Inc., Google LLC, Samsung Electronics Co., Alibaba Group Holding Ltd., Sony Corp., Salesforce Inc., Baidu Inc., Adobe Inc., Twilio Inc., Vizio Inc., Sonos Inc., BigCommerce Pty. Ltd., Algolia Inc., Agora.io, iAdvize Inc., SoundHound Inc., Ferns N Petals Pvt. Ltd., Edrone Ltd., Humanize LLC, Yoshai Ltd., Voicify LLC, Jetson AI Inc.

North America was the largest region in the voice commerce market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice commerce market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the voice commerce market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Voice commerce, also known as v-commerce, denotes the method of purchasing goods and services via voice commands or virtual assistants, typically facilitated by devices equipped with voice recognition technology or interconnected devices. It enables consumers to peruse products, add items to their shopping carts, and finalize transactions solely through verbal commands, eliminating the necessity for conventional visual interfaces such as screens or keyboards.

The primary forms of voice commerce encompass smart speakers, voice assistants, and virtual digital assistants. A smart speaker refers to a wireless electronic device that operates independently, integrating a built-in digital assistant managed through voice commands via an embedded microphone. These devices find applications across various sectors including personal care, electronics, household appliances, groceries, arts and crafts, and others, catering to end-users such as the travel industry, hospitality sector, entertainment industry, among others.

The voice commerce market research report is one of a series of new reports that provides voice commerce market statistics, including voice commerce industry global market size, regional shares, competitors with a voice commerce market share, detailed voice commerce market segments, market trends, and opportunities, and any further data you may need to thrive in the voice commerce industry. This voice commerce research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The voice commerce market consists of revenues earned by entities by providing services such as voice shopping, reordering services, and subscription management. The market value includes the value of related goods sold by the service provider or included within the service offering. The voice commerce also includes sales of smart home devices, voice-enabled wearables, and in-car voice assistants. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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