Voice Assistance Commerce Market: Current Analysis and Forecast (2021-2027)

Report Description

COVID-19 pandemic has accelerated the growth of eCommerce market, as most of the country was experiencing lockdown and people are advised to stay at home. Global digital commerce trends indicates that sales through online platform have witnessed double the growth over the past months, compared to a consistent growth rate of around 15-18% on an average in recent years. It is estimated that by 2040, 95% of shopping would occur through online platforms. This would provide opportunity for the retailers, who are selling products only through online platforms. Also, this would motivate other retailers, who are yet to have an online store, to open their e-commerce platform, to cater to the upcoming demand. Furthermore, to make online shopping more convenient, voice assistance searches are becoming greatly popular and are being widely adopted. Use of voice assistance devices such as Alexa, Siri, Google Assistant, and Cortana for voice shopping have increased over the past few years and is expected to witness strong growth during the next decade, as by 2030 it is expected that voice assistance commerce would account for 30% of overall e-commerce sales.

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Increasing penetration of online business, paired with Proliferation of social media and Smartphones and growing demand for contactless shopping is driving the growth of overall adoption of voice assistant devices for shopping. According to Adobe, 58% APAC consumers increased their online shopping during the pandemic; while as per a top consulting firm, revealed that only 12% of consumers expected to shop in an enclosed mall after the pandemic, as compared to 24% before. The reluctance of consumers to risk a trip to a brick-and-mortar store has led to a surge in demand for contactless shopping options. Furthermore, Emergence of Innovative Voice Assistance Devices Powered with AI paired with rising adoption of smart speaker specially in the countries such as US, China, Germany and other emerging market would provide wide growth opportunity for the market stakeholders and e-commerce retailer to cater to the changes shopping habit of customers.

Conceptual Model of Benefit and Cost associated with the adoption of Voice Assistance Commerce

Insights Presented in the Report

“Currently Voice assistance shopping is majorly conducted through Smartphone & Tablets, the segment accounted for more than 55% share in 2020.”

Based on component, the Voice Assistance Commerce Market is bifurcated into Set-top Box, Smartphone & Tablet, Smart Speaker and Other Voice Assistance Devices (Alexa, Echo etc.) Currently, Smartphone and tablet segment dominates the market, however, rising adoption of smart speaker, would help the segment to witness highest CAGR growth of 83.6% during the analyzed period.  As per one of the top consulting firm, global smart speaker shipment is expected to increase from 108 million in 2019 to 1 billion units by 2023.

“Consumers globally use voice shopping to purchase grocery items.”

Based on product type, the global Voice Assistance Commerce Market is segmented into Grocery, Entertainment, Clothing, Electronic and Other products. In 2020, grocery shopping through voice generated revenue of US$ 11.87 billion. However, during the forecast period clothing segment is expected to witness highest CAGR growth.

“Voice Assistance shopping is major conducted by residential end-users, accounting for more than 75% revenue share in 2020.”

Based on the end-user, the global Voice Assistance Commerce Market is segmented into residential and commercial end-users. 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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“North America dominate the global voice assistance shopping market, accounting for about 65% share in 2020.”

For a better understanding of the overall demand and penetration of Voice Assistance Commerce related business, 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. 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. In April 2020 France research institute launched AI based voice assistant to help COVID-19 Patients. A similar feature has been added to Amazon’s Alexa, Apple’s Siri, and Google’s Home Assistant for virtual assistance.

Top 10 Competitive Players

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. The industry has witnessed emergence of several small AI technology company who are coming up with innovative ideas to help retailers to sustain the ever-changing consumer shopping habit.

Reasons to buy this report:

• The study includes current, and demand forecast of Voice Assistance Commerce solutions
• The report presents a quick review of overall industry performance at one glance.
• The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the Voice Assistance Commerce demand and stakeholders’ approach in limiting its gap.
• Deep dive regional/country level analysis of Voice Assistance Commerce Market in terms of value

Customization Options:

The global Voice Assistance Commerce Market can further be customized as per the requirements. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Analyzing historical availability, estimation of the current and forecasting the future penetration of Voice Assistance Commerce solutions across the globe are the three major steps undertaken to create and analyze the current and projected market for Voice Assistance Commerce among e-commerce end-users. Exhaustive secondary research was conducted to collect the historical numbers and estimate the current demand. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain. Post assumption and validation of the market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size of Voice Assistance Commerce industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the total number of potential Voice assistance commerce consumers across the major regions through various sources such as government statements, press releases, journals, news & articles, government publications, competitor publications, research surveys, third-party databases, and other credible publications.

Step 2: Countries Segmentation:

Segmentation of countries has been done based on the penetration and adoption of voice assistance devices and e-commerce market among customers in a particular country. Furthermore, a detailed secondary analysis was conducted to gather information on data creation, consumer willingness to use voice assistance technology for shopping, internet penetration and adoption of smartphones and smart speakers, etc.

Step 3: Factor Analysis:

Detailed factor analysis was conducted to estimate the current scope of Voice assistance commerce industry. Furthermore, we conducted factor analysis using dependent and independent variables such as increasing adoption of smartphones and smart speakers due to increased disposable income and lowering price of these devices and internet penetration, etc. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, product launches and analyzing the list of used case studies in the industry.

Current Market Size Estimate & Forecast

Current Demand Sizing: Based on actionable insights from the above steps, we arrived at the penetration of Voice Assistance Commerce across the global, key players in the Voice Assistance Commerce Market and market shares of these players. All the required percentage shares split was determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For demand estimation and forecast, weights were assigned to different factors including drivers, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., Bottom-up approach were applied to arrive at the demand estimation forecast to 2027 for Voice Assistance Commerce Market globally. The research methodology adopted to estimate the market size encompasses:

• Analyze the current and demand forecast of Voice Assistance Commerce technology
• Analyze the value chain involved with the presence of various intermediaries.
• Define and analyze the competitive landscape of the Voice Assistance Commerce Market and the growth strategies adopted by the market players to sustain in the growing market!

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Countries Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Countries

Market Engineering

Data triangulation technique was employed to complete the overall demand estimation and to arrive at precise statistical numbers for each studied segment and region/country.

Main objective of the Voice Assistance Commerce Market Study

The current & future trend in the Voice Assistance Commerce Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future demand trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Global Voice Assistance Commerce Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors about the industry
• Major regions studied in the report include North America, Europe, Asia Pacific, and the Rest of the World
• Define and analyze the competitive landscape of the Voice Assistance Commerce Market and the growth strategies adopted by the market players to sustain in the fast growth voice assisting commerce market
• Deep dive country-level analysis on the penetration of Voice Assistance Commerce technology and devices

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team