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

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Emphasis on Component (Set-top Box, Smartphone & Tablet, Smart Speaker, Other Voice Assistance Devices (Alexa, Echo etc.)); Product Type (Grocery & Food, Entertainment, Clothing, Electronic, Other Product); End-Users (Residential and Commercial) and Region & Country

Published:

Jun-2021

Pages:

1289

Table:

132

Figure:

175

Report ID:

UMAI21259

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Report Description
Table of content
Research Methodology

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.

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.

“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:

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1.1Market Definitions
  1.2Objective of the Study
  1.3Limitation
  1.4Stake Holders
  1.5Currency Used in Report
  1.6Scope of the Global Voice Assistance Commerce Market Study
 2.1Research Methodology for the Global Voice Assistance Commerce Market
   2.1.1Main Objective of the Global Voice Assistance Commerce Market
3.1Overview of Global E-commerce Markets, 2019
  3.2Most Preferred E-commerce Product Category, by Country 2020
 5.1Market Drivers
   5.1.1Increased penetration of Online Businesses
   5.1.2Proliferation of social media and Smartphones
   5.1.3Increased Demand for Contactless Shopping
  5.2Market Challenges
   5.2.1Concern related to Trust and Data Security
  5.3Market Opportunity
   5.3.1Emergence of Innovative Voice Assistance Devices Powered with AI
   5.3.2Rising adoption of Smart Speakers
  5.4Recent Trend
   5.4.1Personalized Ordering
   5.4.2Local Voice Commerce
   5.4.3Voice Commerce goes International
   5.4.5Voice Shopping as an Omnichannel Marketing Strategy
6.1Key Facts on Voice Assistant Search Usage
  6.2Key Facts on Voice Assistant Search Growth
  6.3Key Facts on Voice Assistant Commerce
  6.4Key Facts on Mobile Voice Assistant Search
  6.5Key Facts on Voice Assistant Device
 7.1Digital Assistance Enhancing Shopping Experience Current and Future
  7.2Consumer Expectation for Voice commerce
  7.3Conceptual Model of Benefit and Cost associated with the adoption of Voice Assistance Commerce
  7.4Customers Like and Dislikes about Voice Shopping
  7.5Most preferred Product Purchased by Customers Using Voice and Online Platform
  7.6Method and Influence for Different mode of Shopping
8.1Voice Shopping via Voice Assistant Platform
  8.2Voice Shopping and Games & Media
  8.3Voice Shopping and Coffee Sho
 10.1Demand Side Analysis
  10.2Supply Side Analysis
   10.2.1Top Product Launches
   10.2.2Top Partnerships and Expansion
   10.2.3Top Merger and Acquisitions
 12.1Set-top Box
  12.2Smartphone & Tablet
  12.3Smart Speaker
  12.4Other Voice Assistance Devices (Alexa, Echo etcOther Voice Assistance Devices (Alexa, Echo etc.)
 12.1General Overview        
  12.2North America Precision Agriculture Market (2019-2025)     
   12.2.1North America Precision Agriculture Market by Components, 2019-2025   
   12.2.2North America Precision Agriculture Market by Application, 2019-2025   
   12.2.3North America Precision Agriculture Market by Country, 2019-2025   
    12.2.3.1United States Precision Agriculture Market (2019-2025)    
     12.2.3.1.1United States Precision Agriculture Market by Components, 2019-2025  
     12.2.3.1.2United States Precision Agriculture Market by Application, 2019-2025  
    12.2.3.2Canada Precision Agricultural Market (2019-2025)    
     12.2.3.2.1Agricultural Sector Investment by Canadian Government   
     12.2.3.2.2Canada Precision Agriculture Market by Components, 2019-2025  
     12.2.3.2.3Canada Precision Agriculture Market by Application, 2019-2025  
    12.2.3.3Rest of North America Precision Agriculture Market (2019-2025)   
     12.2.3.3.1Rest of NA Precision Agriculture Market by Components, 2019-2025  
     12.2.3.3.2Rest of NA Precision Agriculture Market by Application, 2019-2025  
  12.3Europe Precision Agriculture Market (2019-2025)     
   12.3.1Key Facts about Precision Farming in European Union    
   12.3.2Europe Precision Agriculture Market by Components, 2019-2025   
   12.3.3Europe Precision Agriculture Market by Application, 2019-2025   
   12.3.4Europe Precision Agriculture Market by Country, 2019-2025    
    12.3.4.1France Precision Agriculture Market (2019-2025)    
     12.3.4.1.1Key Facts about Precision Agriculture in France    
     12.3.4.1.2France Precision Agriculture Market by Components, 2019-2025  
     12.3.4.1.3France Precision Agriculture Market by Application, 2019-2025  
    12.3.4.2Germany Precision Agriculture Market (2019-2025)    
     12.3.4.2.1Key Facts about Precision Farming in Germany    
     12.3.4.2.2Germany Precision Agriculture Market by Components, 2019-2025  
     12.3.4.2.3Germany Precision Agriculture Market by Application, 2019-2025  
    12.3.4.3Spain Precision Agriculture Market (2019-2025)    
     12.3.4.3.1Key Facts about Precision Farming in Spain    
     12.3.4.3.2Spain Precision Agriculture Market by Components, 2019-2025  
     12.3.4.3.3Spain Precision Agriculture Market by Application, 2019-2025  
    12.3.4.4Italy Precision Agriculture Market (2019-2025)    
     12.3.4.4.1Facts about the Italian Precision Agriculture Market   
     12.3.4.4.2Italy Precision Agriculture Market by Components, 2019-2025  
     12.3.4.4.3Italy Precision Agriculture Market by Application, 2019-2025   
    12.3.4.5United Kingdom Precision Agriculture Market (2019-2025)   
     12.3.4.5.1United Kingdom Precision Agriculture Market by Components, 2019-2025 
     12.3.4.5.2United Kingdom Precision Agriculture Market by Application, 2019-2025 
    12.3.4.6Rest of Europe Precision Agriculture Market (2019-2025)   
     12.3.4.6.1Rest of Europe Precision Agriculture Market by Components, 2019-2025 
     12.3.4.6.2Rest of Europe Precision Agriculture Market by Application, 2019-2025  
  12.4Asia Pacific Precision Agriculture Market (2019-2025)     
   12.4.1Key Agri-Tech Innovations Changing the Game for Agriculture in Asia Pacific  
   12.4.2Asia Pacific Precision Agriculture Market by Components, 2019-2025   
   12.4.3Asia Pacific Precision Agriculture Market by Application, 2019-2025   
   12.4.4Asia Pacific Precision Agriculture Market by Country, 2019-2025   
    12.4.4.1Australia Precision Agriculture Market (2019-2025)    
     12.4.4.1.1Key Facts on Australian Agricultural Sector    
     12.4.4.1.2Australia Precision Agriculture Market by Components, 2019-2025  
     12.4.4.1.3Australia Precision Agriculture Market by Application, 2019-2025  
    12.4.4.2Japan Precision Agriculture Market (2019-2025)    
     12.4.4.2.1Key Facts on Precision Farming in Japan    
     12.4.4.2.2Foreign Smart Agriculture Related Services Company, in Japan  
     12.4.4.2.3Japan Precision Agriculture Market by Components, 2019-2025  
     12.4.4.2.4Japan Precision Agriculture Market by Application, 2019-2025  
    12.4.4.3China Precision Agriculture Market (2019-2025)    
     12.4.4.3.1Key Facts on Precision Farming in China    
     12.4.4.3.2China Precision Agriculture Market by Components, 2019-2025  
     12.4.4.3.3China Precision Agriculture Market by Application, 2019-2025  
    12.4.4.4India Precision Agriculture Market (2019-2025)    
     12.4.4.4.1Key Facts about Precision Agriculture in India    
     12.4.4.4.2Used Case Study of use of Precision Agriculture in India   
     12.4.4.4.3List of Major Agritech Start-up in India     
     12.4.4.4.4India Precision Agriculture Market by Components, 2019-2025  
     12.4.4.4.5India Precision Agriculture Market by Application, 2019-2025  
    12.4.4.5Rest of Asia Pacific Precision Agriculture Market (2019-2025)   
     12.4.4.5.1Rest of APAC Precision Agriculture Market by Components, 2019-2025  
     12.4.4.5.2Rest of APAC Precision Agriculture Market by Application, 2019-2025  
  12.5Rest of World Precision Agriculture Market (2019-2025)     
   12.5.1Rest of World Precision Agriculture Market by Components, 2019-2025   
   12.5.2Rest of World Precision Agriculture Market by Application, 2019-2025
13.1Grocery
  13.2Entertainment
  13.3Clothing
  13.4Electronic
  13.5Others
14.1Residential
  14.2Commercial
 15.1North America Voice Assistance Commerce Market 
   15.1.1United States
   15.1.2Canada
   15.1.3Rest of North America
  15.2Europe Voice Assistance Commerce Market
   15.2.1Germany
   15.2.2UK
   15.2.3France
   15.2.4Netherlands
   15.2.5Rest of Europe
  15.3Asia Pacific Voice Assistance Commerce Market 
   15.3.1China
   15.3.2Japan
   15.3.3India
   15.3.4South Korea
   15.3.5Australia
   15.3.6Rest of APAC
  15.4Rest of World Voice Assistance Commerce Market 
16.1Global Digital Assistance Device, Market Share, Based on uses, 2020 (%)
  16.2Global Most Preferred Smart Speaker, based on Preference of Purchase 2018-2019 (%)
 17.1Apple Inc. 
  17.2Samsung Electronics
  17.3Google Inc
  17.4Microsoft Corporation
  17.5Baidu 
  17.6Bose Corporation
  17.7Amazon.com
  17.8Harman International Industries, Incorporated
  17.9JD.Com
  17.10Alibaba

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