Voice Assistance Commerce Market Seen Soaring 24.5% Growth to Reach USD 380 Billion by 2030, Projects Univdatos Market Insights

Key Highlights of the Report:

• June 2022: Sonos will release a free software update, including its Voice Assistant, enabling customers to control their speakers using voice commands. Users may now request voice requests for specific songs, albums, radio stations, or playlists via the Sonos app. Moreover, Sonos Voice Control users can group and ungroup speakers and store and enjoy songs using voice commands.
• August 2021: Samsung introduced the Bixby 3.0 Voice Assistants in India with several India-specific features and English (India) language support. The first smartphones to receive the update are the Samsung Galaxy S21, Galaxy A52, and Galaxy A72.
• The voice-activated Echo device was introduced in 2014 by Amazon.com, Inc. It can play music; provide information about current events, sports scores, and the weather.
• In April 2020, Google LLC announced the widespread release of the Local Home software development kit (SDK). This development toolkit will assist producers of linked devices in improving the responsiveness of their products

According to a new report by Univdatos Market Insights, Voice Assistance Commerce Market is expected to reach USD 483 Million in 2030 by growing at a CAGR of 7.42%. A voice assistant is a digital assistant that uses voice recognition, language processing algorithms, and voice synthesis to listen to specific voice commands and return relevant information or perform specific functions as requested by the user. Voice assistant software can be found on smart speakers, smartwatches, mobile phones, tablets and other devices. The most well-known are Alexa (Amazon), Siri (Apple), Google Assistant (Google) and Bixby (Samsung), which are taking over our homes thanks to their compatibility with washing machines, light bulbs, ovens, air conditioning units, etc. One of the main reasons of the growing popularity of Voice User Interfaces (VUI) is due to the growing complexity within mobile software without an increase in screen size, leading to a huge disadvantage by using a GUI (Graphical User Interface).

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The report suggests that the increasing adoption of smart devices is one of the major factors driving the Voice Assistance Commerce Market during the forthcoming years. The increasing adoption of smart devices for voice-assisted commerce is driven by various factors. Firstly, the integration of voice assistants like Alexa, Google Assistant, and Siri into everyday devices has made voice commerce more accessible. Secondly, advancements in natural language processing and voice recognition have increased consumer trust in using voice commands for transactions. Thirdly, the convenience of hands-free browsing and purchasing appeals to multitasking consumers. Additionally, the expansion of product offerings through voice commerce channels and marketing efforts by tech companies and retailers have also contributed to its popularity. Overall, these factors are shaping the future of retail experiences through smart devices.

Apart from this, growing technological advancements improved natural language processing, enhanced voice recognition algorithms, AI-driven personalization, secure payment integrations, and expanded integration with IoT devices, amongst others in Voice Assistance Commerce consulting also positively impact the market’s growth. These advancements have made voice shopping more seamless, personalized, and secure, driving its adoption among consumers. Some of the recent strategic alliances are:

• September 2021: Microsoft and Nuance communications launched Nuance dragon ambient, an intelligent solution to Microsoft team to vastly expand virtual consultations aimed at improving the wellbeing of doctors and improving patients’ health.
• November 2022: Sony has introduced a new Voice Assistant for customer assistance in India in partnership with enterprise conversational Al firm Yellow.ai. The brand-new “Isha” artificial intelligence (Al) is a multilingual virtual agent that can communicate with customers in Bengali, Hindi, and English while responding to their inquiries or, if necessary, connecting them to human agents.

Voice Assistance Devices Sector Gaining Maximum Traction in Market

The voice assistance devices within the voice assistance commerce market encompasses a range of smart gadgets equipped with virtual assistants like Amazon’s Alexa, Google Assistant, or Apple’s Siri. These devices include smart speakers, smartphones, wearables, and even household appliances integrated with voice recognition technology. They enable users to interact with virtual assistants through voice commands, facilitating tasks such as shopping, setting reminders, playing music, and controlling smart home devices. Smart speakers, in particular, have gained significant traction, offering hands-free access to e-commerce platforms and services. Additionally, smartphones play a pivotal role, as they serve as ubiquitous personal assistants capable of executing voice-activated transactions and providing tailored recommendations based on user preferences. As technology continues to advance, the segment of voice assistance devices is expected to witness further growth, driven by the increasing integration of virtual assistants into various facets of daily life. For instance,

Conclusion

The voice assistance commerce market continues to evolve rapidly, driven by technological innovations and shifting consumer preferences. With advancements in natural language processing, voice recognition, and AI-driven personalization, voice shopping experiences have become more seamless and convenient. As smart devices proliferate and integrate with various aspects of daily life, the potential for voice commerce to reshape the retail landscape is significant. However, challenges such as privacy concerns and user trust remain. Nonetheless, with ongoing developments and strategic partnerships, the future of voice assistance commerce holds promise, offering exciting opportunities for businesses and enriching experiences for consumers.