Steady Expansion Forecast for Voice Commerce Market, Projected to Reach $421.7 Billion by 2029

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Voice Commerce Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the voice commerce market has seen a dramatic increase in recent years. It is projected to expand from a value of $116.83 billion in 2024 to $151.39 billion in 2025, with an annual growth rate of 29.6%. This considerable growth in the past period has been triggered by a surge in popularity of online shopping, alterations in consumer's browsing and shopping behaviours, increased infiltration of online enterprises, widespread use of social media and smartphones, and rising demand for contactless shopping.

Voice Commerce Market Size Forecast: What's the Projected Valuation by 2029?
The market size for voice commerce is anticipated to experience a significant upward trajectory over the next few years, reaching an impressive $421.7 billion in 2029 with a 29.2% compound annual growth rate (CAGR). A host of factors can account for this projected growth during the forecast period: there's an increasing uptake of voice assistant applications and voice-facilitated devices; business are putting more emphasis on elevating customer engagement levels; the authentication market is expanding; voice-based searches are on the rise; and there's a growing utilization of these technologies in various sectors such as retail, banking, connected devices, smart housing, healthcare, and the automotive industry. Key trends that will shape the market in the forecast period comprise the merging of e-commerce platforms with voice tech, the application of avant-garde technologies like AI, progress in the realm of natural language processing tech, rising demand for interconnected devices, and the automation of shopping activities via voice assistants.

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What Are the Drivers Transforming the Voice Commerce Market?
The anticipated surge in e-commerce demand is predicted to spur the expansion of the voice commerce market. The term e-commerce, an abbreviation for electronic commerce, denotes the online exchange of products and services. The burgeoning need for e-commerce arises from secure and user-friendly online payment mechanisms, home delivery services, customization, and superior customer experiences. Voice commerce delivers more streamlined, effective, and tailored shopping encounters, which eventually bolster consumer satisfaction and allegiance. Moreover, this enables customers to browse and buy merchandise hands-free, further simplifying shopping. For example, in November 2023, as per the International Trade Administration, a government agency based in the US, it is projected that e-commerce sales in Canada will escalate from approximately $2.34 billion in March 2022 to $40.3 billion in 2025. Consequently, the upsurge in e-commerce demand stimulates the growth of the voice commerce market.

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What Long-Term Trends Will Define the Future of the Voice Commerce Market?
Large corporations working within the voice commerce market are prioritizing the creation of cutting-edge products, such as AI-based voice assistants, in order to boost user experience and simplify the shopping journey. Voice assistants powered by artificial intelligence are software applications that leverage AI technology, including natural language processing and machine learning, to interpret and answer voice commands and inquiries from users. Haptik, a software firm based in India, has introduced an innovative product known as Buzzo, an AI voice assistant aimed at enhancing the online shopping experience on e-commerce platforms and applications. By utilising Haptik's advanced natural language understanding (NLU) and combining it with product metadata encompassing filters, reviews, pricing and tags, Buzzo can comprehend a user's needs in everyday language and offer bespoke suggestions akin to a physical retail salesperson.

Which Segments in the Voice Commerce Market Offer the Most Profit Potential?
The voice commerce market covered in this report is segmented -

1) By Type: Smart Speaker, Voice Assistant, Virtual Digital Assistant
2) By Application: Personal Care, Electronics, Household Appliances, Groceries, Arts Crafts, Other Applications
3) By End-User: Travel Industry, Hospitality Industry, Entertainment Industry, Other End-Users

Subsegments:
1) By Smart Speaker: Amazon Echo, Google Home, Apple HomePod, Others
2) By Voice Assistant: Google Assistant, Amazon Alexa, Apple Siri, Microsoft Cortana
3) By Virtual Digital Assistant: AI-Based Assistants, Chatbots

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Which Firms Dominate the Voice Commerce Market by Market Share and Revenue in 2025?
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.

Which Regions Offer the Highest Growth Potential in the Voice Commerce Market?
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.

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