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

Region:Global

Author(s):

Product Code:UMAI21259

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Published on

June 2021

Total pages

289

Table of Content

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About the Report

About the Report

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. AS PER A TOP MARKET RESEARCH FIRM, THE GLOBAL SMART SPEAKER MARKET REVENUE IS EXPECTED TO GROW FROM USD 11.9 BILLION IN 2019 TO OVER USD 35.5 BILLION BY 2025. FURTHER, BY 2022, 55% OF HOUSEHOLDS ARE EXPECTED TO OWN AT LIST ONE SMART SPEAKER. ACCORDING TO COMSCORE, 2020, WIDE ADOPTION OF VOICE ASSISTANCE COMMERCE IS WITNESSED, AS ABOUT 50% OF ALL ONLINE SEARCHES WERE VOICE-ACTIVATED. 60% OF PEOPLE OWNING A VOICE ASSISTANT HAVE USED IT TO BUY SOMETHING THROUGH VOICE.


BASED ON COMPONENT, THE GLOBAL VOICE ASSISTANCE COMMERCE MARKET IS SEGMENTED INTO SET-TOP BOX, SMARTPHONE & TABLET, SMART SPEAKER, OTHER VOICE ASSISTANCE DEVICES (ALEXA, ECHO ETC.). BASED ON THE ANALYSIS, INCREASED ADOPTION OF SMARTPHONE IS EXPECTED TO BOOST THE MARKET. GLOBALLY THERE ARE THE 3.8 BILLION SMARTPHONE USERS GLOBALLY, REPRESENTING 48.33% OF THE WORLD'S POPULATION OWNING A SMARTPHONE.

BASED ON PRODUCT CATEGORY, THE GLOBAL VOICE ASSISTANCE COMMERCE MARKET IS BIFURCATED INTO GROCERY, ENTERTAINMENT, CLOTHING, ELECTRONIC, OTHERS. BASED ON OUR ANALYSIS, GROCERY PRODUCT SEGMENT DOMINATE THE MARKET, WITH MORE THAN 39% SHARE IN 2020. GROCERY SEGMENT HAVE WITNESSED INCREASED SALES THROUGH ONLINE PLATFORM, THIS WOULD DRIVE THE OVERALL GROWTH FOR THE SEGMENT IN COMING YEARS. GLOBALLY, ONLINE GROCERY SALES GREW 22.0% IN 2019, MAKING IT ONE OF THE FASTEST GROWING SEGMENT IN THE ECOMMERCE INDUSTRY. POST-PANDEMIC, E-GROCERY SALES IS EXPECTED TO JUMP FROM NEARLY USD 35 BILLION SALES TO MORE THAN USD 250 BILLION BY 2025.

BASED ON END-USERS, THE GLOBAL VOICE ASSISTANCE COMMERCE MARKET IS SEGMENTED INTO RESIDENTIAL AND COMMERCIAL. 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.

FURTHERMORE, FOR BETTER UNDERSTANDING OF THE OVERALL ADOPTION AND PENETRATION OF THE GLOBAL VOICE ASSISTANCE COMMERCE MARKET, THE REPORT PROVIDE DETAILED ANALYSIS FOR MAJOR REGIONS/COUNTRIES INCLUDING NORTH AMERICA (US, CANADA, REST OF NORTH AMERICA); EUROPE (GERMANY, UK, FRANCE, RUSSIA, REST OF EUROPE); ASIA-PACIFIC (CHINA, JAPAN, INDIA, SOUTH KOREA, AUSTRALIA, REST OF APAC) AND REST OF THE WORLD. CURRENTLY, NORTH AMERICA DOMINATE THE GLOBAL VOICE ASSISTANCE COMMERCE MARKET, ALTHOUGH CHINA DOMINATES THE GLOBAL E-COMMERCE MARKET. CHINA GENERATED REVENUE OF USD 636.1 BILLION IN 2019, COMPARED TO USD 504.6 BILLION BY US.

SOME OF THE MAJOR COMPANIES OPERATING IN THE GLOBAL VOICE ASSISTANCE COMMERCE MARKET ARE APPLE INC., MICROSOFT CORPORATION, GOOGLE INC., AMAZON.COM, HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED, SAMSUNG ELECTRONICS, BAIDU, JD.COM, ALIBABA, BOSE CORPORATION. THESE COMPANIES ARE INVESTING HEAVILY ON VOICE ASSISTANCE TECHNOLOGY AND HAVE LAUNCHED ONE OR MORE VOICE ASSISTANCE DEVICES IN THE PAST FEW YEARS. SAMSUNG ELECTRONICS HAVE LAUNCHED ITS VOICE ASSISTANCE DEVICE NAMED BIXBY IN 2017.

GLOBAL VOICE ASSISTANCE COMMERCE MARKET GENERATED REVENUE OF USD 16.4 BILLION IN 2019 AND REACHED TO USD 30.4 BILLION IN 2020. OWING TO THE SUDDEN OUTBREAK OF COVID-19, MARKET FOR ONLINE SHOPPING HAVE INCREASED MASSIVELY. THE TREND IS EXPECTED TO INCREASE THE OVERALL MARKET FOR E-COMMERCE, WHICH IN TURN WOULD BOOST THE OVERALL MARKET FOR VOICE ASSISTANCE COMMERCE. THE GLOBAL VOICE ASSISTANCE COMMERCE MARKET IS EXPECTED TO WITNESS CAGR GROWTH OF 77.0% DURING THE FORECAST PERIOD TO REACH A MARKET VALUATION OF USD 1,377.0 BILLION BY 2027.

Products


Companies

APPLE INC.

MICROSOFT CORPORATION

GOOGLE INC.

AMAZON.COM

HARMAN INTERNATIONAL INDUSTRIES

INCORPORATED

SAMSUNG ELECTRONICS

BAIDU

JD.COM

ALIBABA

BOSE CORPORATION

Table of Contents

Table of Contents

1 MARKET INTRODUCTION

1.1 MARKET DEFINITIONS

1.2 OBJECTIVE OF THE STUDY

1.3 LIMITATION

1.4 STAKE HOLDERS

1.5 CURRENCY USED IN REPORT

1.6 SCOPE OF THE GLOBAL VOICE ASSISTANCE COMMERCE MARKET STUDY

2 RESEARCH METHODOLOGY OR ASSUMPTION

2.1 RESEARCH METHODOLOGY FOR THE GLOBAL VOICE ASSISTANCE COMMERCE MARKET

2.1.1 MAIN OBJECTIVE OF THE GLOBAL VOICE ASSISTANCE COMMERCE MARKET

3 MARKET SYNOPSIS

3.1 OVERVIEW OF GLOBAL E-COMMERCE MARKETS, 2019

3.2 MOST PREFERRED E-COMMERCE PRODUCT CATEGORY, BY COUNTRY 2020

4 EXECUTIVE SUMMARY

5 GLOBAL VOICE ASSISTANCE COMMERCE MARKET DYNAMICS

5.1 MARKET DRIVERS

5.1.1 INCREASED PENETRATION OF ONLINE BUSINESSES

5.1.2 PROLIFERATION OF SOCIAL MEDIA AND SMARTPHONES

5.1.3 INCREASED DEMAND FOR CONTACTLESS SHOPPING

5.2 MARKET CHALLENGES

5.2.1 CONCERN RELATED TO TRUST AND DATA SECURITY

5.3 MARKET OPPORTUNITY

5.3.1 EMERGENCE OF INNOVATIVE VOICE ASSISTANCE DEVICES POWERED WITH AI

5.3.2 RISING ADOPTION OF SMART SPEAKERS

5.4 RECENT TREND

5.4.1 PERSONALIZED ORDERING

5.4.2 LOCAL VOICE COMMERCE

5.4.3 VOICE COMMERCE GOES INTERNATIONAL

5.4.5 VOICE SHOPPING AS AN OMNICHANNEL MARKETING STRATEGY

6 KEY FACTS ON VOICE ASSISTANT USES, GLOBALLY 2020

6.1 KEY FACTS ON VOICE ASSISTANT SEARCH USAGE

6.2 KEY FACTS ON VOICE ASSISTANT SEARCH GROWTH

6.3 KEY FACTS ON VOICE ASSISTANT COMMERCE

6.4 KEY FACTS ON MOBILE VOICE ASSISTANT SEARCH

6.5 KEY FACTS ON VOICE ASSISTANT DEVICE

7 PERCEIVED BENEFIT OF VOICE ASSISTANCE FOR ONLINE SHOPPING

7.1 DIGITAL ASSISTANCE ENHANCING SHOPPING EXPERIENCE CURRENT AND FUTURE

7.2 CONSUMER EXPECTATION FOR VOICE COMMERCE

7.3 CONCEPTUAL MODEL OF BENEFIT AND COST ASSOCIATED WITH THE ADOPTION OF VOICE ASSISTANCE COMMERCE

7.4 CUSTOMERS LIKE AND DISLIKES ABOUT VOICE SHOPPING

7.5 MOST PREFERRED PRODUCT PURCHASED BY CUSTOMERS USING VOICE AND ONLINE PLATFORM

7.6 METHOD AND INFLUENCE FOR DIFFERENT MODE OF SHOPPING

8 USED CASE EXAMPLE OF VOICE SHOPPING, BY CATEGORY

8.1 VOICE SHOPPING VIA VOICE ASSISTANT PLATFORM

8.2 VOICE SHOPPING AND GAMES & MEDIA

8.3 VOICE SHOPPING AND COFFEE SHOPPING

9 COVID-19 IMPACT ON GLOBAL E-COMMERCE AND VOICE SHOPPING MARKET

10 DEMAND AND SUPPLY SIDE ANALYSIS

10.1 DEMAND SIDE ANALYSIS

10.2 SUPPLY SIDE ANALYSIS

10.2.1 TOP PRODUCT LAUNCHES

10.2.2 TOP PARTNERSHIPS AND EXPANSION

10.2.3 TOP MERGER AND ACQUISITIONS

11 VALUE CHAIN ANALYSIS

12 MARKET INSIGHTS BY COMPONENTS

12.1 SET-TOP BOX

12.2 SMARTPHONE & TABLET

12.3 SMART SPEAKER

12.4 OTHER VOICE ASSISTANCE DEVICES (ALEXA, ECHO ETC OTHER VOICE ASSISTANCE DEVICES (ALEXA, ECHO ETC.)

13 MARKET INSIGHTS BY PRODUCT TYPE

13.1 GROCERY

13.2 ENTERTAINMENT

13.3 CLOTHING

13.4 ELECTRONIC

13.5 OTHERS

14 MARKET INSIGHTS BY END-USER

14.1 RESIDENTIAL

14.2 COMMERCIAL

15 MARKET INSIGHTS BY REGION

15.1 NORTH AMERICA VOICE ASSISTANCE COMMERCE MARKET

15.1.1 UNITED STATES

15.1.2 CANADA

15.1.3 REST OF NORTH AMERICA

15.2 EUROPE VOICE ASSISTANCE COMMERCE MARKET

15.2.1 GERMANY

15.2.2 UK

15.2.3 FRANCE

15.2.4 NETHERLANDS

15.2.5 REST OF EUROPE

15.3 ASIA PACIFIC VOICE ASSISTANCE COMMERCE MARKET

15.3.1 CHINA

15.3.2 JAPAN

15.3.3 INDIA

15.3.4 SOUTH KOREA

15.3.5 AUSTRALIA

15.3.6 REST OF APAC

15.4 REST OF WORLD VOICE ASSISTANCE COMMERCE MARKET

16 COMPETITIVE SCENARIO

16.1 GLOBAL DIGITAL ASSISTANCE DEVICE, MARKET SHARE, BASED ON USES, 2020 (%)

16.2 GLOBAL MOST PREFERRED SMART SPEAKER, BASED ON PREFERENCE OF PURCHASE 2018-2019 (%)

17 COMPANY PROFILED

17.1 APPLE INC.

17.2 SAMSUNG ELECTRONICS

17.3 GOOGLE INC

17.4 MICROSOFT CORPORATION

17.5 BAIDU

17.6 BOSE CORPORATION

17.7 AMAZON.COM

17.8 HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED

17.9 JD.COM

17.10 ALIBABA

18 DISCLAIMER

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