Proliferation of online business and rising adoption of smart speaker is expected to drive the voice assistance shopping market, China, and US to witness significant growth: UnivDatos Market Insights
NOIDA, India, July 2, 2021 /PRNewswire/ -- A comprehensive overview of the Voice Assistance Shopping market is recently added by UnivDatos Market Insights to its humongous database. The Voice Assistance commerce market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Voice Assistance commerce market. The Voice Assistance Shopping market report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Voice Assistance Shopping market at the global and regional levels. The Global Voice Assistance commerce market is expected to grow at a CAGR of 77.7% from 2021-2027 to reach USD 1.3 trillion by 2027.
Market Overview
Global Voice Assistance Shopping market is experiencing significant growth on account of increasing adoption of smart speaker, increasing penetration of online business and growing demand for contactless shopping experience among the customers globally. According to data obtained from one of top consulting firm, Currently, the voice assistance technology user base in the U.S. accounts for 42.7% of the population. Further as per one of the top market research firm, voice commerce would account for half of all online searches by 2020. Also, voice assistance commerce is expected to claim near about 30% of total e-commerce revenues share by 2030.
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Furthermore, ongoing technological advancement in the voice assistance devices and the growth of Chinese brands smart speaker, which offer higher specification devices at affordable price, has generated faster upgrade cycle for the technology. For instance, according to a consumer expenditure survey by the US Bureau of Labor Statistics, E-Commerce witnessed growth comparable to last 10 years over 10 weeks during the early months of the pandemic. If the trend persists, it is expected that online shopping would account for US$158 billion in sales. A paradigm shift is trendy in the way customer perform searches, as more and more users are turning to voice to find products online.
COVID-19 Impact
Customers around the world have altered significantly since the beginning of COVID-19 pandemic in the beginning of 2020, among which the increased adoption of voice technologies is just one of the advancements. Demand for smart speakers is witnessed across all major countries, with China leading the growth. With people looking for different forms of communication, entertainment, and ways to continue with normal human interactions. Smart speaker usage during COVID-19 has also seen widespread utilization across the medical field as well.
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Voice Assistance commerce market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Component, the market is primarily bifurcated into:
- Set-top Box
- Smartphone & Tablet
- Smart Speaker
- Other Voice Assistance Devices (Alexa, Echo etc.)
Smartphone & Tablet component segment dominated the global Voice Assistance commerce market and will grow at 72.6% CAGR between 2021-2027 period.
By Product Type, the market is mainly segmented into:
- Grocery
- Entertainment
- Clothing
- Electronic
- Other Products
Amongst product types, the grocery product segment accounted for the largest share and is expected to remain dominance during the forecast period.
By End-User, the market is primarily studied into:
- Residential
- Commercial
Voice assistant usage amid COVID-19 in 2020 has witnessed rapid growth compared to previous years. For instance, there are approximately one billion users of Google Assistance with 500 million actively using the device per month. By the end of 2020, 50% of internet searches was conducted using voice-based assistance and a total of 30% of searches was done by a device without a screen.
Voice Assistance Shopping Market Geographical Segmentation Includes:
- North America (United States, Canada, Rest of North America)
- Europe (Germany, United Kingdom, France, Netherlands, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, the North America region dominated the Voice Assistance commerce market, owing to high penetration of smart speaker and smartphone in the US. The region generated revenue of almost USD 20.9 billion in 2020.
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The major players targeting the market includes:
- Apple inc.
- Microsoft Corporation
- Google Inc.
- Amazon.com
- Harman International Industries, Incorporated
- Samsung Electronics
- Baidu
- JD.com
- Alibaba
- Bose Corporation
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Voice Assistance Shopping market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Voice Assistance Shopping market?
- Which factors are influencing the Voice Assistance Shopping market over the forecast period?
- What are the global challenges, threats, and risks in the Voice Assistance Shopping market?
- Which factors are propelling and restraining the Voice Assistance Shopping market?
- What are the demanding global regions of the Voice Assistance Shopping market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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SOURCE UnivDatos Market Insights
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