Technavio Foresees Strong Growth in Voice Commerce
Market research firm Technavio expects the voice commerce market to increase by $55.68 thhrough 2026 at an accelerated compound annual growth rate of 24.34 percent.
The enhanced purchasing convenience is notably driving the voice commerce market growth, although factors such as data privacy and security concerns may impede the market growth, according to the research.
Voice commerce, Technavio said, has enhanced the purchasing experience of buyers as they no longer need to go through the website checkout process.
The firm also expects voice commerce to become a hit on smart speakers and purchases to be widely made from vehicle dashboard interfaces.
Voice commerce helps users to go through highly-rated products, such as premium mobile phones, laptops, and others, at one go. Such convenience will propel the voice commerce market growth during the forecast period, it said
Among the industries expected to see the largest share of the voice commerce market are personal care products, electronics, household appliances, groceries, and arts and crafts.
The report identifies Adobe, Agora, Algolia, Aphabet, Amazon, Edrone, iAdvize, Jetson.AI, Microsoft, Salesforce, Samsung, Voicify, and Yosh.AI as key market players.</p?
Companies that implement voice commerce technology in their online shops are likely to enhance user experience and customer experience significantly.