Sharp Increase Expected in Voice-Assisted Shopping, UnivDatos Reports
UnivDatos Market Insights projects the global voice assistance commerce market to grow at a compound annual rate of 77.7 percent through 2027, when it is expected to reach $1.3 trillion.
The research firm reports that the voice assistance shopping market is experiencing significant growth on account of increasing adoption of smart speakers, increasing penetration of online business, and growing demand for contactless shopping experiences.
The voice assistance technology user base in the United States accounts for 42.7 percent of the population. It currently accounts for half of all online searches and is expected to claim about 30 percent of total e-commerce revenue share by 2030.
While the market is segmented into set-top boxes, smartphones and tablets, smart speakers, and other devices, UnivDatos expects the smartphone and tablet segment to dominate and grow at 72.6 percent CAGR through 2027.
By product type, it segments the market into grocery, entertainment, clothing, electronics, and other products. Of those, the grocery segment accounted for the largest share, a trend which is expected to continue through 2027.
The report also notes that there are approximately 1 billion users of Google Assistance, with 500 million actively using the device per month. By the end of 2020, 50 percent of internet searches was conducted using voice-based assistance, and a total of 30 percent of searches was done by a device without a screen.
North America currently dominates the voice assistance commerce market, owing to the high penetration of smart speakers and smartphones in the United States. The region generated revenue of almost $20.9 billion in 2020.
The major players identified in the report include Apple, Microsoft, Google, Amazon, Harman International, Samsung Electronics, Baidu, JD.com, Alibaba, and Bose.