Voice Assistance Commerce Market Research Report 2021: Industry Size, Current Trend

Voice commerce is changing the way consumers shop by minimizing long lines, limited store hours and the timely checkout process on traditional websites. Beginning of 2019, witnessed the emergence of voice commerce (Voice Commerce), about 40% of consumers have reported that they have tried to make a purchase using their voice through either their digital assistant device or smart home speaker. Among those, 74% reported that they have completed their transaction easily, while 21% reported of having difficulties in completing the transaction, 5% reported that they could not complete their transaction. Various voice assistance devices are launched in recent year to make e-commerce more hassle free and continent for the customers. The trajectory of business growth strategies, travel plan and lives of individual have been drastically affected due to the COVID-19 pandemic. With numerous assistants proliferating globally, voice has the potential to become a substitute of a website, or an app. Voice assistant would become table stakes for a business to have voice as an interaction channel for a good consumer experience that users expect. Voice assistant brands such as Apple, Google, and Baidu have reported hundreds of millions of devices in use at the end of 2020. Amazon has 200 million users. The low adoption of Amazon Alexa is because it is not on smartphone, compared to Google Assistance, Apple Siri, and Microsoft Cortana.

Increased penetration of Online Businesses, paired with Proliferation of social media and Smartphones owing to increasing disposable income are the major factors driving the growth of voice assistance commerce industry. Large-scale adoption of smart speakers over the coming years, with a significant number of smart speaker owners using them for commerce would provide wide opportunity for the smart speaker manufacturer and e-commerce players. According to NPR, 24% of Americans own smart speakers in 2020, witnessing an increase of 21% compared to 2019. Also, with 29% of smart speaker owners possessing three or more devices. 52% of voice assistant users claim that they use their devices several times every day since the pandemic hit in 2020.

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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 and smart speaker 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 segment dominates 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. Post-pandemic, e-grocery sales is expected to jump from nearly US$35 billion sales to more than US$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.

For a better understanding of the overall demand, a detailed analysis was conducted for the major region/country including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Netherlands, Rest of Europe); Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of APAC) and Rest of the World. Currently North America dominates the market. Use of voice assistance technology in on the rise globally. In the US alone, the number of people who use voice assistants and smart speakers including Amazon, Google, and Apple Siri are expected to grow in coming years. However, increasing adoption of smart speaker in China, would help Asia-Pacific region to grow at highest CAGR during the forecast period 2021-2027. Some of the major players operating in the market include Apple inc., Microsoft Corporation, Google Inc., Amazon.com, Harman International Industries, Incorporated, Samsung Electronics, Baidu, JD.com, Alibaba, Bose Corporation.

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Voice Assistance Commerce Market Segmentation

Market Insights, by Component

• Set-top Box
• Smartphone & Tablet
• Smart Speaker
• Other Voice Assistance Devices (Alexa, Echo etc.)

Market Insights, by Product Type

• Grocery
• Entertainment
• Clothing
• Electronic
• Other Products

Market Insights, by End-Users

• Residential
• Commercial

Market Insights, by Region

• North America Voice Assistance Commerce market
  • United States
  • Canada
  • Rest of North America
• Europe Voice Assistance Commerce market
  • United Kingdom
  • Germany
  • France
  • Netherlands
  • Rest of Europe
• Asia-Pacific Voice Assistance Commerce market
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of APAC
• Rest of World Voice Assistance Commerce market

Top Company Profiles

• Apple inc.
• Microsoft Corporation
• Google Inc.
• Amazon.com
• Harman International Industries, Incorporated
• Samsung Electronics
• Baidu
• JD.com
• Alibaba
• Bose Corporation

Final Report will add the analysis of the impact of COVID-19 on this industry.”

In the highly import dependent Indian medical devices market, a large number of indigenous manufacturers of syringes & needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.

The report provides a snapshot of the syringes & needles market. It begins with the introduction section which mentions the features and uses of syringes & needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes & needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.

An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes & needles and problems associated with usage. Government legislation in the market has been discussed in the next section.

The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.

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A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:

What is the aim of the report?

• The market report presents the estimated market size of Voice Assistance Commerce Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
• Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
• An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
• The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
• The various parameters accelerating the growth of Market are incorporated in the research report.
• The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

• Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
• The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
• The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
• Based on what factors are the key market players assessed in this report?
• The report offers detailed analysis of leading companies in the market across the globe.
• It provides details of the major vendors involved in the Market including Key Players
• A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
• the manufactured products is incorporated in the report.
• The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
• The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

• Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.

• The report offers the present scenario and future growth prospects Market in various geographical regions.
• The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
• The SWOT analysis is conducted along with Porter's Five Force analysis.
• The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.