Voice commerce market size to grow by USD 55.68 Bn, Market Research Insights highlight Adobe Inc., Agora Inc., and Algolia Inc. as Key Vendors - Technavio
NEW YORK, Sept. 22, 2022 /PRNewswire/ -- According to the research report, the voice commerce market will witness a YOY growth of 18.98% in 2022 at a CAGR of 24.34% during the forecast period. The report is segmented by application (personal care, electronics, household appliances, groceries, and arts crafts) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
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The global voice commerce market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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Geographical Market Analysis
North America will account for 40% of market growth. The voice commerce market in North America is mostly centered in the US and Canada. The market in this region will expand more slowly than markets in other regions. Over the course of the forecast period, a surge in online purchasing as well as customers' quicker adoption and usage of voice assistants will support the growth of the voice commerce market in North America. Buy Sample Report.
Key Segment Analysis
The personal care segment's market share will expand significantly. Personal care items are a class of consumer goods that are commonly utilized in daily life for personal cleanliness, grooming, or attractiveness. These products include shampoo, body lotions, other items, fragrances, and other things like shaving gels.
Additionally, this market sector is anticipated to expand throughout the course of the forecast period as a result of factors like rising beauty consciousness among people, the impact of social media, and rising disposable income levels. In turn, this will accelerate the expansion of the voice commerce industry during the anticipated timeframe.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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