Voice shopping could be worth US$40 billion by 2022
A press release containing data collated by OC&C Strategy Consultants claims that voice shopping will experience massive growth between 2018 and 2022, rising from US$2 billion in sales to US$40 billion. Smart speakers and virtual assistants from companies like Amazon, Google, and Microsoft are credited for the expected growth and will likely benefit most from it. However, the report also states that Apple is struggling to keep up with the competition because of Siri’s restrictive development and the HomePod's late entry into the smart speaker market.
According to the data, it appears Amazon could end up being the biggest winner in this predicted US$40 billion windfall. An estimated 13% of homes currently utilize a smart speaker, and this figure is forecast to rise to 55% by 2022, with Amazon being the preferred brand of choice. Over 56 million smart speakers are expected to be shipped in 2018 and the Seattle-based online retailer is the current market leader.
Although US$40 billion might seem like a stretch to some industry observers, the rate of smart speaker penetration over the last few years has been impressive. The Amazon Echo was released in 2014 and can already be found in an estimated 31 million US homes, while Google’s Home device range enjoyed a bumper 2017 holiday season and has amassed a total of over 14 million units sold.