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Text to Speech Market

Text to Speech Market

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Text to Speech Market Outlook 2031

The global text to speech market size was valued at USD 2.18 Billion in 2022 and is expected to reach USD 6.12 Billion by 2031, expanding at a CAGR 12.15% during the forecast period 2023-2031. 

Text-to-speech technology converts text into natural-sounding voice by using an API powered by artificial intelligence (AI) technologies. The usage of text-to-speech technology in everyday applications is increasing, due to the growing trend of automation and convenience, which is driving the demand for text-to-speech throughout the projection period.

Text to Speech Market Outlook

Some of the key factors which are driving the text to speech market are the growing demand for portable handheld devices, increased government spending on education for differently-abled, and growing reliance on technology.

Text to Speech Market Trends, Drivers, Restraints, and Opportunities

  • By providing users with vocal prompts and audio guidance for operations, text-to-speech-enabled devices help to reduce the need to read lengthy user guides or manuals. Text-to-speech technology is expected to be integrated into portable devices as a result of many such developments in smart gadgets.
  • People with visual impairments or reading problems use text-to-speech software to listen to printed words on a computer or mobile device. When a text-to-speech system is combined with a screen reader, a visually impaired user utilises an auditory interface to comprehend and execute computer activities, which is expected to drive the market.
  • The challenge of producing prosody and pronunciation of naturally occurring speech is a key restriction on the global text-to-speech market. Text-to-speech is a recent technology that is expected to benefit individuals and provide opportunities for growth in the text-to-speech market.

Scope of Text to Speech Market Report

The report on the global text to speech market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes

Details

Report Title

Text to Speech Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Components [Solutions, Services (SAAS, Support, Implementation and Consulting)], By Types (Non-neural, Neural and Custom Language), By Languages (English, Spanish, Hindi, Chinese, Arabic, and Others), Deployment (Cloud, On-premises), Enterprise Sizes (SMEs and Large Enterprises), End-users (Automotive and Transportation, Consumer Electronics, Healthcare, Government and Education, BFSI, Retail, Travel and Hospitality, Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Nuance Communication, Microsoft Corporation, IBM Corporation, Google, Inc., Amazon.Com, LumenVox LLC, TextSpeak, Nextup Technologies, Inc., Facebook Research, and GL Communications

Text to Speech Market Segment Insights

Component Segment Analysis

In terms of components, the text to speech market is fragmented into solutions and services. The services segment is further bifurcated into SAAS, support, implementation and consulting. During the forecast period, the services segment is estimated to account for the majority of revenue.

Text-to-speech software is dependent on services. They are an important part of the tool deployment process and are handled by solution, platform, and service providers. To deal with the constantly expanding audio/video-based material, prominent organisations in many industries are using text-to-speech.

This is helping businesses in discovering new methods to tap into the vast amounts of data available to produce new goods, services, and processes, therefore obtaining a competitive edge.

Text to Speech Market Component

Type Segment Analysis

Based on types, text to speech market is fragmented into non-neural, neural and custom language. The capacity to create speech with humanlike intonation, engagement, and tailored user experience, which is expected to promote the adoption of neural and bespoke voice systems and software throughout the forecast period, is expected to account for a large market share during the forecast period.

Deployment Segment Analysis

Based on deployment, the global text to speech market is classified into cloud and on-premise. The development of cloud-based text-to-speech services is driving the market. Cloud-based technology allows users to share and receive text and audio files, which are played back on internet-connected apps and devices.

A high-quality voice in a variety of languages is one of the benefits of cloud-based technology. Cloud-based technology improved IT security and scalability. It allows access to services 24 hours a day, seven days a week. The increased use of software as a service (SaaS) by major firms is driving the cloud segment.

Text to Speech Market Deployment

Vertical Segment Analysis

Based on verticals, the text to speech market is segmented into automotive and transportation, consumer electronics, healthcare, government and education, BFSI, retail, travel and hospitality, and others. The text-to-speech market was dominated by the consumer electronics segment.

This technology has been utilized in smartphones for navigation and personal help apps. This technology is commonly utilized in televisions and computers, and it has shown to be quite beneficial to those with visual impairments. A large percentage of the world's population suffers from some form of disability, and visual impairment is a common disability.

As a result, text-to-speech technology is shown to be highly beneficial for individuals with disabilities, as auditory material makes it easy for them to grasp the subject. With the assistance of technology, these people live independently while being linked to society.

Regional Outlook

In terms of regions, the global text to speech market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America constituted a significant share of the market in 2020, due to mergers and acquisitions conducted by key market players.

Additionally, growing government efforts in the education and medical sectors are expected to boost the demand for text-to-speech technology throughout the forecast period.

Text to Speech Market Region

Segments

Components

  • Solutions
  • Services
    • SAAS
    • Support
    • Implementation and Consulting

Types

  • Non-neural
  • Neural
  • Custom Language

Languages

  • English
  • Spanish
  • Hindi
  • Chinese
  • Arabic
  • Others

Deployment

  • Cloud
  • On-premise

Enterprise Sizes

  • SMEs
  • Large Enterprises

Verticals

  • Automotive and Transportation
  • Consumer Electronics
  • Healthcare,
  • Government and Education
  • BFSI, Retail
  • Travel and Hospitality
  • Others

Regions

  • Asia Pacific
  • North America
  • Europe
  • Latin America
  • Middle East & Africa

Key Players

  • Nuance Communication
  • Microsoft Corporation
  • IBM Corporation
  • Google, Inc.
  • Amazon.Com
  • LumenVox LLC
  • TextSpeak,
  • Nextup Technologies, Inc.
  • Facebook Research
  • GL Communications

Competitive Landscape

Key players present in the text to speech market are Nuance Communication, Microsoft Corporation, IBM Corporation, Google, Inc., Amazon.Com, LumenVox LLC, TextSpeak, Nextup Technologies, Inc., Facebook Research, and GL Communications. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.

Text to Speech Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Text to Speech Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Text to Speech Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Text to Speech Market - Supply Chain
  4.5. Global Text to Speech Market Forecast
     4.5.1. Text to Speech Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Text to Speech Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Text to Speech Market Absolute $ Opportunity
5. Global Text to Speech Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Text to Speech Market Size and Volume Forecast by Types
     5.3.1. Non-neural
     5.3.2. Neural
     5.3.3. Custom Language
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Text to Speech Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Text to Speech Market Size and Volume Forecast by End Users
     6.3.1. Automotive and Transportation
     6.3.2. Consumer Electronics
     6.3.3. Healthcare,
     6.3.4. Government and Education
     6.3.5. BFSI, Retail
     6.3.6. Travel and Hospitality
     6.3.7. Others
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Text to Speech Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Text to Speech Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Text to Speech Demand Share Forecast, 2019-2026
8. North America Text to Speech Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Text to Speech Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Text to Speech Market Size and Volume Forecast by Types
     8.4.1. Non-neural
     8.4.2. Neural
     8.4.3. Custom Language
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Text to Speech Market Size and Volume Forecast by End Users
     8.7.1. Automotive and Transportation
     8.7.2. Consumer Electronics
     8.7.3. Healthcare,
     8.7.4. Government and Education
     8.7.5. BFSI, Retail
     8.7.6. Travel and Hospitality
     8.7.7. Others
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Text to Speech Demand Share Forecast, 2019-2026
9. Latin America Text to Speech Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Text to Speech Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Text to Speech Market Size and Volume Forecast by Types
     9.4.1. Non-neural
     9.4.2. Neural
     9.4.3. Custom Language
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Text to Speech Market Size and Volume Forecast by End Users
     9.7.1. Automotive and Transportation
     9.7.2. Consumer Electronics
     9.7.3. Healthcare,
     9.7.4. Government and Education
     9.7.5. BFSI, Retail
     9.7.6. Travel and Hospitality
     9.7.7. Others
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Text to Speech Demand Share Forecast, 2019-2026
10. Europe Text to Speech Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Text to Speech Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Text to Speech Market Size and Volume Forecast by Types
     10.4.1. Non-neural
     10.4.2. Neural
     10.4.3. Custom Language
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Text to Speech Market Size and Volume Forecast by End Users
     10.7.1. Automotive and Transportation
     10.7.2. Consumer Electronics
     10.7.3. Healthcare,
     10.7.4. Government and Education
     10.7.5. BFSI, Retail
     10.7.6. Travel and Hospitality
     10.7.7. Others
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Text to Speech Demand Share Forecast, 2019-2026
11. Asia Pacific Text to Speech Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Text to Speech Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Text to Speech Market Size and Volume Forecast by Types
     11.4.1. Non-neural
     11.4.2. Neural
     11.4.3. Custom Language
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Text to Speech Market Size and Volume Forecast by End Users
     11.7.1. Automotive and Transportation
     11.7.2. Consumer Electronics
     11.7.3. Healthcare,
     11.7.4. Government and Education
     11.7.5. BFSI, Retail
     11.7.6. Travel and Hospitality
     11.7.7. Others
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Text to Speech Demand Share Forecast, 2019-2026
12. Middle East & Africa Text to Speech Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Text to Speech Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Text to Speech Market Size and Volume Forecast by Types
     12.4.1. Non-neural
     12.4.2. Neural
     12.4.3. Custom Language
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Text to Speech Market Size and Volume Forecast by End Users
     12.7.1. Automotive and Transportation
     12.7.2. Consumer Electronics
     12.7.3. Healthcare,
     12.7.4. Government and Education
     12.7.5. BFSI, Retail
     12.7.6. Travel and Hospitality
     12.7.7. Others
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Text to Speech Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Text to Speech Market: Market Share Analysis
  13.2. Text to Speech Distributors and Customers
  13.3. Text to Speech Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Nuance Communication
     13.4.2. Microsoft Corporation
     13.4.3. IBM Corporation
     13.4.4. Google, Inc.
     13.4.5. Amazon.Com
     13.4.6. LumenVox LLC
     13.4.7. TextSpeak,
     13.4.8. Nextup Technologies, Inc.&a

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