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.
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.
Text to Speech Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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.
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.
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.
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.
- Implementation and Consulting
- Custom Language
- Automotive and Transportation
- Consumer Electronics
- Government and Education
- BFSI, Retail
- Travel and Hospitality
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Nuance Communication
- Microsoft Corporation
- IBM Corporation
- Google, Inc.
- LumenVox LLC
- Nextup Technologies, Inc.
- Facebook Research
- GL Communications
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.