Text to Speech Market By 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) and Regions (Asia Pacific, North America, Europe, Latin America, and the East & Africa) Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
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.
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 the 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 | 2020 |
| Historic Data | 2018–2019 |
| Forecast Period | 2021–2028 |
| 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 insights:
The services segment is estimated to hold a significant market share
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.
Neural and custom type to hold substantial market share in the forecast period
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.
Cloud segment held a substantial largest market share in 2020
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.
High use of text-to-speech technology in consumer electronics to drive the market
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.
North America dominates the global market
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.
Segments
Segments Covered in the Report:
By Components
- Solutions
- Services
- SAAS
- Support
- Implementation and Consulting
- Non-neural
- Neural
- Custom Language
- English
- Spanish
- Hindi
- Chinese
- Arabic
- Others
- Cloud
- On-premise
- SMEs
- Large Enterprises
- Automotive and Transportation
- Consumer Electronics
- Healthcare,
- Government and Education
- BFSI, Retail
- Travel and Hospitality
- Others
- Asia Pacific
- North America
- Europe
- Latin America
- Middle East & Africa
- 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.
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
Segments Covered in the Report:
By Components
- Solutions
- Services
- SAAS
- Support
- Implementation and Consulting
- Non-neural
- Neural
- Custom Language
- English
- Spanish
- Hindi
- Chinese
- Arabic
- Others
- Cloud
- On-premise
- SMEs
- Large Enterprises
- Automotive and Transportation
- Consumer Electronics
- Healthcare,
- Government and Education
- BFSI, Retail
- Travel and Hospitality
- Others
- Asia Pacific
- North America
- Europe
- Latin America
- Middle East & Africa
- Nuance Communication
- Microsoft Corporation
- IBM Corporation
- Google, Inc.
- Amazon.Com
- LumenVox LLC
- TextSpeak,
- 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.
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