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.
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 |
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.
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.
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.
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.
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.
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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