The global text-to-speech market size is expected to reach USD 7.06 Billion in 2028 at a CAGR of 14.7% during the forecast period. Market growth is majorly driven by rising focus on development of cutting-edge technologies in the education sector and rapid digitization across most major sectors. Text-to-speech technology has been witnessing increasing adoption and deployment owing to ability to function or operate on a wide range of personal digital devices such as tablets, computers, and smartphones. Text-to-speech system converts normal text into speech and highlights words as they are read out loud. This can help children and learners to focus on words onscreen and simultaneously listen, comprehend, and understand how words are pronounced, which results in better learning.
Text-to-speech is extremely beneficial for individuals with learning and vision disabilities as it converts content on websites, online documents, and e-learning applications into audible speech. It also helps elderly persons with poor eyesight, impaired vision, or reading issues to be able to access and use written content for various learning or other purposes. This technology plays a pivotal role in facilitating communication with readers when reading content available onscreen is challenging or inconvenient. The technology has paved the way to easily access information and use by disabled persons. Improvements in technology have led to the advent of innovative and novel attributes in text-to-speech system. Major companies have enhanced the optical character recognition (OCR) feature that allows text-to-speech technology to read contents from images.
Rising adoption of machine learning by market players to improve text-to-speech tools is expected to drive market growth over the forecast period. Rapid advancements in deep learning enabling production of natural-sounding speech, including changes in rate of speech, pitch, and pronunciation are factors expected to drive deployment and adoption going ahead. Currently, computer-generated speech is widely used in a large number of applications such as for e-learning, in public announcement systems, IoT devices and apps, personal assistants, gaming, and newsreaders, among others.
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Some Key Highlights in the Report:
- Software segment revenue is expected to expand significantly owing to increasing deployment of this software as a tool to enhance learning experience for visually-impaired or dyslexic individuals. The technology is beneficial for listening to text from documents while simultaneously working on other things. The availability of free of cost software on the Internet is another major factor driving revenue growth of this segment currently.
- Cloud segment is expected to register a significant revenue CAGR during the forecast period. Deployment of cloud-based technology has improved scalability, enabled round-the-clock services, and enhanced IT security. Increasing adoption of software-as-a-service (SaaS) by large conglomerates is a key factor driving revenue growth of this segment.
- Neural and custom voice enables users to develop branded voices with the application of Machine Learning (ML) technologies. Application of neural networks allows production of natural-sounding speech and customized experiences for customers.
- Text-to-speech technology is widely used in the healthcare sector to enable patients to comprehend complicated medical language. It can also improve functionality of digital health technologies in the healthcare sector by deploying speech-enabled websites, nurse call systems, and human-like voices in mobile health devices.
- North America accounted for largest share of the market in terms of revenue in 2020 owing to rapidly increasing need for text-to-speech technology and growing adoption of machine learning and Artificial Intelligence in the United States.
- Major companies operating in the market include IBM Corporation, Google Inc., Nuance Communication, Amazon.com, Inc., LumenVox LLC, SESTEK, Readspeaker, Sensory Inc., Acapela Group, and Nextup Technologies.
- In February 2021, Microsoft offered limited access to the company’s neural text-to-speech AI solution called “custom neural voice”. Through this technology, users and developers can create a wide range of custom synthetic voices.
For the purpose of this report, Emergen Research has segmented the global text-to-speech market on the basis of offering, deployment mode, voice type, organization size, vertical, and region:
Offering Outlook (Revenue, USD Billion; 2018–2028)
- Support, Implementation & Consulting
Deployment Mode Outlook (Revenue, USD Billion; 2018–2028)
Voice Type Outlook (Revenue, USD Billion; 2018–2028)
- Neural and Custom Voice
Organization Size Outlook (Revenue, USD Billion; 2018–2028)
- Small and Medium-Sized Enterprises
- Large Enterprises
Vertical Outlook (Revenue, USD Billion; 2018–2028)
- Automotive & Transportation
- Travel and Hospitality
- Assistant tool for visually impaired or disabilities (Dyslexic Reader)
- Others (Government and Legal)
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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