According to the most recent report by Emergent Research, the size of the global text-to-speech market is anticipated to reach USD 7.06 billion in 2028, growing at a constant CAGR of 14.7%. The market for text-to-speech technology is experiencing rising revenue growth as a result of the software’s expanding use across the globe. Almost all personal digital devices, including PCs, tablets, and smartphones, support text-to-speech. The words are highlighted as they are said, which helps youngsters not only see the words onscreen but also hear, comprehend, and recognize the pronunciation at the same time. This is done with the aid of text-to-speech software.
The study on the global text-to-speech market shows all significant growth-related driving factors as well as the most current developments and trends in the market. It includes the current state of the industry, possible future growth areas, and business development plans of leading firms. Text to Speech (TTS) market study seeks to provide information on regional growth, market factors, and sales revenue. It uses several research methods, including SWOT and PESTLE analysis, and includes a detailed evaluation and analysis of important components as well as a focus on the current market conditions.
Facebook introduced an improved version of Automatic Alt Text (AAT) in January 2021. This tool provides information about an image or photograph in audio or speech for the benefit of blind and visually impaired users. The program employs computer vision technologies to generate descriptions automatically.
Due to an increase in the use of teaching aids for those who are dyslexic or visually impaired, the software segment’s revenue growth has been rapidly increasing. The technology is also helpful for multitasking while listening to content from documents. Another element driving the adoption and growth of this segment is the accessibility of free software online.
Revenue from the cloud category is anticipated to expand at a comparatively faster rate throughout the projection period. The use of cloud-based technology has enhanced IT security, allowing round-the-clock services, and expanded scalability. Another important element boosting the cloud segment’s revenue growth is the growing use of Software as a Service (SaaS) by large businesses.
Users can build branded voices utilizing machine learning technology by using neural and custom voices. Natural-sounding speech may be produced, and customers can have a more individualized conversational experience thanks to the use of neural networks. Microsoft revealed restricted access to their custom neural voice text-to-speech AI solution in February 2021, which enables developers to create unique synthetic voices.
The healthcare industry makes use of text-to-speech technologies to help patients comprehend difficult medical terminology. By giving websites, health applications, nurse call systems in hospitals, and portable health gadgets with highly human-sounding synthetic voices can further advance digital health technology in healthcare.
Due to the U.S.’s high demand, the North American text-to-speech market had the greatest revenue share among all regional markets in 2020. The market is expanding as a result of the nation’s growing machine learning trend and the rise in demand for text-to-speech technology.
Key players in the market include IBM Corporation, Google Inc., Nuance Communication, Amazon.com, LumenVox LLC, SESTAK, Read speaker, Sensory Inc., Acapela Group, and Nextup Technologies are important market participants.
The text-to-speech market has been divided into segments by offering, deployment mode, voice type, organization size, vertical, and region by Emergen Research:
Offering Outlook (Revenue, USD Billion; 2021–2028)
- Software
- Services
- Software-as-a-Service
- Support, Implementation & Consulting
Deployment Mode Outlook (Revenue, USD Billion; 2021–2028)
- On-premise
- Cloud-based
Voice Type Outlook (Revenue, USD Billion; 2021–2028)
- Neural and Custom Voice
- Non-Neural
Organization Size Outlook (Revenue, USD Billion; 2021–2028)
- Small and Medium-Sized Enterprises
- Large Enterprises
Vertical Outlook (Revenue, USD Billion; 2021–2028)
- Automotive & Transportation
- Consumer
- BFSI
- Healthcare
- Education
- Retail
- Travel and Hospitality
- Assistant tool for visually impaired or disabilities (Dyslexic Reader)
- Enterprises
- Others (Government and Legal)
Regional Outlook (Revenue, USD Billion; 2021–2028)
- North America
- the U.S.
- Canada
- Mexico
- Europe
- Germany
- the U.K.
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- the Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest Of MEA
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