Text-to-Speech Market: Current Analysis and Forecast (2023-2030)
Emphasis on Offering (Software, Services); Deployment (On-Premises, Cloud-Based); Voice Type (Neural & Custom Voice, Non-Neural); Organization Size (SMEs, Large Enterprises); Vertical (Automotive & Transportation, Healthcare, Education, Travel & Hospitality, Others); Region/Country
Global Text-to-Speech Market was valued at 2.45 billion in the year 2022 and is expected to grow at a steady rate of around 15% during the forecast period 2023-2030. Text-to-speech is a kind of service that comprehends natural language and produces audio output full of cadence and intonation. The text language should resemble the voice language to produce synthesized audio output. Text-to-speech technology helps in the conversion of the written content of any website, e-book, mobile app, online document, and e-learning tools to audio output. People suffering from learning disabilities, language problems, vision problems retrieve the written content without any difficulty. This technology provides a simpler way to reach the worldwide population.
The text-to-speech market is anticipated to grow at a steady growth rate owing to the rising aging population coupled with the increasing number of people with a learning disability. Additionally, the text-to-speech technology is very helpful for people with reduced vision, as this offers an opportunity to understand the written content well. Another major factor propelling the demand of text-to-speech market is the rising advancements in the production of digital content and increasing consumption of hand-held devices, coupled with increasing internet penetration. For instance, in Sep 2022, students using the E-learning platform Moodle can listen to learning content in more than 50 languages due to the integration of digital voice and text-to-speech tools from ReadSpeaker, which became a certified integration partner with Moodle to provide TTS solutions to the e-learning platform for its 200 million learners worldwide.
Insights Presented in the Report
“Amongst deployment, cloud-based segment dominated the market and is expected to grow lucratively during the forecasted period”
Based on Deployment, the market is bifurcated into on-premises and cloud-based. The cloud-based segment dominated the market and is expected to grow lucratively during the forecasted period. Implementation of cloud-based technology has enhanced scalability, enabled round-the-clock services, and improved IT security. In addition, the rising adoption of software-as-a-service (SaaS) by large corporations is a key factor driving the growth of the segment.
“Amongst voice type, neural & custom voice segment holds the largest share and is expected to register the highest CAGR in the upcoming period”
Based on Voice Type, the market is bifurcated into neural and custom voice and non-neural. The neural & custom voice segment holds the largest share and is expected to register the highest CAGR in the upcoming period. Neural & custom voice allows users to produce branded voices with the application of Machine Learning (ML) technologies. In addition, the application of neural networks allows the production of natural-sounding speech and customized experiences for customers.
“North America region is expected to hold a significant share in the forecasted period”
North America is expected to hold a significant share in the forecasted period. The text-to-speech market on account of the rapidly increasing need for text-to-speech technology and the growing adoption of machine learning and Artificial Intelligence in the United States. The extensive usage of advanced electronic devices like smartphones, tablets, smart TVs, and other similar devices is fueling the demand for the text-to-speech market in the region. In the United States, the smartphone category has the highest penetration rate. The region is supported by the presence of large tech companies providing text-to-speech software, such as Nuance Communication, Microsoft, and Google, Inc. Rising government spending in the education sector for physically disabled people offers an impetus to the market growth. Furthermore, the widespread adoption of artificial intelligence and large-scale deployment of neural networks across several end-use verticals drives the regional market growth. For instance, in February 2023, Duolingo, an American language-learning app, used artificial intelligence (AI) to enhance the learner experience by partnering with Microsoft for its Text-to-speech solutions in creating unique text-to-speech voices, making every lesson more engaging for the learner.
Text-to-Speech Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The Text-to-Speech market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Text-to-Speech Market Analysis (2023-2030)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global text-to-speech market were the three major steps undertaken to create and analyze the adoption of text-to-speech for the different verticals such as automotive & transportation, consumer, healthcare, education, retail, travel and hospitality, and others. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the text-to-speech sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
The detailed secondary study was conducted to obtain the historical market size of the text-to-speech through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the text-to-speech market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are offering, deployment, voice type, organization size, vertical and region. Further country-level analyses were conducted to evaluate the overall adoption of text-to-speech in every region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of text-to-speech. Further, we conducted factor analysis using dependent and independent variables such as the rising aging population across different regions.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the text-to-speech market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2030 for different segments and sub segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (USD) and the adoption rate of text-to-speech across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the text-to-speech market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation techniques were employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Text-to-Speech market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of offering, deployment, voice type, organization size, vertical and region of the text-to-speech market.
Main Objective of the Text-to-Speech Market Study
The current & future market trends of text-to-speech were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of text-to-speech in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of offering, deployment, voice type, organization size, vertical, and region.
- Define and analysis of the regulatory framework for the text-to-speech industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the text-to-speech market for the major region
- Major regions studied in the report include North America, Europe, Asia-Pacific, and the Rest of the World
- Company profiles of the text-to-speech market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Related Reports
Customers who bought this item also bought
Emotion Detection and Recognition Market: Current Analysis and Forecast (2021-2027)
Emphasis on Technology (Feature Extraction & 3D Modeling, Biosensors, Natural Learning Processing (NLP), and Others); Software Tools (Facial Expression & Emotion Recognition, Gesture & Posture Recognition, Voice Recognition); Application Area (Marketing & Advertising, Law Enforcement, Surveillance & Monitoring, Entertainment & Consumer Electronics, Others); Region/Country.
November 15, 2022
Generative AI Cybersecurity Market: Current Analysis and Forecast (2024-2032)
Emphasis on Deployment (On-Premise, Cloud-Based, Hybrid); Technology (Generative Adversarial Networks (GANs), Variational Autoencoders (VAEs), Reinforcement Learning (RL), Deep Neural Networks (DNNs), Natural Language Processing (NLP), Others); Application (Network Security, Endpoint Security, Cloud Security, Application Security, Others); End-User (Banking, Financial Services, And Insurance (BFSI), Healthcare, Retail, IT & Telecom, Government and Defense, Energy and Utilities, and Others); and Region/Country
November 4, 2024
