Text-to-Speech Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Offering (Software, Services); Deployment (On-Premises, Cloud-Based); Organization Site (Small and Medium-Sized Enterprises, Large Enterprises); Voice Type (Neural & Custom Voice, Non-Neural); Vertical (Automotive & Transportation, Consumer, Healthcare, Education, Retail, Travel & Hospitality, Others); Region/Country
Text-to-Speech Market was valued USD 2 Billion in the year 2020 and is expected to grow at a CAGR of 15% over the forecast period to reach a market valuation of USD 6 Billion by the year 2027.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-books, mobile apps, online documents, and e-learning tools to audio output. People suffering from learning disabilities, language problems, vision problems can retrieve the written content without any difficulty. This technology provides a simpler way to reach the worldwide population. The demand for Text-to-Speech is increasing on account of the rising aging population coupled with the reduced vision. Also, the increasing number of people with a learning disability propels market growth. Text-to-speech technology has been very helpful for people with reduced vision, as this offers an opportunity to understand the written content well. Furthermore, the rising advancements in the production of digital content and increasing consumption of hand-held devices, coupled with increasing internet penetration, are boosting the demand for text-to-speech technology. According to the National Center for Education Statistics, in 2019-20, the number of students ages 3-21 who received special education services under the Individuals with Disabilities Education Act (IDEA) was 7.3 million, or 14% of all public-school students. Among students receiving special education services, the most common category of disability (33 percent) was specific learning disabilities.
Active Smartphone User global, 2019 (in million)
Insights Presented in the Report
“Amongst Offering, Software segment holds the major share.”
Based on Offering, the market is fragmented into Software and Services. The Software segment dominated the market in 2020 and is expected to grow at lucrative during the forecasted period due to the rising deployment of software as a tool for the enhancement of learning experience for visually impaired individuals.
“Amongst Deployment, Cloud-based segment holds the major share.”
Based on Deployment, the market is bifurcated into On-premises and Cloud-based. The Cloud-based segment dominated the market in 2020 and is expected to grow at lucrative during the forecasted period. Implementation of cloud-based technology has enhanced scalability, enabled round-the-clock services, and improved IT security.
“Amongst Organization Site, the Large Enterprises segment is anticipated to grow at the highest CAGR during the analyzed period.”
Based on Organization Size, the market is bifurcated into Small and Medium-Sized Enterprises and Large Enterprises. The Large Enterprises segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the rising investments and rising adoption of digital services. In addition, the increasing Internet Penetration also drives market growth.
“Amongst Voice Type, the Neural and Custom Voice segment is anticipated to grow at the highest CAGR during the analyzed period.”
Based on Voice Type, the market is segmented into Neural and Custom Voice, and Non-Neural. The Neural and custom voice segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period. Neural and custom voice allows users to produce branded voices with the application of Machine Learning (ML) technologies.
“Amongst Vertical, the Healthcare segment is anticipated to grow at the highest CAGR during the analyzed period.”
Based on Vertical, the market is bifurcated into Automotive & Transportation, Consumer, Healthcare, Education, Retail, Travel and Hospitality, and Others. The Healthcare segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period. Text-to-speech technology is extensively used in the healthcare sector to enable patients to understand complicated medical language.
“North America region signifies one of the largest markets and is expected to be the fastest-growing markets of Text-to-Speech market.”
For a better understanding of the market adoption of Text-to-Speech, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Text-to-Speech market on account of the rapidly increasing need for text-to-speech technology and growing adoption of machine learning and Artificial Intelligence in the United States. Some of the major players operating in the market include Nuance Communication, Microsoft Corporation, IBM Corporation, Google, Inc., Sensory Inc., Amazon.Com, Readspeaker, LumenVox LLC, Acapela Group, and CereProc. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
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- 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
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|1.2.||Objective of the Study|
|1.5.||Currency Used in Report|
|1.6.||Scope of the Global Text-to-Speech Market Study|
|2.1.||Research Methodology for the Global Text-to-Speech Market|
|2.1.1.||Main Objective of the Global Text-to-Speech Market|
|6||GLOBAL TEXT-TO-SPEECH MARKET REVENUE (USD MN), 2019-2027F|
|9.1.||Small and Medium-Sized Enterprises|
|10.1.||Neural and Custom Voice|
|11.1.||Automotive & Transportation|
|11.6.||Travel and Hospitality|
|12.1.||North America Text-to-Speech Market|
|12.2.||Europe Text-to-Speech Market|
|12.3.||Asia Pacific Text-to-Speech Market|
|12.4.||Rest of the World Text-to-Speech Market|
|13.1.||Demand Side Analysis|
|13.2.||Supply Side Analysis|
|13.2.1.||Top Product Launches|
|13.2.2.||Top Business Partnerships|
|13.2.3.||Top Business Expansions, Investments and Divestitures|
|13.2.4.||Top Merger and Acquisitions|
|14||VALUE CHAIN ANALYSIS|
|15||GLOBAL TEXT-TO-SPEECH MARKET TRENDS & INSIGHTS|
|17||GLOBAL TEXT-TO-SPEECH MARKET OPPORTUNITIES|
|18.1.||Porter’s Five Forces Analysis|
|18.1.1.||Bargaining power of Supplier|
|18.1.2.||Bargaining power of Buyer|
|18.1.4.||Availability of Substitute|
|18.1.5.||Threat of new Entrants|
|18.2.1.||Company Shares, By Revenue|
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, Organization Size, Deployment Mode, Voice Type, 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 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 2027 for different segments and subsegments 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
Data triangulation technique was 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, Organization Size, Deployment Mode, Voice Type, 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, Organization Size, Deployment Mode, Voice Type, 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 (the United States and Canada), Europe (Germany, France, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), 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