Text-to-speech market is prospering owing to the rising aging population coupled with reduced vision. Asia Pacific to lead the growth!
- Himanshu Patni
- November 14, 2023
- NEWS, TELECOM & IT
- Text-to-Speech Market, Text-to-Speech Market Forecast, Text-to-Speech Market Share, Text-to-Speech Market Size, Text-to-Speech Market Trends
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The Asia Pacific market is expected to grow with the highest CAGR in the forecast period owing to a surge in technological investments in the region, enhanced product penetration, and growth in deployment across various industries, including education, automotive, healthcare, retail, etc. Several key global players, including Nuance Communications, Inc., Microsoft, Amazon.com, Inc., and others have made significant investments in the Asia Pacific region. The growing adoption of voice technology across various academic institutions for online classes and learning in developing nations of Asia-Pacific has boosted the development of the text-to-speech market. In addition, text-to-speech market expansion is primarily propelled by economic growth and an increase in consumer disposable income, it is also contributing to the technological advancement of several industries in the region. Furthermore, surge in demand for connected cars, smart technologies, and secured authentication devices. Another major factor driving the text-to-speech market is the rising implementation of teaching aid and evaluation systems, especially in China and increased usage of smart devices by young consumer groups are driving the Asia-Pacific region to record accelerated growth in the global market in the upcoming years. Furthermore, in order to improve business performance and customer satisfaction, nations are putting in place a number of policies to encourage AI adoption. As a result, Intelligent Virtual Assistants (IVAs), chatbots, and smart speakers are now commonly used in people’s daily lives. In China and Japan, text-to-speech devices have been placed at ATMs and airports.
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Further, the Asia Pacific Text-to-Speech Market is expected to grow at a substantial CAGR during the forecast period (2023-2030). Text-to-speech technology in the Asia Pacific region is being fueled by the growing prevalence of artificial intelligence (AI), the Internet of Things (IoT), and analytics in nations like China, India, Japan, and others. Due to future advancements in AI and other cutting-edge technologies in the region, the demand for software is anticipated to rise dramatically. The growing use of AI, analytics, and IoT devices in APAC is helping speech recognition solutions with text-to-speech gain ground. Voice-activated technology is becoming more popular in Asian nations including India, China, Indonesia, Australia, Japan, and Singapore as a result of this favorable economic environment. For instance, in June 2021, Acapela Group launched its Neural digital voices. The system, based on Acapela’s Neural TTS (DNN and machine learning), learns quickly. It allows for the generation of realistic, lifelike voices that are highly engaging and encourage natural interactions for an advanced user experience. Voices in 15 languages are already available, ready for online testing.
FIG. 1 Asia-Pacific Text-to-Speech Market Revenue (2020-2030)- USD Mn
Based on offering, the market is fragmented into software and services. The Software segment dominated the market 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 the learning experience for visually impaired individuals. The software offering help Text-to-speech technology is useful for listening to text from documents while concurrently working on other things. The availability of free-of-cost software on the Internet is another major factor burgeoning the growth of this segment.
Based on Vertical, the market is bifurcated segmented into automotive & transportation, healthcare, education, travel and hospitality, and others. The healthcare segment holds the largest share and is expected to register the highest CAGR in the upcoming forecasted period. Text-to-speech technology is extensively used in the healthcare sector to enable patients to understand complicated medical language. It can also improve the functionality of digital health technologies in the healthcare sector by implementing speech-enabled websites, nurse call systems, and human-like voices in mobile health devices.
For a detailed analysis of the Text-to-Speech Market browse through – https://univdatos.com/report/text-to-speech-market-2/
Global Text-to-Speech Market Segmentation
Market Insight, by Offering
• Software
• Services
Market Insight, by Deployment
• On-premises
• Cloud-based
Market Insight, by Voice Type
• Neural & Custom Voice
• Non-Neural
Market Insight, by Organization Size
• SMEs
• Large Enterprises
Market Insight, by Vertical
• Automotive & Transportation
• Healthcare
• Education
• Travel & Hospitality
• Others
Market Insight, by Region
· North America
o The United States
o Canada
o Rest of North America
· Europe
o Germany
o The United Kingdom
o France
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Rest of World
Top Company Profiles
· Nuance Communications, Inc.
· Microsoft
· IBM
· Google, Inc.
· Sensory Inc.
· Amazon.com, Inc.
· Readspeaker B.V.
· LumenVox
· Acapela Group
· CereProc Ltd.
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