Text-to-Speech Market

Global Text-to-Speech Market Size & Growth Rate (2022 - 2027)

The Global Text-to-Speech Market has been valued at US$ 2.75 Billion in 2021 and it is expected to reach the high market capital of US$ 6.52 Billion by 2027. During this forecast period it is anticipated to grow with the healthy CAGR of 15.32% over 2022-2027.

Global Text-to-Speech Market Overview:

Text-To-Speech (TTS) is a service that identifies natural language and turns it into audible speech, including intonation and cadence. Written material will be accessible to people with a learning impairment, a language issue, or a visual problem. This technology makes it easy to communicate with people all around the world. The number of persons with learning disabilities is increasing, and making internet material audible broadens the user population. Speech synthesis has long been a popular assistive technology tool, with a wide range of applications in this sector. It allows persons with a wide range of impairments to overcome obstacles in their surroundings. The longest use has been the use of screen readers for persons with visual difficulties. The employment of software to generate an audio output in the form of a spoken voice is known as text to speech (TTS). A text to speech engine is a software used by applications to convert text on the page into an audio output of the spoken voice. For audio output of machine translation results, TTS engines are required.

Text-to-speech is a fantastic technology that converts written material from any website, mobile app, e-book, online document, or e-learning tool into audio. People with a learning handicap, a language impediment, or a visual problem can easily read printed text. The number of people who have a learning disability or problem is on the rise, and making internet material audible expands the user base. The percentage of the population over 60 years old has steadily risen, indicating an increased risk of eyesight loss. Text-to-speech technology has shown to be quite valuable for those with low eyesight, since it allows them to fully comprehend the information. In recent years, this factor has driven the text-to-speech business. The need for text-to-speech technology is expected to rise in the near future, thanks to advancements in the production of digital content and rising use of hand-held devices, as well as increased internet penetration.

Recent Developments in Global Text-to-Speech Market:

• Tobi’s eye-tracking technology is coming to the iPad with the TD Pilot cover, which transforms Apple's tablet into a powerful all-in-one tool for individuals with physical disabilities. Users who have TD Pilot may use their sight to open and operate apps, write swiftly, and talk with a synthetic voice.
• XPeng, a Chinese smart EV manufacturer, has enhanced its auto-grade voice assistant with Microsoft proprietary neural voice capabilities based on Azure AI's Neural Text-to-Speech (TTS).

Global Text-to-Speech Market Drivers & Restraints:

Drivers:

• Because of rising demand for mobile devices, increased government spending on education for differently-abled students, the elderly population's reliance on technology, and an increase in the number of people with various learning difficulties or learning styles, the Text-To-Speech Market is growing. Mobile phones have progressed from simple telephones to powerful personal computers that allow users to perform things like browse the internet, take photographs, translate languages, navigate, and manage entertainment and multimedia material. As the desire for automation and convenience develops, text-to-speech technology is becoming increasingly prevalent. Text-to-speech systems may eliminate the need to read long user guides or manuals by giving users with audible reminders and audio instructions for operations.

Restraints:

• Due to the difficulty of exact pronunciation and voice alteration, text-to-speech technology is likely to be limited in its usage in many applications. The Text-To-Speech Market has certain obstacles, which may impede the market's growth. On mobile devices, text-to-speech technology is automatically installed, providing easier access to audio material. Audio stuff is easier to comprehend. People prefer to listen to audiobooks, pdf files, and internet content since it is easier for them to comprehend.

REPORT COVERAGE:

Global Text-to-Speech Market Segmentation:

By Offering:

• Software.
• Services.

Services is expected to have the dominant share in the Global Text-to-Speech Market during the forecast period. During the projected period, services are predicted to account for the majority of revenue. Text-to-speech software's functionality is dependent on services. They are an important part of the tool deployment process and are handled by solution, platform, and service providers. To deal with the constantly rising audio/video-based material, leading firms in numerous industries are using text-to-speech. This is assisting businesses in discovering new methods to tap into the vast amounts of data available in order to produce new goods, services, and processes, so obtaining a competitive edge.

By Deployment Mode:

• On-Premises.
• Cloud-Based.

Cloud-Based is expected to have the dominant share in the Global Text-to-Speech Market during the forecast period. On the other hand, the cloud sector provides enterprises with higher scalability, speed, 24/7 support, and improved IT security. Cloud-based text-to-speech software has a bright future because to the increased usage of SaaS services by businesses. The market for cloud-based deployment is predicted to increase at a faster rate than the market for on-premise deployment.

By Voice Type:

• Neural and Custom Voice.
• Non-Neural Voice.

Neural and Custom Voice is expected to have the dominant share in the Global Text-to-Speech Market during the forecast period. The ability to synthesise speech with human like intonation, engagement, and a personalised user experience, which is expected to drive the use of neural and bespoke voice systems and software over the forecast period and is expected to account for a bigger market share during the forecast period.

Global Text-to-Speech Market Regional Analysis:

• North-America is expected to have the dominant share in the Global Text-to-Speech Market during the forecast period. North America led the worldwide Text-To-Speech market, owing to the increased usage of modern electronic devices such as smartphones, tablets, smart TVs, and other similar devices. In the United States, the smartphone sector has the greatest penetration rate.
• Asia-Pacific is expected to witness rapid growth in the Global Text-to-Speech Market during the forecast period. Speech recognition solutions with text-to-speech are gaining ground in APAC, thanks to the region's expanding adoption of AI, analytics, and IoT devices. As a result of this favourable business climate, voice-activated technology is seeing increased acceptance in Asian economies such as India, China, Indonesia, Australia, Japan, and Singapore. Countries are implementing a variety of favourable regulations to boost AI adoption among businesses in order to improve industry performance and consumer satisfaction. This has resulted in the widespread usage of Intelligent Virtual Assistants (IVAs), chatbots, and smart speakers in people's daily lives. Text-to-speech systems have been installed at airports and ATMs in Japan and China. Singapore, Hong Kong, Indonesia, and Malaysia, for example, are looking forward to incorporating new technology into their enterprises.
• Europe.
• Latin-America.
• Middle-East and Africa.

Impact of COVID-19 On Global Text-to-Speech Market:

As a result of the COVID-19 epidemic, text-to-speech technology has been rapidly adopted, with schools and institutions moving online. This technology is gaining popularity and is being used for online classes and learning by a growing number of academic institutions. During the lockdown, many people who were not working due to workplaces being closed and those who did not have the option of working from home chose to take online crash courses and freelance teaching possibilities. Increased unemployment rates as a result of layoffs and downsizing of workforce across various industries and sectors have resulted in a large number of unemployed people taking advantage of the opportunity to reinvent themselves by enrolling in further learning courses that provide certification, which will help them broaden their horizons for future job opportunities. Massive Online Open Courses (MOOCS) have seen a significant increase in use during and after the COVID 19 epidemic. MOOCS are a paradigm for distributing learning content online to anybody who wants to take a course, with no limit on attendance. More individuals are adopting the technology, which is driving the text-to-speech business to new heights.

Key Players in Global Text-to-Speech Market:

• Amazon
• Natural Soft
• Word Talk
• Panopreter
• Zab aware
• Linguae
• I Speech
• A Capela.
• Well Source
• Read Speaker.