Global Text-to-Speech Market Size & Growth Rate (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:
Global Text-to-Speech Market Drivers & Restraints:
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 – 2027 |
Base Year |
2021 |
Forecast Period |
2022 - 2027 |
CAGR |
15.32% |
Segments Covered |
By Application, Type and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
|
Global Text-to-Speech Market Segmentation:
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:
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.
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:
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:
FAQ's
The rising demand for mobile devices, increased government spending on education for differently-abled students is the major driving factors of the Global Text-to-Speech Market.
North-American Countries are expected to have the largest market dynamic/shar in the Global Text-to-Speech Market.
The Offering segment is expected to be the major contributing segment of the Global Text-to-Speech Market.
The difficulty of exact pronunciation and voice alteration is the major restrain in the Global Text-to-Speech Market.
Asia-Pacific Countries are expected to be the second largest consumers/shareholders in the Global Text-to-Speech Market.
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