The Text-To Speech Market was valued at USD XX billion in 2020 and is estimated to reach USD 5.0 billion by 2027, registering a CAGR of 14.6% during the forecast period.
Latest added Text-To Speech Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2027. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Nuance Communication, Microsoft Corporation, IBM Corporation, Google, Inc., Sensory Inc., Amazon.Com, Readspeaker, LumenVox LLC, Acapela Group, CereProc, and SESTEK. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
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This report studies the Text-To Speech Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Text-To Speech Market by companies, region, type and end-use industry.
Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on “Text-To Speech Market, By Component (Software/Solution, Services), Deployment Mode (Cloud based, On-Premise), Type (Non-neural, Neural and Custom), Organization Size , Language, Industry Vertical & Geography – Global Forecast To 2027”. Early buyers will get 10% customization on study.
To Avail deep insights of Text-To Speech Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
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The rising demand for handheld devices, increased government spending on education for differently-abled, the dependence of the growing elderly population on technology, and the rising number of people with different learning disabilities or learning styles are factors driving the growth of the text-to-speech market. However, the lack of prosody and pronunciation of naturally occurring speech may restrain the growth of the market during the review period.
Drivers :Rising preference for handheld devices
Mobile devices have transformed from voice-calling devices to more advanced personal computing devices that allow users to perform activities such as browsing the internet, capturing photographs, language translation, navigation guidance, and managing entertainment and multimedia content. The growing need for automation and convenience is increasing the adoption of text-to-speech technology in everyday applications. The text-to-speech software is deployed in mobile devices, smartphones, portable devices and digital assistants, and other handheld devices. Text-to-speech-enabled devices can also eliminate the need for reading long user guides or manuals by providing users with verbal prompts and audio directions for operations. Many such advancements in smart devices are expected to increase the integration of text-to-speech technology into handheld devices.
Increased government spending on education of differently-abled students
The text-to-speech software allows people with visual impairment or reading disabilities to listen to written words on a computer or a mobile device. When the text-to-speech system is integrated with a screen reader, it helps a visually challenged user to interpret and perform computer operations with an audio interface. Thus, this system works as an assistive technology that helps these people take the benefits of information and communications technology (ICT). According to the US Department of Education, in April 2020, USD 4,000–10,000 were awarded annually for students without disabilities and USD 10,000–20,000 for students with disabilities, with the help of accessible technology, media services, educational materials, etc. In the US, the Individuals with Disabilities Education Act (IDEA) provides interactive software for students who are visually impaired.
Increasing number of people with different learning disabilities
Text-to-speech technology can help people with vision impairment and learning disabilities in several ways. People with dyslexia or reading disabilities face a huge problem while deciphering the text. The letters might not make sense to them and hence stay unknown. Text-to-speech technology can empower such individuals by allowing these texts to be converted into an auditory format and ease understanding. People with learning disabilities face the challenge of comprehending text and making sense of the content. This, in turn, hampers their development and knowledge processing skills. Text-to-speech technology will help such people and create a development opportunity in the text-to-speech market.
Restraints :Complexity in generating prosody and pronunciation of naturally occurring speech
One of the major limitations of speech synthesis is that it lacks the complexity of natural speech, such as the stress on a particular word and tone up/down. A large set of different rules and their exceptions are needed to create correct pronunciation for synthesized speech. Some languages have special features in terms of prosody and pronunciation, making speech synthesis more complex. The complexity in clear pronunciation, along with voice modification, is expected to limit the use of text-to-speech technology in various applications.
Services are projected to witness highest CAGR for the forecast period
Services are expected to hold a major share during the forecast period. Services play a vital role in the functionality of text-to-speech software. They are an integral step in deploying tools and are taken care of by solution, platform, and service providers. The major companies in various industries are adopting text-to-speech to deal with the rapidly increasing audio/video-based content. This is helping companies find new ways to tap the wealth of data to develop new products, services, and processes, thus gaining a competitive advantage.
Neural and Custom voice type to account for largest share of text-to-speech market during forecast period
The neural and custom voice type is expected to account for a larger market size during the forecast period owing to its ability to generate speech with humanlike intonation, engagement, and personalized user experience, which is expected to drive the adoption of neural and custom voice systems and software during the forecast period.
Cloud based deployment mode will have highest growth in coming years
The cloud segment, on the contrary, benefits organizations with increased scalability, speed, 24/7 service, and enhanced IT security. The growing adoption of SaaS applications by enterprises is generating huge growth prospects for cloud-based text-to-speech software. The cloud-based deployment mode is expected to account for larger market size and its market is growing at a higher CAGR. The COVID-19 crisis has also driven the growth of the market for cloud-based deployment mode due to its scalability, security, reliability, and cost-effectiveness.
APAC is attributed to grow at the highest CAGR in the text-to-speech market during ther forecast period (2021-2027)
APAC is witnessing increased traction for speech recognition solutions integrated with text-to-speech due to growing penetration of AI, analytics, and IoT devices in the region. This is creating a favorable market environment, and the region is witnessing rising adoption of voice-activated technology in the Asian markets, such as India, China, Indonesia, Australia, Japan, and Singapore. The countries are developing various favorable policies to increase AI penetration among enterprises for improving industry performance and customer experience. This has proliferated the use of Intelligent Virtual Assistant (IVA), chatbots, and smart speakers in the daily activities of people. In Japan and China, text-to-speech systems have been deployed at airports and ATMs. Other countries, such as Singapore, Hong Kong, Indonesia, and Malaysia, are looking forward to integrating new technologies into their businesses.
Key Market Players
The Text-to-Speech market was dominated by Nuance Communication (US), Microsoft Corporation (US), IBM Corporation (US), Google, Inc. (US) and Amazon.com (US)
Nuance Communications is a leading provider of voice recognition solutions and natural language understanding technologies for businesses and consumers globally. The company offers software solutions and applications along with support services and training. It offers customers high accuracy in automated speech recognition, capabilities for natural language understanding, dialog and information management, biometric speaker authentication, text-to-speech, and optical character recognition (OCR) capabilities. The company’s solutions and technologies for the text-to-speech market are Conversational IVR, Nuance Vocalizer, Vocalizer for Embedded Solutions, Vocalizer Expressive Studio, and Loquendo TTS provide high-performance mixed-signal and standard product solutions.
Scope of the report
This report categorizes the text-to-speech market based on offering, deployment mode, voice type, organization size, language, and vertical and region.
Text-to Speech Market, By Component
- Support, Implementation and Consulting
Text-to Speech Market, By Deployment Mode
- Cloud based
Text-to Speech Market, By Type
- Neural and Custom
Text-to Speech Market, By Organization size
- Small and Medium Enterprise
- Large Enterprise
Text-to Speech Market, By Language
Text-to Speech Market, By Vertical
- Automotive & Transportation
- Assistant tool for visually impaired or disabilities (Dyslexic Reader)
- Travel and Hospitality
- Others (government and legal)
Geographic Analysis (Qualitative data on COVID-19 for all major geographies)
- North America
- Asia Pacific (APAC)
- Rest of the World (RoW)
- In September 2020, Nuance Communications partnered with Rakuten Mobile, Inc. to add Nuance Intelligent Engagement AI Services to the Rakuten Communications Platform (RCP). Through this partnership, both the companies will be leveraging Conversational AI Services and Engagement AI Services. Also, Rakuten’s native communication app based on Rich Communication Services (RCS) standards will be able to provide Rakuten Mobile customers with the ability to access self-service features by voice or by text using the Nuance Conversational IVR.
- In September 2019, Nuance Communications announced that the Nuance Intelligent Engagement Platform will expand its open, cloud-agnostic framework, adding new Intelligent Engagement Services and broadening back-end integration capabilities.
Some of the features of this Text-To Speech Market report:
- Market size estimates: Text-To Speech market size estimation in terms of value ($M) shipment.Trend and forecast analysis: Market trend (2015-2020) and forecast (2021-2027) by end use and use industry.
- Segmentation analysis: Text-To Speech market size by application and headset in terms of value and volume shipment.
- Regional analysis: Text-To Speech market breakdown by key regions such as North America, Europe, and Asia & Rest of World.
- Growth opportunities: Analysis on growth opportunities in different applications and regions in the Text-To Speech market.
- Strategic analysis: This includes M&A, new product development, and competitive landscape in the Text-To Speech market.
- Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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