Global Text-to-Speech Market is valued approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2028.
Text-to-speech is a variety of services that comprehends natural language and creates audio output full of cadence and intonation. Text-to-speech is used to convert the written content of any mobile apps, online documents, e-books, website, and e-learning tools to audio output. The increasing government expenditure on education of differently-abled students, the rising number of people with different learning disabilities, coupled with surging adoption of various handheld devices like smartphones are the chief driving factors for the global market growth. For instance, according to Statista, there were nearly 6,259 million smartphone subscriptions were accounted for globally. Also, the amount is anticipated to grow to 7,690 million smartphone subscriptions by 2027. Consequentially, rapid penetration of smartphones is likely to fuel the demand for text-to-speech, which, in turn, impels the market growth around the world. However, the creation of a generic acoustic database that includes language variations and complexity in generating prosody and pronunciation of naturally occurring speech impedes the growth of the market over the forecast period of 2022-2028. Also, seamless communication between human beings and robots and a rising inclination toward cloud-based deployment mode are anticipated to act as a catalyzing factor for the market demand during the forecast period.
The key regions considered for the global Text-to-Speech Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growing spending on technological development by the leading market players and increasing AI penetration among enterprises for boosting customer experience and industry performance. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as increasing adoption of AI, analytics, and IoT devices, as well as growing awareness for voice-activated technology in the countries like Australia, India, Indonesia, China, Japan, and Singapore, would create lucrative growth prospects for the Text-to-Speech Market across the Asia-Pacific region.
Major market players included in this report are:
Nuance Communication, Inc
Nextup Technologies Pvt. Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Deployment Mode
Neural and Custom
Automotive & Transportation
Travel and Hospitality
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028
Target Audience of the Global Text-to-Speech Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers