Mobile technology has rapidly spread globally, and smartphones play a major role in the text to speech software outputs. Today, companies are increasing their investment for the standardization of speech quality with advanced technological solutions such as cloud computing and artificial intelligence. In 2020, as per the U.S. Department of Education, USD 10,500-20,000 has been granted for students with disabilities, instructional materials, leveraging accessible technology, communication services and other resources.
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Data Bridge Market Research analyses that the Global Text to Speech (TTS) Software Market is expected to reach USD 7390.60 million by 2030, which is USD 2285.66 million in 2022, registering a CAGR of 15.80% during the forecast period of 2023 to 2030. The increasing demand for the text to speech (TTS) software will provide potential opportunities for the market growth in the forecast period.
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Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Offering (Software and Solution and Services), Deployment Model (Cloud and On-premises), Organization Size (Large Enterprise and Small and Medium-Sized Enterprises (SMEs)), Voice Type (Neural and Customer Voice and Non-Neural), Operating Device (Computers, Tablets, and Mobile Phones), File Format (mp3, mp4, VOX, WMA, and Others), End User (Banking, Financial Services and Insurance (BFSI), Government, Healthcare, Consumer Electronics, Transportation and Automotive, Education, Travel and Hospitality, Retail And E-Commerce, Enterprises and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Google LLC (U.S.), Apple, Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Microsoft (U.S.), IBM (U.S.), iFlytek (China), Baidu (China), LumenVox LLC (U.S.), Sensory, Inc. (U.S.), Sestek (Turkey), Dolbey Systems, Inc. (U.S.), Nuance Communications, Inc. (U.S.), Open Text Corporation (Canada), Voxware, (U.S.), Wizzard Speech LLC (Germany), ReadSpeaker Holding B.V. (Netherlands), Acapela Group (Belgium)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand
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Segment Analysis:
The global text to speech (TTS) software market is segmented into six notable segments which are based on the offering, deployment model, organization size, voice type, operating device, file format and end user.
- On the basis of offering segment, global text to speech (TTS) software market has been segmented into software and solution and services.
The software and solution segment of offering segment is anticipated to dominate the text to speech (TTS) software market
The software and solution segment is expected to dominate the global text to speech (TTS) software market with respect to the offering segment with a 64.08% share because of the penetration of text to speech software in each and every smart application.
- On the basis of deployment model segment, global text to speech (TTS) software market has been segmented into cloud and on-premises.
The cloud segment of deployment model segment is anticipated to dominate the text to speech (TTS) software market
The cloud segment is expected to dominate the global text to speech (TTS) software market with respect to the deployment model segment with a 71.16% share due to the easy availability of cost efficient cloud systems.
- On the basis of organization size segment, global text to speech (TTS) software market has been segmented into large enterprise and small and medium-sized enterprises (SMES). The large enterprises segment is expected to dominate the global text to speech (TTS) software market with respect to the end user segment with a 20.13% share because of the huge availability of product portfolio in large enterprises.
- On the basis of voice type segment, global text to speech (TTS) software market has been segmented into neural and customer voice and non-neural. The neural and customer voice segment is expected to dominate the global text to speech (TTS) software market with respect to the voice type segment with an 83.52% share due to the high need for natural voices in customer cares.
- On the basis of operating device segment, global text to speech (TTS) software market has been segmented into computers, tablets, and mobile phones. The computers segment is expected to dominate the global text to speech (TTS) software market with respect to the operating device segment with a 58.31% share due to the high availability of computers in IT and other industrial sectors.
- On the basis of file format segment, global text to speech (TTS) software market has been segmented into mp3, mp4, VOX, WMA, and others. The mp3 segment is expected to dominate the global text to speech (TTS) software market with respect to the file format segment with a 34.58% share because of the easy availability of mp3 converters in website.
- On the basis of end user segment, global text to speech (TTS) software market has been segmented into banking, financial services and insurance (BFSI), government, healthcare, consumer electronics, transportation and automotive, education, travel and hospitality, retail and e-commerce, enterprises, and others. The consumer electronics segment is expected to dominate the global text to speech (TTS) software market with respect to the end user segment with a 20.13% share because of the increased penetration of smart handheld devices.
Major Players
Data Bridge Market Research recognizes the following companies as the major text to speech (TTS) software market players in text to speech (TTS) software market are Google LLC (U.S.), Apple, Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Microsoft (U.S.), IBM (U.S.), iFlytek (China), Baidu (China), LumenVox LLC (U.S.), Sensory, Inc. (U.S.), Sestek (Turkey), Dolbey Systems, Inc. (U.S.), Nuance Communications, Inc. (U.S.), Open Text Corporation (Canada), Voxware, (U.S.), Wizzard Speech LLC (Germany), ReadSpeaker Holding B.V. (Netherlands), Acapela Group (Belgium).
Market Development
- In 2021, Amazon Polly extended its text-to-speech offering with the launch of Aria, a neural text-to-speech voice. Neural Text-To-Speech (NTTS) offers major improvements in speech quality.
- In 2020, Google Cloud enabled business organizations to create their customized text to speech voices to represent their brands in their way. This has created a hype among all the market players and as a result, numerous companies enrolled their name along with the Google text to speech solution.
- In 2021, Amazon Web Services, Inc. entered into a partnership with UCLA on a science hub focusing on AI and its social impact. They launched a research hub that draws upon the industry and academic research to address the social issues increased by the high rise of artificial intelligence.
Regional Analysis
Geographically, the countries covered in the text to speech (TTS) software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in text to speech (TTS) software market during the forecast period 2023 to 2030
North America dominates the text to speech (TTS) software market to the excessive rise in the availability of good quality and cost-efficient cloud solutions. Also, it will continue to dominate the market due to the high adoption of IoT in this region.
Asia-Pacific is estimated to be the fastest-growing region in text to speech (TTS) software market the forecast period 2023 to 2030
Asia-Pacific is expected to grow during the forecast period of 2023 to 2030 because of the growing awareness about donations and supportive regulations by the government in this region. In addition to this, the growing presence of key market players and increasing disposable income are expected to boost the market's growth rate in this region.
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