Global Text to Speech (TTS) Software Market – Industry Trends and Forecast to 2030

Text to Speech (TTS) Software Market Analysis and Size

The text to speech (TTS) software is expected to grow at a significant rate due to the rise in governmental funding on education for the differently-abled students. Now, companies are enhancing their investment for the standardization of speech quality with the advanced technological solutions such as artificial intelligence, cloud computing, among others. in April 2020, according to the US Department of Education, USD 10,500-20,000 for students with disabilities, instructional materials, leveraging accessible technology, communication services and other resources. Individuals with Disabilities Education Act (IDEA) delivers interactive software for visually impaired pupils in the United States.

Data Bridge Market Research analyses that the 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. 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.

Text to Speech (TTS) Software Market Scope and Segmentation

Market Definition

Text-to-Speech refers to that text which is voiced by either a human-based voice or by a computer-based voice. These programs are perfect for primary and secondary classrooms and appropriate for vision impaired people of any age. The text-to-speech software are shareware sometimes but most of the times it is freeware for user which can use it without charging any price but in shareware the app is reachable for a definite trial period after that the consumers have to pay for that software.

Text to Speech (TTS) Software Market Dynamics

Drivers

• Rising demand of text to speech (TTS) software in educational sector

Tech-based education is taking extensive place globally as a result of this the share of text-to-speech software market has augmented a lot. Numerous school or university trainers and educators are helping students who are not capable of reading and struggling to understand the old traditional culture with modern technology. As a result of this, the provider offers such programs in which students can use text-to-speech software and become more independent. These programs are used to listen to passages, sentences or key words, enlarge the text quickly and help in easy usage of Text-to-Speech software which enlarges the market share.

• Increasing geriatric population

The continuous growth in the age of above 60 years people have generate problems of eyesight due to which text-to-speech (TTS) software technology aids them in understanding the sentences, words. This software technology becomes useful for people with reduced vision owing to this there is an opportunity for the TTS Software market which will drive the market growth rate.

Opportunities

• Rising demand for text to speech (TTS) software in numerous industry

Nowadays, text-to-speech (TTS) technology is no longer inadequate to exceptional applications such as for helping people with disabilities which is becoming pervasive in consumer applications. From Google search results, TTS has numerous usage cases such as business, communication, learning, and content distribution. As a result of this increase the demand for the text to speech (TTS) software which will create lucrative opportunities for the market growth rate,

• Rising requirement for automation in text to speech (TTS) software

The need for automation in TTS applications in business and consumer technology is a major factor which will create new and ample opportunities for the market growth. One important example is cloud computing services that provide APIs which can convert text or message into natural-sounding speech. These frequently come in voicebots, which can be a progressive feature in customer experience management tools. Moreover, text to speech (TTS) software is used in voice generation in internet of things devices such as in delivering accessible Electronic Program Guides (EPGs) and personal assistants.

 Restraints/ Challenges

• High cost associated with text to speech (TTS) software

The high purchasing cost and installation cost of text to speech (TTS) software will act as major market restraints and obstruct the market's growth in the abovementioned forecasted period.

• Threat of hackers

The risk of cyber-attacks and hackers also hampers the consumers' perception for the dependability of text to speech (TTS) software which is expected to be the major challenging factor for the market growth.

This text to speech (TTS) software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the text to speech (TTS) software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Covid-19 Impact on Global Text to Speech (TTS) Software Market

As a result of outbreak of the pandemic, the text to speech software market has witnessed considerable growth. This pandemic has caused positive impact on the growth of the market. Text-to-speech software offering the availability of numerous languages and voices which is useful for surging the convenience of digital content to customers in choosing the language they want to consume globally.

Economies all over the globe are reliant upon EdTech companies and online classes to continue the education businesses. The demand for the text to speech software solutions has witnessed progress for virtual classrooms, e-learning and other digital solutions for providing uninterrupted education to students all over the globe. This software has witnessed substantial growth in the new users in the pandemic period, which has increased the market growth.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In 2021, Amazon Polly prolonged its text-to-speech offering with the launch of Aria, a neural text-to-speech voice. Neural Text-To-Speech (NTTS) provides significant improvements in speech quality. It surges expressiveness and naturalness, two major factors in synthesizing lifelike speech that is getting nearer than ever from human voices.

Global Text to Speech (TTS) Software Market Scope

The text to speech (TTS) software market is segmented on the basis of offering, deployment model, organization size, voice type, operating device, file format and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Offering

• Software and Solution
• Services
• SAAS
• Support, Implementation and Consulting

Deployment Model

• Cloud
• On-premises

Organization Size

• Large Enterprise
• Small and Medium-Sized Enterprises (SMEs)

 Voice Type

• Neural and Customer Voice
• Non-Neural

Operating Device

• Computers
• Tablets
• Mobile Phones

 File Format

• mp3
• mp4
• VOX
• WMA
• 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

Text to Speech (TTS) Software Market Regional Analysis/Insights

The text to speech (TTS) software market is analyzed and market size insights and trends are provided by country, offering, deployment model, organization size, voice type, operating device, file format and end user as referenced above.

The countries covered in the text to speech (TTS) software market report  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.

North America dominates the text to speech (TTS) software market in terms of revenue and market share due to the increasing adoption of handheld devices or smartphones and internet connectivity. The U.S. is anticipated to dominate North America region owing to the extreme surge in the availability of cost-efficient and good quality cloud solutions.

Asia-Pacific will continue to project the highest growth rate during the forecast period of 2023-2030 owing to the extreme upsurge in technological advancements regarding handheld devices, smartphones, and other digital devices. 

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Text to Speech (TTS) Software Market Share Analysis

The text to speech (TTS) software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to text to speech (TTS) software market.

Some of the major players operating in the 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)

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