Europe Text To Speech (TTS) Software Market, By 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), Country (Germany, France, U.K., Italy, Spain, The Netherlands, Switzerland, Russia, Turkey, Belgium, Rest of Europe), Industry Trends and Forecast To 2029
Market Analysis and Insights: Europe Text To Speech (TTS) Software Market
Europe text to speech (TTS) software market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 14.8% in the forecast period of 2022 to 2029 and is expected to reach USD 1,813.30 million by 2029. The increasing number of people with different learning disabilities is expected to boost the market.
Text to speech is a type of assistive technology that is capable of reading digital text aloud with the help of a voice assistant. Technically, it is a natural language modeling process that requires changing units of text into units of speech for audio presentation. This technology is considered to be one of the most important assistances in the upcoming days. With due advancements in technology, text to speech technology has also evolved along with the association of the modern-day technological giants like the Internet of things (IoT), artificial intelligence (AI), machine learning (MI), among others.
An increase in governmental funding on education for differently-abled students is anticipated to propel the market significantly. Companies' investment in enhancing the standard of speech quality with advanced technological solutions involving cloud computing, artificial intelligence, among others, is also expected to drive the Europe text to speech (TTS) software market. On the other hand, complexity in generating pronunciation of naturally occurring speech is expected to act as one of the major restraints to the market.
Availability of cost-effective cloud solutions is considered to be an opportunity to the market. However, loss of emotion and attraction towards digital content is expected to act as a major challenge to the market.
The Europe text to speech (TTS) software market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the Europe text to speech (TTS) software market scenario contact Data Bridge Market Research for an Analyst Brief. Our team will help you create a revenue impact solution to achieve your desired goal.
Europe text to speech (TTS) software market Scope and Market Size
Europe text to speech (TTS) software market is segmented into seven notable segments which are based on the offering, deployment model, organization size, voice type, operating device, file format, and end-user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of offering, the Europe text to speech (TTS) software market is segmented into software and solution and services. In 2022, the software and solution segment is expected to dominate the market because of the presence of ample software companies in the region dealing with text to speech technology.
- On the basis of the deployment model, the Europe text to speech (TTS) software market is segmented into cloud and on-premises. In 2022, the cloud holds the highest segment as the concept of the implementation of cloud computing is developing as a primary solution to text to speech conversion, especially in Europe.
- On the basis of organization size, the Europe text to speech (TTS) software market is segmented into large enterprise and small and medium-sized enterprises. In 2022, the large enterprise is expected to dominate the market as the large enterprises are investing more in developing text to speech technology with the aim of making it even better with due advancement of time.
- On the basis of voice type, the Europe text to speech (TTS) software market is segmented into neural and customer voice and non-neural. In 2022, the neural segment is expected to dominate the market as neural networks are considered the most efficient network facility as they can be accessed from anywhere in the world via an internet connection.
- On the basis of the operating device, the Europe text to speech (TTS) software market is segmented into the computer, mobile phone, and tablet. In 2022, the computer is expected to dominate the market as computers are associated with a strong sound infrastructure than other digital devices.
- On the basis of file format, the Europe text to speech (TTS) software market into mp3, mp4, WMA, VOX, and others. In 2022, MP3 is expected to dominate the market because they are associated with a very small file format and can be easily distributed among internet platforms.
- On the basis of end user, the Europe text to speech (TTS) software market into banking, financial services and insurance (BFSI), government, transportation and automotive, healthcare, travel and hospitality, retail and e-commerce, enterprises, consumer electronics, education, and others. In 2022, consumer electronics is expected to dominate the market because of the requirement of artificial intelligence-powered consumer devices in order to perform the text to speech operations.
Europe Text To Speech (TTS) Software Market Country Level Analysis
The Europe text to speech (TTS) software market is analyzed, and market size information is provided by the country, offering, deployment model, organization size, voice type, operating device, file format, and end-user as referenced above.
The countries covered in the Europe text to speech (TTS) software market report are Germany, France, the U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe. The U.K. is expected to dominate the Europe region due to the increase in the dependency of the elderly population on technology there.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of European brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Rise in Technological Advancement to Increase Vehicle Performance is Expected to Boost the Market Growth of Europe Text to Speech (TTS) Software Market
The Europe text to speech (TTS) software market also provides you with a detailed market analysis for every country's growth in a particular market. Additionally, it provides detailed information regarding the market players' strategy and their geographical presence. The data is available for the historic period 2011 to 2020.
Competitive Landscape And Europe Text To Speech (TTS) Software Market Share Analysis
Europe text to speech (TTS) software market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width, and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company's focus related to the Europe text to speech (TTS) software market.
Some of the major players operating in the Europe text to speech (TTS) software market are IBM, ReadSpeaker Holding B.V., Nuance Communications, Inc., SESTEK, Amazon Web Services, Inc., Acapela Group, LumenVox, CereProc, Nexmo, Inc., Textspeak Corporation, GL COMMUNICATIONS INC, iFLYTEK Corporation, Facebook, Google (A Subsidiary of Alphabet Inc.), Microsoft, among others.
Many contracts and agreements are also initiated by the companies worldwide, which are also expected to accelerate the Europe text to speech (TTS) software market.
For instance,
- In October 2021, CereProc collaborated with Accenture labs in creating the world's first non-binary synthetic voice. This collaboration improves the product portfolio of the company
- In June 2021, Acapela Group introduced neural digital voices which are based on DNN (Deep Neural Networks). The quality of the neural digital voices relies on the vocal databases and selection of text to speech. This product launch improves the product portfolio of the company
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