Global Text-To-Speech Market – Industry Trends and Forecast to 2029

Market Analysis and Size

The number of people with a learning disability or difficulty is quite large at the moment, and making online content audible actually expands the user base. The proportion of the population over the age of 60 has steadily increased, indicating an increased risk of vision loss. Text-to-speech technology has proven to be highly beneficial for people with low vision, as it allows them to fully comprehend the content.

Data Bridge Market Research analyses that the text-to-speech market was valued at USD 2.06 billion in 2021 and is expected to reach the value of USD 17.01 billion by 2029, at a CAGR of 30.20% during the forecast period of 2022-2029.

Market Definition

Text-to-speech technology is also known as read aloud technology. It is a type of assistive technology that reads words from smartphones, computers, and other digital platforms. It is a technology that is based on software. It is popular among people who have difficulty reading.

Report Scope and Market Segmentation

Text-To-Speech Market Dynamics

Drivers

• Rising penetration of mobile devices/handheld devices

Mobile devices have evolved from voice-calling devices to more sophisticated personal computing devices that allow users to browse the internet, take photographs, language translation, navigation guidance, and manage entertainment and multimedia content. Text-to-speech technology is becoming more popular in everyday applications due to the growing demand for automation and convenience. Mobile devices, smartphones, portable devices, digital assistants, and other handheld devices use text-to-speech software. Text-to-speech devices can also eliminate the need for users to read lengthy user guides or manuals by providing verbal prompts and audio directions for operations. Many such smart device advancements are expected to increase the integration of text-to-speech technology into handheld devices.

• The increasing number of people suffering from visual impairments and learning disabilities

Text-to-speech technology can assist people with visual impairments and learning disabilities in a variety of ways. People with dyslexia or reading disabilities have a difficult time deciphering text. The letters may not make sense to them and thus remain unknown. Text-to-speech technology can help such people by converting their texts into an auditory format and making them easier to understand. Text comprehension and content comprehension are difficult for people with learning disabilities. As a result, their development and knowledge processing skills suffer. Text-to-speech technology will assist such people while also providing a growth opportunity in the text-to-speech market.

Opportunity

Voice recognition technology offers a low-cost and precise solution for identity verification. Integrating with various healthcare equipment and platforms is simple to provide secure authentication. Similarly, voice and speech recognition technologies allow doctors to convert their voice into text, which is then recorded in an advanced electronic health record system. A number of companies are currently working on developing voice-enabled devices for the healthcare industry. This, together with the increasing adoption of voice or speech-enabled EMRs, is expected to propel the healthcare industry to the forefront of the voice and speech recognition market in the coming years.

Restraints

One of the most significant limitations of speech synthesis is that it lacks the complexities of natural speech, such as stress on a specific word and tone up/down. To produce correct pronunciation for synthesised speech, a large number of different rules and their exceptions are required. Some languages have unique prosody and pronunciation characteristics, making speech synthesis more difficult. The difficulty in achieving clear pronunciation and voice modification is expected to limit the use of text-to-speech technology in a variety of applications.

This text-to-speech 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 market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Text-to-speech Market

As schools and universities operate online, the COVID 19 has rapidly adopted text-to-speech technology. During the lockdown, many people who were unable to work due to office closures and those who did not have the option of working from home chose to take online crash courses and freelance tutoring. Furthermore, the strict instruction of the governing bodies to follow social distancing norms forced the industries to work with a minimum workforce, resulting in a decrease in the industries' production rate. As a result, all of these factors had a negative impact on the text-to-speech market. However, following the COVID-19 pandemic, the text-to-speech market will grow due to the diverse and innovative applications of text-to-speech.

• Nuance Communications has partnered with Rakuten Mobile, Inc. to add Nuance Intelligent Engagement AI Services to the Rakuten Communications Platform in September 2020. (RCP). Both companies will use Conversational AI Services and Engagement AI Services as a result of this collaboration. Rakuten's native communication app, which is based on Rich Communication Services (RCS) standards, will also be able to provide Rakuten Mobile customers with the ability to access self-service features via voice or text via the Nuance Conversational IVR.
• Nuance Communications announced in September 2019 that the Nuance Intelligent Engagement Platform will expand its open, cloud-agnostic framework, adding new Intelligent Engagement Services and broadening back-end integration capabilities.

Global Text-to-speech Market Scope

The text-to-speech market is segmented on the basis of type, component, language, organisation size, deployment mode and end-users. 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.

Type

• Non-Neural
• Neural
• Custom

Component

• Services
• Software/Solution

Language

• English
• Spanish
• Arabic
• Chinese
• Others

Deployment mode

• Cloud based
• On-premise

Organisation size

• Small
• Medium Enterprise
• Large Enterprise

End users

• Introduction
• Consumer
• Healthcare
• Automotive & Transportation
• Education
• BFSI
• Assistant tool for visually impaired or disabilities
• Travel and Hospitality
• Retail
• Enterprise
• Others

Text-to-speech Market Regional Analysis/Insights

The text-to-speech market is analysed and market size insights and trends are provided by country, type, component, language, organisation size, deployment mode and end users as referenced above.

The countries covered in the text-to-speech market report are U.S., Canada, Mexico, U.K., Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Belgium, Turkey, Rest of Europe, China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, Rest of Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Israel, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.

The Asia-Pacific region is currently seeing significant growth in a variety of industries, including automotive, consumer electronics, healthcare, education, BFSI, and retail. While this expansion is primarily driven by economic growth and rising consumer spending power, it is also contributing to the technological evolution of several industries in the region. Growing demand for connected cars, smart technologies, and high-level secured authentication devices rising adoption of teaching aid and evaluation systems, particularly in China and rising usage of smart devices such as smartphones and smart speakers by young consumer groups are propelling the Asia-Pacific region to record accelerated growth in the global voice and speech recognition market in the coming years.

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 Market Share Analysis

The text-to-speech 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 market.

Some of the major players operating in the text-to-speech market are:

• Nuance Communications (U.S.)

• Google LLC (U.S.)
• Apple, Inc. (U.S.)
• Amazon.com, Inc. (U.S.)
• Microsoft Corporation (U.S.)
• IBM Corporation (U.S.)
• iFlytek (China)
• Baidu (China)
• LumenVox LLC (U.S.)
• Sensory, Inc. (U.S.)
• Sestek (Turkey)
• Dolbey Systems, Inc. (U.S.)

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