Text-To-Speech Market was valued at US$ 2.27 Bn. in 2021 and the total Text-To-Speech revenue is expected to grow at 13.8% from 2022 to 2029, reaching nearly US$ 6.39 Bn.
Text-To-Speech Market Overview:The artificial fabrication of human speech is known as speech synthesis. A voice synthesizer is a computer system that may be built into software or hardware for this purpose. A text-to-speech (TTS) system translates text into voice; other systems convert symbolic linguistic representations, such as phonetic transcriptions, into speech. The majority of the prominent software companies that provide a range of cloud-based NLP APIs include text-to-speech in their portfolios. The state-of-the-art speech synthesis today is highlighted by synthesis based on deep-learning models, also known as neural TTS, with output characterized by natural-sounding variations in pitch, pace, pronunciation, and inflection. Various companies also provide "standard" voices, which feature lower-quality concatenative synthesis at a reduced cost. Amazon's Polly, for example, creates synthetic speech at US$16 per million input characters for neural sounds; regular concatenative voices cost US$4 per million input characters. Google offers voices equivalent to WaveNet for US$16 per million characters and regular voices for US$4 per million characters. After abandoning their concatenative voices, Microsoft and IBM appear to be offering solely neural TTS, for US$16 and US$20 per million characters, respectively, but IBM's payment structure makes it cheaper than the others at lower volumes.
Text-To-Speech Market Report Scope:The Text-To-Speech market is segmented based on Component, Deployment Mode, Type, Language, Vertical, and Region. The growth of various segments helps report users in acquiring knowledge of the many growth factors expected to be prevalent throughout the market and develop different strategies to help identify core application areas and the gap in the target market. The report provides an in-depth analysis of the market and contains meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies. A bottom-up approach has been used to estimate the market size. Key Players in the Text-To-Speech market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included a review of annual and financial reports of leading manufacturers, while primary research included interviews with important opinion leaders and industry experts such as skilled front-line personnel, entrepreneurs, and marketing professionals. Some of the leading key players in the global Text-To-Speech market include Nuance Communication, Microsoft Corporation, IBM Corporation, Google, Inc., and Sensory Inc. They are continuously strategizing on mergers and acquisitions, strategic alliances, joint ventures, and partnerships for the growth of their market shares. The report is not only a representation of global players but also covers the market holding of local players in each country. Market structure by country with market holding by market leaders, market followers, and local players make this report a comprehensive and insightful industry outlook. The report has covered the mergers and acquisitions, strategic alliances, joint ventures, and partnerships happening in the market by region, by investment, and their strategic intent. To know about the Research Methodology:- Request Free Sample Report
Text-To-Speech Market Dynamics:Speech synthesis research benefits the healthcare sector: Unlike existing aids, which provide a limited range of inadequate voices, the technology developed by researchers is unique in its ability to create normal-sounding personalized voices from even disordered speech recordings, allowing people to communicate while retaining personal identity and dignity. For example, a pilot project used a three-minute sample of a Motor Neurone Disease patient's speech, and this synthetic voice is currently in use regularly. A larger study in Europe involved the voices of 600 people to obtain the data needed to train the underlying statistical model, which is currently being used to deliver several more reconstructed voices to patients via smartphone or tablet. The growing popularity of portable devices: Mobile phones have evolved from voice-calling devices to more capable personal computing devices that allow users to perform tasks such as accessing the internet, taking pictures, language translation, navigation assistance, and managing entertainment and multimedia content. Text-to-speech technology is becoming more popular in everyday applications due to the increased need for automation and convenience. Mobile devices, cellphones, portable gadgets, digital assistants, and other handheld devices use text-to-speech software. Text-to-speech systems can also avoid the need for users to read lengthy user guides or manuals by giving spoken prompts and audio guidance for operations. Various similar developments in smart devices are expected to boost text-to-speech technology integration into portable devices. Growing public investments in education for differently abled children: People with visual impairments or reading challenges can use text-to-speech software to listen to printed words on a computer or mobile device. When a text-to-speech system is combined with a screen reader, a visually impaired user may comprehend and accomplish computer activities via an auditory interface. As a result, this system functions as an assistive technology, allowing these people to reap the benefits of communication technology According to the US Department of Education, in April 2020, USD 5,000-10,000 were granted yearly for students without disabilities and USD 10,500-20,000 for students with disabilities, leveraging accessible technology, communication services, instructional materials, and other resources. Individuals with Disabilities Education Act (IDEA) in the United States provides interactive software for visually impaired pupils. Complexity in generating prosody and pronunciation of naturally occurring speech: One of the most significant shortcomings of speech synthesis is that it lacks the complexities of genuine speech, such as word stress and toning. To provide proper pronunciation for synthetic speech, a vast number of distinct rules and their exceptions are required. Some languages have unique phrases and pronunciation characteristics, making speech synthesis more difficult. The difficulty in achieving good pronunciation, as well as voice modulation, is likely to limit the adoption of text-to-speech technology in a variety of applications.
Text-To-Speech Market Segment Analysis:By Vertical, the assistant tool segment is expected to grow at a CAGR of 7.6% during the forecast period. Speech synthesis has long been an important assistive technology tool, with considerable and extensive application in this field. It enables the removal of environmental barriers for those with a wide spectrum of impairments. The usage of screen readers for users with visual impairment has been the most frequent use for the longest time, but text-to-speech systems are increasingly routinely utilized by people with dyslexia and other reading challenges, as well as pre-literate children. They are also widely used to assist those with a severe speech impediment, typically via a specific voice output communication device. Text-to-Speech for disabled and handicapped communication aids has become frequently common in mass transit in recent years. Companies such as TalkingSigns and TextSpeak Systems have pioneered solutions such as TTS for Digital Signage for the Blind, which operate through ordinary speakers as well as radio receivers. Outside of the disability sector, text-to-speech is finding new uses. Voice synthesis, for example, when paired with speech recognition, enables interaction with mobile devices via natural language processing. Earlier in 2022, Intel, Dell, and Rolls-Royce unveiled a computer tool designed to clone people with motor neuron disease and keep their voices. Users give training data by reading a book on the "I Will Always Be Me" website, and SpeakUnique's voice banking technology analyzes the data to generate a synthetic voice that can be deployed on an assisted speech device. Google's Parrotron, which is part of the larger Project Euphoria, assists people with speech impairments by leveraging end-to-end speech conversion to mimic the user's intended speech. CVS Pharmacy launched Spoken Rx, a phone software that reads prescription labels aloud to people with low vision. OrCam received a CES innovation award for its glasses-mounted OrCam MyEye attachment, which reads written and digital text, recognizes individuals, and identifies objects for the blind and visually challenged. Speech synthesis techniques are also used in the production of digital content such as games and animations. Animo Limited announced the creation of a software application suite based on its voice synthesis program FineSpeech, aimed specifically at clients in the entertainment industry and capable of generating narration and lines of dialogue depending on user input. The application attained maturity when NEC Biglobe unveiled an online service that allowed users to compose sentences using the voices of the characters from Code Geass: Lelouch of the Rebellion R2.
Text-To-Speech Market Regional Insights:North America text-to-speech market is expected to grow at a CAGR of 11.3% during the forecast period. As the need for useful insights from voice data grows, the regional market presents promising growth prospects. Developed nations in the region, such as the United States and Canada, have led the way in adopting modern technologies such as intelligent virtual assistants, which can quickly transform current conversation data into automated self-service experiences and improve customer services. The most obvious application in which neural TTS addresses previously problematic quality concerns is reading long texts, where long might imply anything more than three or four sentences. Earlier solutions produced flat, repetitious writing, but the current ones are far more compelling. Microsoft added a "Play My Emails" feature to its Outlook for iOS and Android applications in late 2019; within a year, long-form reading was ubiquitous. In 2020, Google announced a "read this page" capability in Assistant, allowing the reading of web pages; Cerence introduced Cerence Reader, which is focused on reading users news in the car, with reading styles adjusted to content type; BBC Global News launched a synthetic voice, built in cooperation with Microsoft, to read articles to visitors to the BBC website; and The Washington Post declared that it would use natural language generation and TTS to provide audio updates for its readers. Today, the technology is accessible to all bloggers: Amazon and BeyondWords, for example, provide WordPress TTS plug-ins that allow readers to listen to posts rather than read them. The greatest concern with high-quality speech synthesis is the technology's potential for producing convincing deepfakes. For example, on a phone call in 2019, criminals produced a voice clone of a German company's CEO to demand the illegal transfer of funds from the CEO of the company's British division; the British executive claimed to have recognized his boss' faint German accent and the pattern of his voice. The parties involved are unlikely to follow ethical norms for voice cloning. In response to such concerns, Resemble AI created a tool to detect deepfakes, while Google's Version 2 of Translatotron, which translates a voice into another language, eliminated the previously accessible feature to make a speech in a different voice.
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Text-To-Speech Market Report Coverage Details Base Year: 2021 Forecast Period: 2022-2029 Historical Data: 2017 to 2021 Market Size in 2021: US$ 2.27 Bn. Forecast Period 2022 to 2029 CAGR: 13.8% Market Size in 2029: US$ 6.39 Bn. Segments Covered: by Component • Software • Services by Deployment Mode • Cloud-based • On-Premise by Type • Non-neural • Neural and Custom by Language • English • Spanish • Hindi • Chinese • Arabic • Others by Vertical • Consumer • Automotive & Transportation • Healthcare • Education • Assistant tool for the visually impaired or disabilities • BFSI • Retail • Enterprise • Travel and Hospitality • Others
Text-To-Speech Market, by Region• North America • Europe • Asia Pacific • Middle East and Africa • South America
Some of the prominent players in the Text-To-Speech Market include:• Nuance Communication • Microsoft Corporation • IBM Corporation • Google, Inc. • Sensory Inc. • Amazon.Com • Readspeaker • LumenVox LLC • Acapela Group • CereProc • SESTEK • iFlytek • TextSpeak • Nextup Technologies • iSpeech • Nexmo Inc. • Baidu, Inc. • Facebook Research • Govivace • GL Communications FAQs: 1. Which region is expected to dominate the Text-To-Speech Market at the end of the forecast period? Ans. North America is expected to dominate the Text-To-Speech market at the end of the forecast period. 2. What is the growth rate of the North America Text-To-Speech Market? Ans. North America Text-To-Speech Market is expected to grow at a CAGR of 11.3% during the forecast period. 3. What is expected to drive the growth of the Text-To-Speech Market in the forecast period? Ans. The growing popularity of portable devices. 4. What is the projected market size & growth rate of the Text-To-Speech Market? Ans. Text-To-Speech Market was valued at US$ 2.27 Bn. in 2021 and the total Text-To-Speech revenue is expected to grow at 13.8% from 2022 to 2029, reaching nearly US$ 6.39 Bn. 5. What segments are covered in the Text-To-Speech Market report? Ans. The segments covered are Component, Deployment Mode, Type, Language, Vertical, and Region.
1. Global Text-To-Speech Market: Research Methodology 2. Global Text-To-Speech Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Text-To-Speech Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Text-To-Speech Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Text-To-Speech Market Segmentation 4.1 Global Text-To-Speech Market, by Component (2021-2029) • Software • Services 4.2 Global Text-To-Speech Market, by Deployment Mode (2021-2029) • Cloud • On-premises 4.3 Global Text-To-Speech Market, by Type (2021-2029) • Non-neural • Neural and Custom 4.4 Global Text-To-Speech Market, by Language (2021-2029) • English • Spanish • Hindi • Chinese • Arabic • Others 4.5 Global Text-To-Speech Market, by Vertical (2021-2029) • Consumer • Automotive & Transportation • Healthcare • Education • Assistant tool for the visually impaired or disabilities • BFSI • Retail • Enterprise • Travel and Hospitality • Others 5. North America Text-To-Speech Market(2021-2029) 5.1 North America Text-To-Speech Market, by Component (2021-2029) • Software • Services 5.2 North America Text-To-Speech Market, by Deployment Mode (2021-2029) • Cloud • On-premises 5.3 North America Text-To-Speech Market, by Type (2021-2029) • Non-neural • Neural and Custom 5.4 North America Text-To-Speech Market, by Language (2021-2029) • English • Spanish • Hindi • Chinese • Arabic • Others 5.5 North America Text-To-Speech Market, by Vertical (2021-2029) • Consumer • Automotive & Transportation • Healthcare • Education • Assistant tool for the visually impaired or disabilities • BFSI • Retail • Enterprise • Travel and Hospitality • Others 5.6 North America Text-To-Speech Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Text-To-Speech Market (2021-2029) 6.1. European Text-To-Speech Market, by Component (2021-2029) 6.2. European Text-To-Speech Market, by Deployment Mode (2021-2029) 6.3. European Text-To-Speech Market, by Type (2021-2029) 6.4. European Text-To-Speech Market, by Language (2021-2029) 6.5. European Text-To-Speech Market, by Vertical (2021-2029) 6.6. European Text-To-Speech Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Text-To-Speech Market (2021-2029) 7.1. Asia Pacific Text-To-Speech Market, by Component (2021-2029) 7.2. Asia Pacific Text-To-Speech Market, by Deployment Mode (2021-2029) 7.3. Asia Pacific Text-To-Speech Market, by Type (2021-2029) 7.4. Asia Pacific Text-To-Speech Market, by Language (2021-2029) 7.5. Asia Pacific Text-To-Speech Market, by Vertical (2021-2029) 7.6. Asia Pacific Text-To-Speech Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Text-To-Speech Market (2021-2029) 8.1 Middle East and Africa Text-To-Speech Market, by Component (2021-2029) 8.2. Middle East and Africa Text-To-Speech Market, by Deployment Mode (2021-2029) 8.3. Middle East and Africa Text-To-Speech Market, by Type (2021-2029) 8.4. Middle East and Africa Text-To-Speech Market, by Language (2021-2029) 8.5. Middle East and Africa Text-To-Speech Market, by Vertical (2021-2029) 8.6. Middle East and Africa Text-To-Speech Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Text-To-Speech Market (2021-2029) 9.1. South America Text-To-Speech Market, by Component (2021-2029) 9.2. South America Text-To-Speech Market, by Deployment Mode (2021-2029) 9.3. South America Text-To-Speech Market, by Type (2021-2029) 9.4. South America Text-To-Speech Market, by Language (2021-2029) 9.5. South America Text-To-Speech Market, by Vertical (2021-2029) 9.6. South America Text-To-Speech Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Nuance Communication 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Microsoft Corporation 10.3 IBM Corporation 10.4 Google, Inc. 10.5 Sensory Inc. 10.6 Amazon.Com 10.7 Readspeaker 10.8 LumenVox LLC 10.9 Acapela Group 10.10 CereProc 10.11 SESTEK 10.12 iFlytek 10.13 TextSpeak 10.14 Nextup Technologies 10.15 iSpeech 10.16 Nexmo Inc. 10.17 Baidu, Inc. 10.18 Facebook Research 10.19 Govivace 10.20 GL Communications