Text to Speech Market Overview
Text to Speech Market Size was valued at USD 2.2 Billion in 2022. The text to speech market industry is projected to grow from USD 2.5 Billion in 2023 to USD 6.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.20% during the forecast period (2023 - 2032). Growing use of mobile devices and the number of persons with learning difficulties and visual impairments are the key market drivers boosting the expansion of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Text to speech Market Trends
- Growing number of individuals experiencing learning problems and visual impairments is driving the market growth
Market CAGR for text to speech is being driven by the rising individuals experiencing learning. Read-aloud technology is another name for text-to-speech technology. It is a kind of assistive technology that can read text from computers, cell phones, and other digital devices.
Additionally, mobile devices have developed from voice callers to more advanced personal computers that may be used for web browsing, taking pictures, translating across languages, navigating, and managing multimedia and entertainment material. Text-to-speech technology is becoming more widely used in daily applications as convenience and automation become more and more in demand. Text-to-speech software is used by mobile devices, cell phones, portable gadgets, digital assistants, and other handheld devices. By offering spoken cues and audible instructions for functions, text-to-speech devices can also relieve users of the need to read long manuals or user guides.
People with learning challenges and visual impairments can benefit greatly from text-to-speech technology in a number of ways. It's challenging for people with dyslexia or reading impairments to understand material. They might not understand the letters, in which case they stay unidentified. These individuals can benefit from text-to-speech technology, which reads texts aloud and makes them easier to comprehend. For those with learning difficulties, understanding text and content can be challenging. Their ability to develop and comprehend information is hampered as a result. These individuals will benefit from text-to-speech technology, which also presents a growth opportunity for the text-to-speech industry.
For instance, the World Health Organization (WHO) estimates over the next five years, the global text-to-speech market appears to be growing. The global text-to-speech market was valued at USD 2187.98 million in 2022, and it is projected to grow at a compound annual growth rate (CAGR) of 12.15% to reach USD 4353.61 million in 2028. This offers a thorough and in-depth analysis of the global text-to-speech market, demand for text to speech supplements will increase due to the individuals experiencing learning. Thus, result in driving the text to speech market revenue.
Text to speech Market Segment Insights
Text to speech Type Insights
The global text to speech market segmentation, based on type includes Non-Neural, Neural, and Custom. The Neural segment dominated the market, due to generates speech that is more realistic and human-like by utilizing deep learning approaches like transformer models and recurrent neural networks (RNNs).enhanced intonation, naturalness, and versatility for a range of languages and accents.
Text to speech Component Insights
The global text to speech market segmentation, based on Component, includes Services, Software/Solution; The Software category generated the most income. Because text-to-speech software makes it possible to easily access audio content and may be installed immediately on mobile devices. Consumers prefer to consume web content, eBooks, and PDFs in audio format since it is easier to understand.
Figure1: Global Text to speech Market, by Component, 2022&2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Text to speech Language Insights
The global text to speech market segmentation, based on Language, includes English, Spanish, Arabic, Chinese, and Others. The English generated the most income. Since one of the languages that the TTS market supports the most extensively is English. There's a big need for English TTS in products like accessibility tools, navigation systems, and virtual assistants. English is supported by both neural and non-neural TTS systems.
Text to speech Deployment Mode Insights
The global text to speech market segmentation, based on Deployment Mode, includes Cloud based and On-Premise. The Cloud based generated the most income due to the fact that cloud-based technology allows user apps or software to transmit and receive text files that may be played back on Internet-enabled devices and apps. It provides excellent voice in numerous languages.
Text to speech Organization Insights
The global text to speech market segmentation, based on Organization, includes Small, Medium Enterprise, and Large Enterprise. The Large Enterprise generated the most income. This is because chat bots, speech recognition, and virtual support are being used by large businesses using this technology. Small and medium-sized businesses are investigating their investment possibilities as they become aware of the potential advantages of text-to-speech technology.
Text to speech End-Use Insights
The global text to speech market segmentation, based on End-Use, includes Introduction, Consumer, Healthcare, Automotive & Transportation, Education, BFSI, Assistant tool for visually impaired or disabilities, Travel and Hospitality, Retail, Enterprise, and Others. The Retail generated the most income. This is because the retail industry is developing voice technology that can be customized to perform jobs both online and in-store. Customers will find shopping more engaging with customized voice, which will increase brand affinity and guarantee brand loyalty.
Text to speech Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American text to speech market area will dominate this market, because by offering spoken cues and audio instructions for operations, text-to-speech systems can also remove the need for users to read long manuals or user guides will boost market growth in this region.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure 2: GLOBAL TEXT TO SPEECH MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe text to speech market has the second-largest portion of the market due to the growing popularity of EMRs with voice or speech capabilities. Further, the German text to speech market had the biggest market share, and the UK text to speech market was the fastest growing market in the European region
The Asia-Pacific Text to speech Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is because of the expanding economy and growing purchasing power of consumers Moreover, China’s text to speech market had the biggest market share, and the Indian text to speech market was the fastest growing market in the Asia-Pacific region.
Text to speech Key Market Players& Competitive Insights
Leading market players are putting a lot of money on R&D to expand their product lines, which will help the market for weight reduction products grow. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. to grow and endure in an increasingly cutthroat and dynamic market, text to speech industry must provide reasonably priced goods.
Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the global text to speech industry to help customers and expand the market segment. In recent years, the text to speech industry has provided some of the biggest benefits to medicine. Major players in the text to speech market, including Nuance Communications (U.S.), Google LLC (U.S.), Apple, Inc. (U.S.), Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.)., and others, are attempting to increase market demand by investing in research and development operations.
Speech recognition and artificial intelligence software are marketed by Nuance Communications, Inc., an American multinational computer software technology company with its headquarters located in Burlington,. A spin-off of Xerox, ScanSoft was acquired by Visioneer in 1999 and became the new name of the combined hardware and software scanning company. In April 2021, Microsoft declared its intention to acquire Nuance Communications. $19.7 billion, or $56 per share, in all cash, including business debt, is being exchanged in this deal.
Originally known as Apple Computer, Inc., Apple Inc. is a global technology corporation with its main office located in Silicon Valley's Cupertino, California. It creates, develops, and markets computer software, internet services, and consumer gadgets. Apple products include the iPhone, iPad, Mac, Apple Watch, and Apple TV; software and services include iTunes, iCloud, and Apple Music; operating systems include iOS and macOS. In April 2022, Apple launched an online store where US residents could browse repair instructions and obtain replacement components. The cost difference between this technique and official repair is expected to be negligible.
Key Companies in the Text to Speech Market Include
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Nuance Communications (U.S.)
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Google LLC (U.S.)
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Amazon.com, Inc. (U.S.)
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Microsoft Corporation (U.S.)
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IBM Corporation (U.S.)
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iFlytek (China)
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Baidu (China)
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LumenVox LLC (U.S.)
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Sensory, Inc. (U.S.)
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Sestek (Turkey)
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Dolbey Systems, Inc. (U.S.)
Text to speech Industry Developments
July 2023: The personalized news app Artifact intended to introduce an AI-powered function by partnering with Speechify to introduce an AI-powered text-to-speech capability that would let users hear news articles spoken aloud.
September 2022: Spotify expanded its selection of audio material for its users beyond podcasts and music by adding audiobooks to its streaming service.
May 2023: VALL-E, a language model approach for text-to-speech synthesis, was unveiled by Microsoft Corporation. It may be applied in a variety of fields, including customer service and entertainment.
Text to speech Market Segmentation
Text to speech Type Outlook
Text to speech Component Outlook
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Services
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Software/Solution
Text to speech Language Outlook
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English
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Spanish
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Arabic
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Chinese
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Others
Text to speech Deployment mode Outlook
Text to speech Organization Outlook
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Small
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Medium Enterprise
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Large Enterprise
Text to speech End users Outlook
Text to speech Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
| Report Attribute/Metric |
Details |
| Market Size2022 |
USD 2.2 Billion |
| Market Size 2023 |
USD 2.5 Billion |
| Market Size2032 |
USD 6.7 Billion |
| Compound Annual Growth Rate (CAGR) |
13.20% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Component, Language, Deployment mode, Organization , End users, and Region |
| Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered |
The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled |
 Nuance Communications (U.S.), Google LLC (U.S.), Apple, Inc. (U.S.), Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.) |
| Key Market Opportunities |
Rising use of voice- or speech-enabled EMRs |
| Key Market Dynamics |
Rising mobile device penetration |
Frequently Asked Questions (FAQ) :
The global text to speech market size was valued at USD 2.2 Billion in 2022.
The global market is projected to grow at a CAGR of 13.20% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Nuance Communications (U.S.), Google LLC (U.S.), Apple, Inc. (U.S.), Amazon.com, Inc.
The Neural dominated the market in 2022.
The Large Enterprise had the largest share in the global market.
