What Is The Current and Historic Market Size Analysis Of The Text To Speech Market?
The text to speech market has seen considerable growth due to a variety of factors.
• The market size for text-to-speech technology has seen swift expansion in previous years. It is projected to escalate from $4.15 billion in 2024 to $4.96 billion in 2025, experiencing a compound annual growth rate (CAGR) of 19.5%.
This significant growth during the historic period is due to the progression in natural language processing, a surge in demand for accessibility solutions, higher integration in e-learning and education sectors, compatibility with virtual assistants, and its broadening implementation in automobile applications.
What are the Market Size and Expected Growth Rates for the Text To Speech Market?
The text to speech market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipation surrounds the text-to-speech market as it is projected to engage in a swift expansion in the upcoming years. By 2029, it is expected to reach a value of $9.98 billion, reflecting a compound annual growth rate (CAGR) of 19.1%.
This anticipated upsurge in the projection period is linked to a rapid increase in virtual assistance and AI applications, integration with the Internet of Things, development in the healthcare sector and accessibility solutions, the escalating demand in the gaming and entertainment industry, and a sustained focus on growing multilingual proficiency. As we venture into the forecast period, the rise of improvements in neural TTS technology, integration with edge computing, emphasis on infusing emotional intelligence into TTS, enhancement in multimodal experiences, and an intensified concentration on security and privacy are predicted as the major market trends.
Which Key Drivers Are Propelling The Text To Speech Market's Growth?
The text-to-speech market's growth is anticipated to be fuelled by the rising population of individuals with various learning disabilities. Neurological disorders that hinder an individual's proficiency in effectively obtaining, processing, or communicating information are referred to as learning disabilities. Text-to-speech (TTS) technology aids these individuals by providing access to information, making reading and writing tasks easier, enhancing language learning, and encouraging independence and empowerment. For example, in December 2023, the National Health Service, a government department from the UK, reported a yearly significant increase in ADHD diagnosis and learning disabilities, touching 8.6% in 2022–23, up from 5.5% in prior years, marking an increase of 0.52% to 0.99% over the same timeframe. Hence, the growing population of individuals with various learning disabilities is fuelling the expansion of the text-to-speech market.
What Are The Key Segments Within The Global Text To Speech Market?
The text-to-speech market covered in this report is segmented –
1) By Offering: Software, Services
2) By Deployment Mode: Cloud Based, On-Premise
3) By Industry Vertical: Automotive, Consumer Electronics, Healthcare, Education, Enterprise, Entertainment And Gaming, Other Industry Verticals
Subsegments:
1) By Software: Speech Synthesis Software, Speech Recognition Software, Text-To-Speech APIS
2) By Services: Custom Voice Development, Integration Services, Cloud-Based Text-To-Speech Services
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How Are Emerging Trends Reshaping The Dynamics Of The Text To Speech Market?
Leading firms in the text-to-speech market, such as Microsoft Corporation, are leveraging advanced technologies like Azure AI Speech to carve a niche for themselves. Azure AI Speech is a feature-rich tool that offers capabilities from speech-to-text, text-to-speech, to speech translation, and speaker recognition. In November 2023, the US technological giant, Microsoft Corporation, unveiled Azure AI Speech to support developers in rapidly developing superior voice-based applications. It empowers users to design their curated models with a no-code experience via the speech studio, which can then be embedded in applications using the Speech SDK, the Speech CLI, or the REST APIs. Flexible deployment options, customizable voices and models, and robust privacy and security features are other notable offerings of this tool.
Who Are the Key Players In The Text To Speech Market?
Major companies operating in the text-to-speech market report are:
• Apple Inc.
• Google Cloud Text-to-Speech (Google)
• AT&T Natural Voices
• Amazon Polly
• IBM Watson Text to Speech (IBM)
• Cognitiveseo
• Microsoft Azure Speech
• Baidu
• Experian Text-to-Speech (by Experian)
• iFlytek
• Nuance Communications Inc.
• Neospeech
• Acapela Group
• SVOX
• WaveNet
• ReadSpeaker
• CereProc
• Dolbey SystemsInc.
• LumenVox LLC
• Yandex SpeechKit
• Rhetorik
• Loquendo
• Mozilla TTS
• Sensory
• KobaSpeech
What Are The Regional Insights Into The Text To Speech Market?
North America was the largest region in the text-to-speech market in 2024. The regions covered in the text-to-speech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
