Dublin, March 27, 2023 (GLOBE NEWSWIRE) -- The "Text-to-Speech Market By Offering, By Deployment Model, By Type, By Language, By Enterprise Size, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the text-to-speech (tts) market was valued at $2.8 billion in 2021, and is estimated to reach $12.5 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031.
Key Market Players
- Nuance Communication
- IBM Corporation
- Microsoft Corporation
- GL Communications
- Acapela Group
- Amazon. Com
- CereProc
- Google, Inc.
- iFlytek
- iSpeech
- LumenVox LLC
- NextUp Technologies
- Readspeaker
- Sestek
- Sensory, Inc.
- TextSpeak
- Deepdub
- Neosapience
Text-To-Speech is a service that recognizes natural language and converts it into audible production along with intonation and cadence. To generate synthesized audio output, the text language should match the voice language. In addition, it helps to increase productivity in many businesses, such as in healthcare industries it can capture speech much faster than manual type.
Furthermore, rising preference for handheld devices and the increasing number of people suffering from visual impairments and learning disabilities propels growth of the global text-to-speech market. In addition, rising adoption of voice assistants & smart speakers to aid growth fuel growth of the text-to-speech market.
However, privacy issues to impede adoption of voice-enabled application and complexity in generating prosody and pronunciation of naturally occurring speech is expected to impede the text-to-speech market growth. Furthermore, increase in use of digital transformation technology is expected to offer remunerative opportunities for expansion during the text-to-speech market forecast.
Depending on enterprise size, the large enterprise segment holds the largest text-to-speech market share as large enterprises are adopting text-to-speech to improve training modules. However, the SMEs segment is expected to grow at the highest rate during the forecast period, owing to increase adoption of cloud computing in the past few years.
Region-wise, the text-to-speech market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, large scale adoption of IoT, AI and cloud services. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rising adoption of voice-activated technology.
The COVID-19 pandemic is expected to positively impact the overall economy of the TTS market, owing to surge in need for analyzing large data sets of information and to reduce risks and costs related to services and achieve superior results. In addition, technologies such as IoT, artificial intelligence, machine learning and other voice assistants collate massive volume of data to generate significant insights, which can provide cost-saving opportunities, thus propelling the growth of the market.
Moreover, investments in deep learning are becoming popular day-by-day, owing to increase in attention toward data to help companies to find out the future performance of the firm to take corrective measures at an early stage in case of any probable crisis in future, which, in turn, is contributing toward the growth of the TTS market.
Furthermore, algorithms used for getting meaningful insights from real-time and historical data are helping companies in handling various critical issues related to customer insights during COVID-19 pandemic, which is driving the growth of the text-to-speech industry.
Key Benefits
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the text-to-speech (tts) market analysis from 2021 to 2031 to identify the prevailing text-to-speech (tts) market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the text-to-speech (tts) market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global text-to-speech (tts) market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Industry Vertical
- BFSI
- Travel and Tourism
- IT and Telecom
- Education
- Sector
- E-Learning Companies
- Academic Institutions
- Retail and Consumer Goods
- Automotive and Transportation
- Media and Entertainment
- Others
By Offering
- Software
- Service
- Service Type
- Professional Services
- Managed Services
By Deployment Model
- On-premise
- Cloud
By Type
- Neural
- Non-Neural
ByLanguage
- English
- Chinese
- Spanish
- Hindi
- Arabic
- Others
By Enterprise Size
- Large Enterprises
- SMEs
For more information about this report visit https://www.researchandmarkets.com/r/somoza
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