Global Text-to-Speech Market Set to Surge to USD 3.2 Billion by 2023, Forecasted Growth at 14.3% CAGR Through 2030

Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Global Text-to-Speech Market 2030 by Component, Type, Deployment Mode, Technology, Language, Application & Region - Partner & Customer Ecosystem Competitive Index & Regional Footprints" report has been added to's offering.

The latest comprehensive research on the Global Text-to-Speech Market offers invaluable insights into this burgeoning industry, with projections revealing a significant climb from USD 3.2 billion in 2023 to an impressive figure by the year 2030, at a CAGR of 14.3%.

This profound uptick is driven by escalating demands for accessible technology and increased integration of voice assistants across various sectors, underscoring the indelible impact and vast potential of the Text-to-Speech technology landscape.

Core components of the Text-to-Speech market have been meticulously segmented and analyzed within the report, spotlighting pivotal elements such as software and services. Differentiation by type includes non-neural and neural & custom, while analysis by deployment mode covers cloud-based and on-premises options.

Technology segments are dissected into concatenative, formant, and parametric modalities with representational language categories featuring English, Hindi, Spanish, Chinese, Arabic, among others.

Impactful Applications across Diverse Industries

  • Accessibility: Enhancing experiences for users with disabilities.
  • Education: Democratizing knowledge for individuals with reading difficulties or visual impairments.
  • Healthcare: Optimizing communication for patient care and medical documentation.
  • Automotive: Innovating navigation and in-car systems for safety and convenience.
  • Enterprise: Improving employee and customer engagement through intelligible communication.
  • Consumer Electronics: Enriching user interaction with smart devices.
  • Other Applications: Catering to additional industries embracing Text-to-Speech technology.

Global Reach and Regional Prospects

While North America, with its technological superiority and early adoption rates, currently takes the lead, the market's regional footprint reveals promising expansion in Europe, led by tech-forward nations such as the United Kingdom, Germany, and France. Not to be overshadowed, the Asia Pacific region is emerging as a high-growth potential sector, fueled by digital strides in countries like China, Japan, and India.

The market's exponential growth is spurred further by the relentless innovation and enhancement in voice assistants, which have become seamlessly woven into the fabric of daily life through smartphones, smart homes, and IoT devices.

Competitive Landscape and Strategic Insights

Identifying top market players and their strategic maneuvers, the report offers an expansive analysis of competitive dynamics. It covers in-depth market share analysis, individual revenue assessment, and rankings, while also examining the impact of market dynamics such as drivers and restraints.

An insightful examination into key developments such as product launches, collaborations, expansions, mergers, and acquisitions provides stakeholders with a comprehensive understanding of the Text-to-Speech Market's trajectory.

This analysis encapsulates detailed market segmentation and forecasts by region and application, presenting a forward-looking view for industry stakeholders, investors, and decision-makers looking to harness the potential of the Text-to-Speech Market.

Report Segmentation

By Component

  • Software
  • Service

By Type

  • Non-neural
  • Neural & Custom

By Deployment Mode

  • Cloud-based
  • On-premises

By Technology

  • Concatenative
  • Formant
  • Parametric

By Language

  • English
  • Hindi
  • Spanish
  • Chinese
  • Arabic
  • Other

By Application

  • Accessibility
  • Education
  • Healthcare
  • Automotive
  • Enterprise
  • Consumer Electronics
  • Others

Companies Profiled

  • Nuance Communications, Inc.
  • Amazon Web Services, Inc.
  • Google LLC
  • IBM Corporation
  • Microsoft Corporation
  • Acapela Group SA
  • iSpeech, Inc.
  • CereProc Ltd.
  • ReadSpeaker AB
  • Neospeech, Inc.
  • Sensory, Inc.
  • VoiceRSS Text-to-Speech API
  • Natural Reader
  • NextUp Technologies

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