New York, March 15, 2023 (GLOBE NEWSWIRE) -- The global AI voice generator market size was valued at around USD 1,210 million in 2022 and is estimated to be worth approximately USD 4,889 million in 2032, growing at a CAGR of slightly above 15.40% between 2023 and 2032. AI voice generator is a handy artificial tool used for transferring the scripts into audio, and it helps to reduce production time. The AI voice generator devices generate human voices for films, games, advertising, and other purposes. Moreover, it also converts text to human speech.
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Key Takeaway
- By deployment, the cloud-based deployment segment dominated the market with the largest revenue share in 2022.
- By end-user, the advertising and media segment held the largest market share globally and is projected to grow more during the forecast period from 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 42%.
- Asia-Pacific is expected to grow at a noteworthy CAGR from 2023-2032.
The market growth of AI voice generators is mainly influenced owing to the form of software learning which motivates social media content creators to use voice backgrounds and to tell audio book stories. AI voice generators are widely used when platforms have a significant range of general language and to keep the content applicable to the larger target audiences.
Factors affecting the growth of the AI Voice Generator Market
Several factors can affect the growth of the AI voice generator market. Some of these factors include:
- Rising demand for AI voice generators: The market growth of AI voice generators can be attributed to the increasing demand owing to their several applications and advantages, such as generating human voices for advertisements, gaming, animations, delivering messages to audiences, and creating social media content.
- Reduction in production time: AI voice generators are handy artificial tools meant for transforming scripts into audio, with the benefit of reduced production time. These benefits are expected to boost the market growth of AI voice generators.
- AI voice generator usage for educational purposes: The rising use of AI voice generators to deliver educational videos or tutorials is expected to fuel market growth worldwide.
- Remote use of AI voice generators: The market expansion is mainly influenced by the use of AI in various companies to connect with clients remotely and overcome problems and work efficiently.
- Rising investments: The rising investments by major market players in advancing AI technology are anticipated to fuel market expansion over the forecast period.
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Top Trends in Global AI Voice Generator Market
Most social media channels offer a significant range of AI voice generator tools that are highly useful, especially tools like Mix Voice. The latest trends in voice generator devices include advanced developments such as voice detector devices, touch screen devices, and other devices that are likely to create numerous growth opportunities for key players in the global AI voice generator market.
By using AI voice generator tools, stationary objects like non-speaking toys and animals can convey messages to audiences. These tools are widely used for advertising to improve performance across the globe. AI voice generators also aid in providing a voice for educational videos and tutorials, as well as supporting animations and gaming, which aids in a comprehensive understanding of the audience and drives market growth positively.
Market Growth
The expansion of the AI voice generator market can be attributed to the voice processing application that allows customers to get up-to-date services from a company. It handles the requests which has improved the quality of customer services. In addition, the realistic AI voice generator has improved the device by addition of emotional elements and also the variation in the delivery of words.
Regional Analysis
In 2022, North America accounted for the highest revenue share in the AI voice generator market and is predicted to expand at a significant rate over the forecast period. This growth is possible owing to increasing investments and growth in the manufacturing, retailing, and healthcare industries.
Additionally, modifications and new innovations in this technology are expected to boost the regional market growth. The adoption of 5G technology in the Asia Pacific region is anticipated to propel regional market growth. Moreover, the active presence of major players in China, such as Huawei Support, Baidu Inc., and Alibaba Cloud, are contributing to the global AI voice generator market growth.
The Middle East region is projected to expand in the coming years due to increasing government initiatives and focus on advanced technology modifications and R&D activities.
Competitive Landscape
The major market players are largely focused on the implementing the various growth strategies, thereby supporting the market growth of AI voice generator. Especially, they are concentrating on foreign markets to increase their presence. Moreover, they are expanding their R&D activities as well as their existing operations for the new innovations and advancement.
In addition, they are involved in development of new products and portfolio expansion strategies through increasing investments, mergers & acquisitions, partnerships, collaborations, and competitive pricing. Furthermore, the prominent market players are implementing different marketing strategies such as spreading awareness regarding the AI voice generator, which is likely to fuel the market growth.
Some of the major players include:
- Baidu, Inc.
- Google LLC
- Oracle
- Tobii AB
- PRC Saltillo
- Lingraphica
- TOBY CHURCHILL Ltd.
- Zygo
- Attainment Company, Inc.
- Jabbla
- Amazon Web Services, Inc.
- Other Key Players
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 1,210 million |
| Market Size (2032) | USD 4,889 million |
| CAGR (from 2023 to 2032) | 15.40% |
| North America Revenue Share | 42% |
| Asia Pacific Revenue Share | 24.3% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
With rising digitalization, the demand for AI voice generators is increasing. The voice generator helps reduce the need for users to read lengthy guidelines and speeches. Individuals facing difficulty in reading text are offered a solution with the help of AI voice generators. AI voice generators work on deep learning algorithms that are similar to human brains. The advanced network can create logical effects, human mimicry speaking patterns, and voice variations. These factors positively drive market growth.
The Mix Voice AI voice generator supports 22 languages for video editing and reaching new audiences easily. It also explores the volume of male and female voices in different languages worldwide. No one can replace the connectivity gained by adding vocal elements. Furthermore, Mix Voice also aids in filling the gap between content creators and viewers. Due to these factors, the growth of the AI voice generator market is likely to expand.
Market Restraints
The lack of educated individuals who are not aware of these tools is expected to restrict the growth of the global AI voice generator market over the forecast period, as they are not able to transfer the appropriate information to the patients.
Huge funding is needed for developing and using AI voice generator tools which are likely to hinder the expansion of global AI voice generators. Several key players are focusing on huge investments to install new tools and advanced machines to raise the process, which in turn is increasing the costs, thereby restraining the market growth.
Market Opportunities
The significant rise in technological advancements in software as well as a wide range of issue detectors will likely increase the demand for the global AI voice generator. Thereby creating a number of growth opportunities. Individuals with communication & speech impairment can also use voice generator tools containing letters, words, or images.
Additionally, AI voice generators are preferred for sending messages in different languages and improving vocabulary options. Governments of various regions have also increased funding in schools and colleges for students, further boosting the demand for AI voice generator devices. The rising demand for AI voice generator devices is predicted to create numerous opportunities for the global AI voice generator market during the forecast period.
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Report Segmentation of the AI Voice Generator Market
Deployment Insight
The cloud-based deployment segment accounted for the largest revenue share in AI Voice Generator Market. This significant share can be attributed to numerous advantages such as reduced operating costs and high scalability. Its use for machine learning in AI is anticipated to boost growth during the forecast period.
Cloud-based deployment controls the cost using consumption-based pricing and also involves new digital business models. Moreover, it empowers users with self-service options, an operational dashboard, and an executive portal. Major companies such as Google, Amazon, and IBM use the current time to make it easy to work. As a result, cloud-based devices are predicted to expand more during the forecast period.
End User Insight
The advertising and media segment accounted for the largest revenue share in the global AI voice generator market. During the pandemic, television, radio, and other media outlets were the only sources of entertainment and information for people. This increased the demand for AI voice generator technology in the media industry.
Additionally, the healthcare sector showed significant growth in the AI voice generator market during the pandemic due to the rapid adoption of AI software to improve patient care and services. The rising demand for AI voice generator technology to combat fraud and cyber-attacks and to improve customer satisfaction in healthcare is expected to further drive market growth.
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Market Segmentation
By Deployment
- On-Premise
- Cloud-Based
By End User
- Healthcare
- BFSI
- Manufacturing
- Retail
- Automotive and Transportation
- Advertising and Media
- Other End-Use Industries
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the AI Voice Generator Market
- In October 2022: Facebook's parent company, Meta, announced the launch of a new set of free artificial intelligence tools for its applications. These tools are expected to enhance the performance of underlying chips.
- In October 2022: IBM declared the expansion of its embeddable artificial intelligence tools collection. This expanded portfolio provides access to artificial intelligence libraries that control popular IBM Watson products. These AI libraries include industry-leading products for a better end-user experience.
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