Dublin, April 30, 2024 (GLOBE NEWSWIRE) -- The "Global Text-to-Speech Market by Offering (Software, Service, SaaS), Deployment (On-premises, Cloud-based), Voice (Neural & Custom, Non-Neural), Solution (Accessibility, Voice-based AI), Organization Size, Language, Vertical & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global Text-to-Speech market is expected to be valued at USD 4 billion in 2024 and is projected to reach USD 7.6 billion by 2029; it is expected to grow at a CAGR of 13.7% from 2024 to 2029. The rising number of people with different learning disabilities serves as a significant driver for the Text-to-Speech market.
The increasing awareness and emphasis on creating inclusive digital environments in education, workplaces, and various online platforms further contribute to the growing demand for Text-to-Speech solutions. As the prevalence of learning disabilities becomes more acknowledged, Text-to-Speech technology becomes instrumental in breaking down barriers and providing equitable access to information for individuals with different learning needs, thereby driving its adoption in the market. 
Cloud-based deployments to account higher CAGR in Text-to-Speech market
The high CAGR of cloud-based deployment in the Text-to-Speech market is propelled by its inherent advantages that align with contemporary business needs. Cloud-based solutions offer unparalleled scalability, enabling organizations to efficiently manage resources based on fluctuating demands without the need for extensive upfront investments in infrastructure. The cost-effectiveness of cloud deployment appeals to businesses seeking efficient and budget-friendly solutions, particularly smaller enterprises.
Moreover, cloud-based Text-to-Speech services facilitate seamless updates and maintenance, ensuring that users consistently have access to the latest advancements in voice synthesis technology. As the business landscape increasingly prioritizes flexibility, rapid implementation, and resource efficiency, the growth of cloud-based deployment in the Text-to-Speech market reflects its ability to meet these evolving demands and drive widespread adoption.
Neural and custom voice types to hold largest share in Text-to-Speech market
Neural and custom voice types hold the largest share in the Text-to-Speech market due to their ability to deliver highly natural, expressive, and customizable speech synthesis experiences. Neural TTS models leverage advanced deep learning techniques, enabling a more human-like and nuanced voice quality, which is particularly appealing to users seeking a lifelike interaction. Custom voice options provide businesses the opportunity to create unique, brand-specific voices, fostering a distinctive and memorable identity for their applications.
As industries increasingly prioritize user engagement and personalized experiences, the demand for neural and custom voice types surges, making them integral components of the Text-to-Speech market. Their capacity to elevate the quality and individuality of voice interactions positions them as key drivers in the market's evolving landscape.
Asia-Pacific region growing at highest CAGR in Text-to-Speech market
The Asia-Pacific region is experiencing a high CAGR in the Text-to-Speech market due to several pivotal factors. The region is undergoing rapid digital transformation, with a significant increase in internet penetration and smartphone adoption across countries like China, India, and Southeast Asia. As a result, there is a growing demand for voice-enabled applications and services, with Text-to-Speech technology playing a crucial role in enhancing user experiences.
Additionally, the diverse linguistic landscape in the Asia-Pacific region contributes to the adoption of Text-to-Speech solutions that support various languages and dialects. The expansion of industries such as e-commerce, education, and healthcare further fuels the need for accessible and interactive voice technologies. As businesses and consumers alike recognize the benefits of Text-to-Speech in this dynamic and tech-savvy region, the market is witnessing substantial growth in the Asia-Pacific region.
Research Coverage
The research reports the Text-to-Speech Market, By Offering (Software and Services (Software-as-a-Service and Support, Implementation and consulting)), By Deployment Mode (On-premises and Cloud-based), By Voice Type (Neural & Custom and Non-neural), By Organization Size (SMEs and Large Enterprise), By Language (English, Mandarin Chinese, Hindi, Arabic, Spanish and Others) and Region (North America, Europe, Asia Pacific, and Rest of the world (RoW)). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the Text-to-Speech market.
A detailed analysis of the key industry players has been done to provide insights into their business overviews, products, key strategies, Contracts, partnerships, and agreements. New product & service launches, mergers and acquisitions, and recent developments associated with the Text-to-Speech market. Competitive analysis of upcoming startups in the Text-to-Speech market ecosystem is covered in this report. The key players operating in the Text-to-Speech market are Microsoft Corporation (US), Google (US), Amazon.com, Inc. (US), IBM (US), and Baidu Inc. (China) among others.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 218 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $4 Billion |
| Forecasted Market Value (USD) by 2029 | $7.6 Billion |
| Compound Annual Growth Rate | 13.7% |
| Regions Covered | Global |
Premium Insights
- Increasing Adoption of AI and ML Solutions in Different Verticals to Provide Lucrative Opportunities for Text-To-Speech Market Between 2024 and 2029
- English Language to Lead in Tect-To-Speech Market During Forecast Period
- Consumer Electronics Vertical to Hold Largest Share in Text-To-Speech Market in 2029
- Consumer Electronics and China to Hold Largest Shares of Text-To-Speech Market in Asia-Pacific in 2024
- India to Record Highest CAGR in Global Text-To-Speech Market During Forecast Period
Market Dynamics
- Drivers
- Rising Demand for Interactive Voice Response (IVR) Systems
- Increasing Government Initiatives Pertaining to Education of Differently Abled Students
- Growing Dependence of Elderly Population on Technology
- Increasing Number of People with Different Learning Disabilities
- Restraints
- Complexity of Generating Correct Prosody and Pronunciation of Naturally Occurring Speech
- Privacy and Security Concerns Associated with Cloud-based Text-To-Speech Technology
- Opportunities
- Integration of Speech Recognition Technology with Robotics
- Growing Inclination Toward Cloud-based Deployment Mode
- Integration of Text-To-Speech Technology into Autonomous Vehicles
- Challenges
- Creation of Generic Acoustic Database to Cover Language Variations
- Growing Cybercrime, Data Privacy, and Ethical Considerations
Technology Analysis
- Complimentary Technologies
- AI-Driven Text-To-Speech Software
- Multilingual Text-To-Speech Systems
- Neural Text-To-Speech Technology
Case Study Analysis
- Yapi Kredi Introduced Voice-Enabled ATMs for People with Disabilities Utilizing Sestek's Technology
- New Mexico State Transformed Training Modules with Colossyan's AI-Powered Platform
- Cyber Inc. Used Synthesia to Scale Training Videos and Expand Presence to New Markets
- Gatwick Airport Enhanced Customer Service with Cereproc's Tts System
- Bracken Improved E-Learning Platform by Deploying Neospeech's Text-To-Speech Solution
Companies Featured
- IBM
- Microsoft
- Amazon.Com, Inc.
- Baidu, Inc.
- Cereproc Ltd.
- Sensory Inc.
- Iflytek Corporation
- Readspeaker B.V.
- Sestek
- Lumenvox
- Acapela Group
- Nextup Technologies, LLC
- Textspeak Corporation
- Vonage America, LLC
- Elevenlabs
- Resemble AI
- Lovo, Inc.
- Deepbrain AI
- Synthesia Limited
- Heygen
- Colossyan Inc.
- Murf.AI
- Nuance Communications, Inc.
- Ispeech, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/qppp3s
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