Text-To Speech Market : Top Scenario, SWOT Analysis, Business Overview, Future Outlook & Forecasts 2021-2027

Latest added Text-To Speech Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2026. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Nuance Communication, Microsoft Corporation, IBM Corporation, Google, Inc., Sensory Inc., Amazon.Com, Readspeaker, LumenVox LLC, Acapela Group, CereProc, and SESTEK. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.

This report studies the Text-To Speech Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Text-To Speech Market by companies, region, type and end-use industry.

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Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on “Text-To Speech Market, By Component (Software/Solution, Services), Deployment Mode (Cloud based, On-Premise), Type (Non-neural, Neural and Custom), Organization Size , Language, Industry Vertical & Geography – Global Forecast To 2027”. Early buyers will get 10% customization on study.

To Avail deep insights of Text-To Speech Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.

Unlock new opportunities in Text-To Speech Market; the latest release from MarketDigits highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.

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The text-to speech market size is estimated to grow from USD 2.0 Billion in 2020 to USD 5.6 Billion by 2027, growing at a CAGR of 15.8% during the forecast year from 2021 to 2027. The rising demand for handheld devices, increased government spending on education for differently-abled, the dependence of the growing elderly population on technology, and the rising number of people with different learning disabilities or learning styles are factors driving the growth of the text-to-speech market. However, the lack of prosody and pronunciation of naturally occurring speech may restrain the growth of the market during the review period.

Market Dynamics

Drivers :Rising preference for handheld devices

Mobile devices have transformed from voice-calling devices to more advanced personal computing devices that allow users to perform activities such as browsing the internet, capturing photographs, language translation, navigation guidance, and managing entertainment and multimedia content. The growing need for automation and convenience is increasing the adoption of text-to-speech technology in everyday applications. The text-to-speech software is deployed in mobile devices, smartphones, portable devices and digital assistants, and other handheld devices. Text-to-speech-enabled devices can also eliminate the need for reading long user guides or manuals by providing users with verbal prompts and audio directions for operations. Many such advancements in smart devices are expected to increase the integration of text-to-speech technology into handheld devices.

Increased government spending on education of differently-abled students

The text-to-speech software allows people with visual impairment or reading disabilities to listen to written words on a computer or a mobile device. When the text-to-speech system is integrated with a screen reader, it helps a visually challenged user to interpret and perform computer operations with an audio interface. Thus, this system works as an assistive technology that helps these people take the benefits of information and communications technology (ICT). According to the US Department of Education, in April 2020, USD 4,000–10,000 were awarded annually for students without disabilities and USD 10,000–20,000 for students with disabilities, with the help of accessible technology, media services, educational materials, etc. In the US, the Individuals with Disabilities Education Act (IDEA) provides interactive software for students who are visually impaired.

Increasing number of people with different learning disabilities

Text-to-speech technology can help people with vision impairment and learning disabilities in several ways. People with dyslexia or reading disabilities face a huge problem while deciphering the text. The letters might not make sense to them and hence stay unknown. Text-to-speech technology can empower such individuals by allowing these texts to be converted into an auditory format and ease understanding. People with learning disabilities face the challenge of comprehending text and making sense of the content. This, in turn, hampers their development and knowledge processing skills. Text-to-speech technology will help such people and create a development opportunity in the text-to-speech market.

Restraints :Complexity in generating prosody and pronunciation of naturally occurring speech

One of the major limitations of speech synthesis is that it lacks the complexity of natural speech, such as the stress on a particular word and tone up/down. A large set of different rules and their exceptions are needed to create correct pronunciation for synthesized speech. Some languages have special features in terms of prosody and pronunciation, making speech synthesis more complex. The complexity in clear pronunciation, along with voice modification, is expected to limit the use of text-to-speech technology in various applications.

Services are projected to witness highest CAGR for the forecast period

Services are expected to hold a major share during the forecast period. Services play a vital role in the functionality of text-to-speech software. They are an integral step in deploying tools and are taken care of by solution, platform, and service providers. The major companies in various industries are adopting text-to-speech to deal with the rapidly increasing audio/video-based content. This is helping companies find new ways to tap the wealth of data to develop new products, services, and processes, thus gaining a competitive advantage.

Neural and Custom voice type to account for largest share of text-to-speech market during forecast period

The neural and custom voice type is expected to account for a larger market size during the forecast period owing to its ability to generate speech with humanlike intonation, engagement, and personalized user experience, which is expected to drive the adoption of neural and custom voice systems and software during the forecast period.

Cloud based deployment mode will have highest growth in coming years

The cloud segment, on the contrary, benefits organizations with increased scalability, speed, 24/7 service, and enhanced IT security. The growing adoption of SaaS applications by enterprises is generating huge growth prospects for cloud-based text-to-speech software. The cloud-based deployment mode is expected to account for larger market size and its market is growing at a higher CAGR. The COVID-19 crisis has also driven the growth of the market for cloud-based deployment mode due to its scalability, security, reliability, and cost-effectiveness.

Key Market Players

The Text-to-Speech market was dominated by Nuance Communication (US), Microsoft Corporation (US), IBM Corporation (US), Google, Inc. (US) and Amazon.com (US)

Text-to Speech Market, By Component

Software/Solution
Services

Text-to Speech Market, By Deployment Mode

Cloud based
On-Premise

Text-to Speech Market, By Type

Non-neural
Neural and Custom

Text-to Speech Market, By Organization size

Small and Medium Enterprise
Large Enterprise

Text-to Speech Market, By Language

English
Spanish
Hindi
Chinese
Arabic
Others

Text-to Speech Market, By Vertical

Introduction
Consumer
Automotive & Transportation
Healthcare
Education
Assistant tool for visually impaired or disabilities (Dyslexic Reader)
BFSI
Retail
Enterprise
Travel and Hospitality
Others (government and legal)

Based on region:

Asia Pacific
North America
Europe
Latin America
Rest of the World

Recent Developments

In September 2020, Nuance Communications partnered with Rakuten Mobile, Inc. to add Nuance Intelligent Engagement AI Services to the Rakuten Communications Platform (RCP). Through this partnership, both the companies will be leveraging Conversational AI Services and Engagement AI Services. Also, Rakuten’s native communication app based on Rich Communication Services (RCS) standards will be able to provide Rakuten Mobile customers with the ability to access self-service features by voice or by text using the Nuance Conversational IVR.
In September 2019, Nuance Communications announced that the Nuance Intelligent Engagement Platform will expand its open, cloud-agnostic framework, adding new Intelligent Engagement Services and broadening back-end integration capabilities.

Several market analysis factors covered in the credible Text-To Speech Market report include industry outlook with respect to critical success factors (CSFs), industry dynamics that mainly covers drivers and restraints, market segmentation & value chain analysis, key opportunities, application and & technology outlook, regional or geographical insight, country-level analysis, key company profiles, competitive landscape, & company market share analysis. Thus, the Text-To Speech Market research report provides a comprehensive analysis on the study of industry with respect to number of aspects. This report is a valuable source of assistance for companies and individuals that provides industry chain structure, business strategies and proposals for new project investments.

An international Text-To Speech Market research report is an absolute overview of the market that spans various aspects such as product definition, customary vendor landscape, & market segmentation based on various parameters such as type of product, its components, type of management & geography. Most relevant, unique and creditable global market research report is put forth for the valuable customers & clients depending upon their specific business needs. The report includes major manufacturers, suppliers, distributors, traders, customers, investors, major types, and major applications. The comprehensive Text-To Speech Market business report helps strengthen organization and make better decisions for driving business on the right track.

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