Text-To Speech Market SWOT Analysis, Dynamics, Drivers and Key Indicators | Microsoft Corporation, IBM Corporation, Google, Sensory,Readspeaker, LumenVox LLC

The Text-To Speech Market was valued at USD XX billion in 2020 and is estimated to reach USD 5.0 billion by 2027, registering a CAGR of 14.6% during the forecast period.

The Latest released survey report on Global Text-To Speech Market aims to deliver an in-depth outline regarding the trends and market development scenario to outpace market with relevant strategies. To drive profitable and sustainable growth, Text-To Speech manufacturers need to develop strategies to appeal to consumers and leverage technology to enhance end users experience. A wide list of manufacturers are considered in the survey with company profiling of Nuance Communication, Microsoft Corporation, IBM Corporation, Google, Inc., Sensory Inc., Amazon.Com, Readspeaker, LumenVox LLC, Acapela Group, CereProc, and SESTEK.

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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.

APAC is attributed to grow at the highest CAGR in the text-to-speech market during ther forecast period (2021-2027)

APAC is witnessing increased traction for speech recognition solutions integrated with text-to-speech due to growing penetration of AI, analytics, and IoT devices in the region. This is creating a favorable market environment, and the region is witnessing rising adoption of voice-activated technology in the Asian markets, such as India, China, Indonesia, Australia, Japan, and Singapore. The countries are developing various favorable policies to increase AI penetration among enterprises for improving industry performance and customer experience. This has proliferated the use of Intelligent Virtual Assistant (IVA), chatbots, and smart speakers in the daily activities of people. In Japan and China, text-to-speech systems have been deployed at airports and ATMs. Other countries, such as Singapore, Hong Kong, Indonesia, and Malaysia, are looking forward to integrating new technologies into their businesses.

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)

Nuance Communications

Nuance Communications is a leading provider of voice recognition solutions and natural language understanding technologies for businesses and consumers globally. The company offers software solutions and applications along with support services and training. It offers customers high accuracy in automated speech recognition, capabilities for natural language understanding, dialog and information management, biometric speaker authentication, text-to-speech, and optical character recognition (OCR) capabilities. The company’s solutions and technologies for the text-to-speech market are Conversational IVR, Nuance Vocalizer, Vocalizer for Embedded Solutions, Vocalizer Expressive Studio, and Loquendo TTS provide high-performance mixed-signal and standard product solutions.

Scope of the report

This report categorizes the text-to-speech market based on offering, deployment mode, voice type, organization size, language, and vertical and region.

Text-to Speech Market, By Component

Software/Solution
Services
SAAS
Support, Implementation and Consulting

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)

Geographic Analysis (Qualitative data on COVID-19 for all major geographies)

North America
Europe
Asia Pacific (APAC)
Rest of the World (RoW)

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.

This report would help you answer the following questions:
1. What is the market size and forecast of the Global  Text-To Speech Market?
2. What are the inhibiting factors and impact of COVID-19 shaping the Global  Text-To Speech Market during the forecast period?
3. Which region outstands in the Global  Text-To Speech Market?
4. Which are the segments to invest in over the forecast period in the Global  Text-To Speech Market?
5. What is the competitive strategic window for opportunities in the Global  Text-To Speech Market?
6. What are the technology trends and regulatory frameworks in the Global  Text-To Speech Market?
7. What are the major company in the Global  Text-To Speech Market?

Table of Contents:
1 Introduction
2 Research Methodologies
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Compliance in Text-To Speech Market
8 Text-To Speech Market, By Service
9 Text-To Speech Market, By Deployment Type
10 Text-To Speech Market, By Organization Size
11 Text-To Speech Market Analyses, By Vertical
12 Geographic Analyses
North America
Europe
Asia-Pacific
South America
Middle East & Africa
13 Competitive Landscapes
14 Detailed Company Profiles
15 Related Reports

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This release was published on openPR.