Text-To-Speech Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | Apple Inc., Google Cloud Text-to-Speech (Google), AT&T Natural Voices, Amazon Polly

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Text-To-Speech Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $8.38 billion In 2028 At A CAGR Of 19.2% :

The text-to-speech market size has grown rapidly in recent years. It will grow from $3.47 billion in 2023 to $4.15 billion in 2024 at a compound annual growth rate (CAGR) of 19.6%. The growth in the historic period can be attributed to advancements in natural language processing, rising demand for accessibility solutions, increased adoption in e-learning and education, integration with virtual assistants, and expanding use in automotive applications.

The text-to-speech market size is expected to see rapid growth in the next few years. It will grow to $8.38 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. The growth in the forecast period can be attributed to rapid growth in virtual assistance and ai applications, integration with internet of things, expansion in healthcare and accessibility solutions, growing demand in gaming and entertainment, and continued emphasis on multilingual capabilities. Major trends in the forecast period include enhancements in neural TTS technology, integration with edge computing, emphasis on emotional intelligence in TTS, enhanced multimodal experiences, and greater focus on security and privacy.

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Text-To-Speech Market Major Segments
The text-to-speech market covered in this report is segmented -

1) By Offering: Software, Services
2) By Deployment Mode: Cloud Based, On-Premise
3) By Industry Vertical: Automotive, Consumer Electronics, Healthcare, Education, Enterprise, Entertainment And Gaming, Other Industry Verticals

Key Driver - Rising Prevalence Of Learning Disabilities Drives Text-To-Speech Market Growth

The increasing number of people with different learning disabilities is expected to propel the growth of the text-to-speech market going forward. Learning disabilities refer to a range of neurological conditions that affect an individual's ability to acquire, process, or express information effectively. Text-to-speech (TTS) technology is used to help disabled individuals by providing access to information, facilitating reading and writing tasks, enhancing language learning, and promoting independence and empowerment. For instance, in December 2023, according to the National Health Service, a UK-based government department, learning disability and an ADHD diagnosis had a statistically significant increase each year, reaching 8.6% in 2022-23 and from 5.5% in previous years, which has increased 0.52% to 0.99% over the same period. Therefore, the increasing number of people with different learning disabilities is driving the growth of the text-to-speech market.

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Prominent Trend - Microsoft Leads Text-to-Speech Market With Innovative Azure AI Speech Offering

Major companies operating in the text-to-speech market are focusing on technological innovations such as Azure AI Speech to maintain a competitive edge and meet the growing demand for advanced speech capabilities. Azure AI Speech is a managed service that provides industry-leading speech capabilities, including speech-to-text, text-to-speech, speech translation, and speaker recognition. For instance, in November 2023, Microsoft Corporation, a US-based technological company, launched the Azure AI Speech tool, which was designed to help developers quickly build high-quality voice-enabled apps, providing a no-code experience with speech studio for creating custom models tailored to their applications. Additionally, it allows users to build and integrate these features into their applications using the Speech SDK, the Speech CLI, or the REST APIs. Also, it offers features such as customizable voices and models, flexible deployment options, and comprehensive privacy and security measures.

Text-To-Speech Market Players
Major companies operating in the text-to-speech market report are Apple Inc., Google Cloud Text-to-Speech (Google), AT&T Natural Voices, Amazon Polly , IBM Watson Text to Speech (IBM), Cognitiveseo, Microsoft Azure Speech, Baidu , Experian Text-to-Speech (by Experian), iFlytek , Nuance Communications Inc., Neospeech, Acapela Group, SVOX, WaveNet, ReadSpeaker, CereProc, Dolbey Systems, Inc., LumenVox LLC, Yandex SpeechKit, Rhetorik , Loquendo , Mozilla TTS, Sensory, KobaSpeech

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Largest And Fastest Growing Region In The Market
North America was the largest region in the text-to-speech market in 2023. The regions covered in the text-to-speech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Text-To-Speech Market Report Structure
3. Text-To-Speech Market Trends And Strategies
4. Text-To-Speech Market - Macro Economic Scenario
5. Text-To-Speech Market Size And Growth
…..
27. Text-To-Speech Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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