Text-To-Speech Market Analysis 2024 - Global Insights, Industry Demand, Growth Trends And Outlook By 2033

The Business Research Company recently released a comprehensive report on the Global Text-To-Speech Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Text-To-Speech Market 2024 Key Insights:

• The text-to-speech market is expected to grow to $8.38 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%.
• Rising Prevalence Of Learning Disabilities Drives Text-To-Speech Market Growth
• Microsoft Leads Text-to-Speech Market With Innovative Azure AI Speech Offering
• North America was the largest region in the text-to-speech market in 2023

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