Press release
AI Voice Cloning Market Set to Reach $7.75 Billion by 2029 with 23.9% Yearly Growth
AI Voice Cloning Market Size
The AI voice cloning market is poised for growth, fuelled by the surging need for remote work arrangements. These setups allow employees to carry out their responsibilities without the need to be in a specific physical location like a traditional office setting. AI voice cloning contributes to several aspects of remote work to improve communication, including automatic content generation, improved customer engagement, inclusivity and accessibility, effortless communication, cost-efficient voice solutions, collaboration, and productivity. As per information from Forbes Media LLC (a US media firm) shared in June 2023, it is predicted that 12.7% of full-time employees will be working from home, with 28.2% opting for a blended approach in 2023. The number of remote workers in the US is predicted to hit a staggering 32.6 million by 2025. Consequently, the growing appetite for remote work is propelling the expansion of the AI voice cloning market.
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What Is the projected market size and growth rate for the ai voice cloning market?
The size of the AI voice cloning market has experienced massive growth in the past few years. It is projected to increase from $2.65 billion in 2024 to $3.29 billion in 2025, indicating a compound annual growth rate (CAGR) of 24.2%. Factors attributing to this growth within the historic timeline include the progression of deep learning, enhanced data availability, growing need for virtual assistants, increased computational capabilities, and broadening application domains.
The expansion of the AI voice cloning market is projected to surge considerably in the coming years, reaching a market size of $7.75 billion by 2029, with a compound annual growth rate (CAGR) of 23.9%. This expansion for the set period is due to increased demand for tailor-made content, incorporation in multimodal applications, broader accessibility solutions, the quickened growth in virtual events and entertainment and improved ethical and regulatory frameworks. The forecast period will be marked by a variety of trends including developments in neural networks, enhanced abilities in multilingual and cross-dialect processing, improved real-time voice conversion, integration with virtual assistants and AI applications, as well as the emergence of edge computing for voice processing.
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What new trends are reshaping the ai voice cloning market and its opportunities?
Leading businesses in the AI voice cloning sector are narrowing their focus on AI innovations, such as Audiobox AI and voice cloning, in an effort to satisfy the escalating demand for AI voice cloning solutions across various sectors. Audiobox serves as an AI-driven voice and sound generator, granting users the ability to generate voices and sound effects using AI. In December 2023, Meta Platforms, Inc., a tech company based in the US, introduced a new AI voice cloning mechanism known as Audiobox. This tool allows users to construct voices and sound effects through AI, input their desired text, and have the AI playback the content in their own voice. In addition, it provides a suite of features that have attracted considerable attention, including voice verification, audio watermarking, research models, and interactive demos.
What major market segments define the scope and growth of the ai voice cloning market?
The AI voice cloning market covered in this report is segmented -
1) By Component: Software, Service
2) By Deployment: On-Premises, Cloud
2) By Application: Gaming, Advertising, Assistive Technologies, Chatbots And Virtual Assistants, Audiobooks And Podcasting, Other Applications
3) By Industry Vertical: Media And Entertainment, Healthcare And Life Sciences, Education And E-Learning, Other Industry Verticals
Subsegments:
1) By Software: Voice Synthesis Software, Voice Recognition Software
2) By Service: Consulting Services, Integration And Deployment Services, Maintenance And Support Services
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Which region dominates the ai voice cloning market?
North America was the largest region in the AI voice cloning market in 2024. The regions covered in the ai voice cloning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the ai voice cloning industry growth?
Major companies operating in the AI voice cloning market report are Google LLC, Microsoft Corporation, Amazon Web Services (AWS), IBM Corporation, Baidu Inc., iFlytek Co.Ltd., Nuance Communications Inc., OpenAI, AI21 Labs, Synthesys, Acapela Group, ReadSpeaker, Altos Labs, LumenVox LLC, Lovo.ai, Sonantic, WellSaid Labs, Modulate, Abalta Technologies, Descript, Simplified, Neospeech, Rhetorical Systems Ltd., VivoText Ltd., Sensory Inc.
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What Is Covered In The AI Voice Cloning Global Market Report?
• Market Size Forecast: Examine the ai voice cloning market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the ai voice cloning market for a structured understanding.
• Key Players Overview: Analyze major players in the ai voice cloning market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ai voice cloning market.
• Segment Contributions: Evaluate how different segments drive overall growth in the ai voice cloning market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ai voice cloning market.
• Industry Challenges: Identify potential risks and obstacles affecting the ai voice cloning market.
• Competitive Landscape: Review strategic developments in the ai voice cloning market, including expansions, agreements, and new product launches.
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