Press release
Text‐to‐Speech Market to Reach USD 7.25 B by 2030 at 13.8% CAGR
Text-To-Speech Market
According to industry forecasts, the global Text‐to‐Speech (TTS) market, valued at USD 2.93 billion in 2023, is projected to grow to USD 7.25 billion by 2030, achieving a strong CAGR of 13.8% between 2024 and 2030 . This boom is fueled by advancements in neural TTS, adoption of voice-enabled solutions, and growing demand across education, healthcare, automotive, and enterprise sectors.
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◉ Market Outlook & Key Drivers
2023 market size: USD 2.93 B
2030 forecast: USD 7.25 B (13.8% CAGR)
Mordor Intelligence projects USD 3.87 B in 2025, reaching USD 7.28 B by 2030 at a 12.9% CAGR
MarketsandMarkets estimates USD 7.6 B by 2029 at a 13.7% CAGR
◉ Key Growth Drivers:
Neural TTS adoption, offering near-human voice quality (67.9% market share in 2024)
Increasing use of voice assistants, smart speakers, and mobile devices
Accessibility mandates and inclusion of visually impaired & learning‐disabled users
Edge‐AI for on-device voice applications in automotive, IoT, and healthcare
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◉ Competitive Landscape
Key players shaping the TTS space include Microsoft, Google, Amazon, IBM, Nuance, iFlytek, Acapela, LumenVox, Sensory, Baidu, CereProc, Readspeaker, and others . These companies are racing to deliver natural-sounding, multi-language neural voices and branded voice solutions embedded in enterprise and consumer applications .
◉ Regional Demand Trends
North America leads with ~37% of the market, benefitting from strong cloud adoption, smart devices, and multilingual speakers .
Asia‐Pacific is the fastest-growing region, at ~15% CAGR, driven by e‐learning, smartphone usage, and adapting Hindi-language TTS
Europe follows closely with robust use in accessibility, automotive, and enterprise solutions .
◉ Country-Specific Insights
Opportunity Growth in Vietnam
Rapid mobile adoption and rising demand for accessible content are pushing Vietnamese platforms to incorporate neural TTS for educational and government services.
Trends in Thailand
Thai enterprises are embedding TTS in customer support and IVR systems to streamline multilingual communication and user engagement.
Consolidation Growth in Japan
Japan's technology providers are teaming with global leaders like Microsoft and Google to offer emotion-rich Japanese TTS voices for media and automotive sectors.
Updation in South Korea
Korean tech firms are integrating TTS into smart devices and navigation systems, investing in neural engines for local dialects.
Benchmarking Innovation in Singapore
Singaporean edtech and public services are leveraging voice-first interfaces, piloting TTS in e-learning, and disability-access initiatives.
Consolidation Trends in the United States
In the U.S., giants like Amazon, Microsoft, and IBM are acquiring voice startups to improve neural API platforms and in-vehicle assistant integrations.
Growth in China
China's TTS industry is thriving, with companies like Baidu and iFlytek advancing Mandarin neural voices for smart devices, autonomous vehicles, and education.
Compliance & Opportunity in Europe
The EU's emphasis on digital accessibility laws is driving adoption of TTS in public-sector services, media, and automotive, spurring partnerships with local vendors.
To learn more about the findings of this research, please check:https://www.maximizemarketresearch.com/market-report/text-to-speech-market/164793/
◉ Text-To-Speech Market Segment Analysis:
by Component
Software
Services
by Deployment Mode
Cloud-based
On-Premise
by Type
Non-neural
Neural and Custom
by Language
English
Spanish
Hindi
Chinese
Arabic
Others
◉ Mergers & Acquisitions Highlights
Major technology firms (Amazon, Microsoft, IBM) have acquired voice-startups to strengthen neural TTS capabilities .
There's growing interest in specialized voices, emotional tone engines, and negotiation of voice IP licensing .
◉ Key Recent Developments
Microsoft rolled out 14 new HD neural voices, including culturally specific Indian voices Arjun & Aarti (Feb 2025) .
Automotive brands like Renault adopt expressive TTS co-developed with Baidu and Amazon .
Increased edge-AI deployment enables secure, low-latency TTS in vehicles, healthcare devices, and IoT systems .
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◉About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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