CHICAGO, Jan. 17, 2024 /PRNewswire/ -- The global Text-to-Speech market is expected to be valued at USD 4.0 billion in 2024 and is projected to reach USD 7.6 billion by 2029; it is expected to grow at a CAGR of 13.7% from 2024 to 2029 according to a new report by MarketsandMarkets. The increasing demand for voice-activated virtual assistants and smart devices and advancements in natural language processing (NLP) technologies and the rising need for efficient transcription services are key drivers fueling the expansion of the Speech-to-Text market.
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Text-to-Speech Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 4.0 billion |
Estimated Value by 2029 | $ 7.6 billion |
Growth Rate | Poised to grow at a CAGR of 13.7% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering, Deployment, Voice, Solution, Organization Size, Language, Vertical & Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Creating a comprehensive acoustic database for Text-to-Speech |
Key Market Opportunities | Integration of Text-to-Speech in autonomous vehicles |
Key Market Drivers | Increased government spending on education of differently-abled students |
Based on organization size, the Text-to-Speech market for SME's segment holds the highest CAGR during the forecast period.
Small and Medium-sized Enterprises (SMEs) are experiencing a high CAGR in the Text-to-Speech market due to several key factors. SMEs are increasingly recognizing the value of Text-to-Speech technology in enhancing customer engagement, streamlining communication, and staying competitive in the digital landscape. The affordability and accessibility of cloud-based Text-to-Speech solutions make them particularly attractive to SMEs, as they eliminate the need for significant upfront investments in infrastructure. Additionally, the scalability of Text-to-Speech services allows SMEs to adapt to evolving business needs without the burden of complex implementations. As SMEs seek innovative ways to improve user experiences and communication channels, the adoption of Text-to-Speech technology becomes a strategic imperative, driving the high growth observed in this market segment.
Text-to-Speech market for the cloud-based segment exhibits the highest CAGR market during the forecast period.
The highest CAGR of cloud-based deployment in the Text-to-Speech market is primarily attributed to the numerous advantages it offers to organizations. Cloud-based solutions provide unparalleled scalability, allowing businesses to adjust resources according to demand, without the need for extensive infrastructure investments. The cost-effectiveness and accessibility of cloud deployments make advanced speech synthesis capabilities available to a broader range of enterprises, including those with limited IT resources. Furthermore, cloud-based Text-to-Speech solutions facilitate seamless updates and maintenance, ensuring that organizations always have access to the latest innovations in voice technology. As businesses increasingly prioritize flexibility, efficiency, and rapid implementation, the growth of cloud-based deployment in the Text-to-Speech market is driven by its ability to meet these evolving needs.
Text-to-Speech market for English language to hold high market share during the forecast period.
English commands the largest share in the Text-to-Speech market due to its global dominance as a lingua franca in business, technology, and entertainment. The widespread use of English as a primary language of communication in international trade and diplomacy amplifies the demand for voice synthesis solutions in English across various applications. The prevalence of English content on the internet, in digital media, and in educational resources further fuels this demand. Technological advancements and initial focus on developing high-quality English language models contribute to a well-established and robust ecosystem for English-based Text-to-Speech solutions. As a result, the market naturally gravitates toward prioritizing English language support, making it the dominant language in the Text-to-Speech landscape.
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Text-to-Speech market for North America region to hold the largest share during the forecast period.
North America commands the largest share in the Text-to-Speech industry owing to several key factors. The region is home to a highly developed technological landscape, with a substantial presence of major players in the IT and software industry. The widespread integration of voice-enabled technologies across various sectors, including healthcare, automotive, and consumer electronics, has spurred the demand for Text-to-Speech solutions. Moreover, the region's early adoption of artificial intelligence (AI) and natural language processing (NLP) technologies has facilitated the rapid advancement of voice synthesis capabilities. The North American market benefits from a robust infrastructure, high internet penetration, and a tech-savvy consumer base that actively embraces innovative applications of Text-to-Speech technology, contributing to North America's predominant share in the Text-to-Speech market.
Key Players
The Text-to-Speech companies includes major Tier I and II players like Microsoft Corporation (US), Google (US), Amazon.com, Inc. (US), IBM (US), Baidu Inc. (China) and others. These players have a strong market presence of Text-to-Speech across various countries in North America, Europe, Asia Pacific and Rest of the World (RoW).
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