Text-to-Speech (TTS) Market Expected to Reach $12.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Text-to-Speech (TTS) Market," The text-to-speech (tts) market was valued at $2.8 billion in 2021, and is estimated to reach $12.5 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031.

Text-To-Speech is a service that recognizes natural language and converts it into audible production along with intonation and cadence. To generate synthesized audio output, the text language should match the voice language. In addition, it helps to increase productivity in many businesses, such as in healthcare industries it can capture speech much faster than manual type.

Furthermore, rising preference for handheld devices and the increasing number of people suffering from visual impairments and learning disabilities propels growth of the global text-to-speech market. In addition, rising adoption of voice assistants & smart speakers to aid growth fuel growth of the text-to-speech market. However, privacy issues to impede adoption of voice-enabled application and complexity in generating prosody and pronunciation of naturally occurring speech is expected to impede the text-to-speech market growth. Furthermore, increase in use of digital transformation technology is expected to offer remunerative opportunities for expansion during the text-to-speech market forecast.

Depending on enterprise size, the large enterprise segment holds the largest text-to-speech market share as large enterprises are adopting text-to-speech to improve training modules. However, the SMEs segment is expected to grow at the highest rate during the forecast period, owing to increase adoption of cloud computing in the past few years.

Region-wise, the text-to-speech market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, large scale adoption of IoT, AI and cloud services. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rising adoption of voice-activated technology.

The COVID-19 pandemic is expected to positively impact the overall economy of the TTS market, owing to surge in need for analyzing large data sets of information and to reduce risks and costs related to services and achieve superior results. In addition, technologies such as IoT, artificial intelligence, machine learning and other voice assistants collate massive volume of data to generate significant insights, which can provide cost-saving opportunities, thus propelling the growth of the market. Moreover, investments in deep learning are becoming popular day-by-day, owing to increase in attention toward data to help companies to find out the future performance of the firm to take corrective measures at an early stage in case of any probable crisis in future, which, in turn, is contributing toward the growth of the TTS market. Furthermore, algorithms used for getting meaningful insights from real-time and historical data are helping companies in handling various critical issues related to customer insights during COVID-19 pandemic, which is driving the growth of the text-to-speech industry.

KEY FINDINGS OF THE STUDY

• By offering, the software segment accounted for the largest text-to-speech market share in 2021.

• Region wise, North America generated highest revenue in 2021.

• Depending on enterprise size, the large enterprise generated the highest revenue in 2021.

The key players profiled in the text-to-speech market analysis are Acapela Group, Amazon.Com, CereProc, Google, Inc., IBM Corporation, iFlytek, iSpeech, LumenVox LLC, Microsoft Corporation, NextUp Technologies, Nuance Communications, Readspeaker, Sestek, Sensory, Inc., TextSpeak, Deepdub, Neosapience. These players have adopted various strategies to increase their market penetration and strengthen their position in the text-to-speech industry.