Voice Cloning Global Market Report 2024

The voice cloning market size has grown exponentially in recent years. It will grow from $1.24 billion in 2023 to $1.58 billion in 2024 at a compound annual growth rate (CAGR) of 27.8%. The growth observed in the historical period can be attributed to several factors, including advancements in speech synthesis technology, a rising demand for personalized digital experiences, increased adoption of voice assistants and chatbots, the expansion of the entertainment and gaming industries, and the growth of virtual reality and augmented reality applications.

The voice cloning market size is expected to see exponential growth in the next few years. It will grow to $4.16 billion in 2028 at a compound annual growth rate (CAGR) of 27.2%. The anticipated growth in the forecast period can be attributed to several factors, including the integration of voice cloning in customer service and support, the proliferation of voice-enabled smart home devices, the expansion of voice-based advertising and marketing initiatives, the development of voice-enabled healthcare applications, and the utilization of voice cloning for accessibility solutions. Key trends expected during this period encompass ethical considerations surrounding voice cloning technology, the emphasis on customization and personalization in voice synthesis, the adoption of neural network-based voice models, the enhancement of naturalness and expressiveness in synthesized voices, and the integration of voice cloning with emotional intelligence capabilities.

The anticipated surge in the adoption of AI technology is poised to drive the growth of the voice cloning market in the future. Artificial intelligence (AI) involves creating computer programs or systems capable of performing tasks typically requiring human intelligence. Voice cloning harnesses AI to replicate a person's voice by training algorithms on extensive datasets of speech samples to discern patterns and nuances of human speech, including intonation, pitch, rhythm, and accent. For example, as per a report by International Business Machines Corporation (IBM) in May 2022, global AI adoption increased by 35%, with a four-point rise from the previous year. Additionally, in 2022, around 13% more firms are expected to use AI compared to 2021, with approximately 35% of organizations already adopting AI within their operations, 42% considering AI adoption, and two-thirds (66%) either implementing or planning to utilize AI to achieve their sustainability objectives. Hence, the escalating adoption of AI technology acts as a key driver behind the growth of the voice cloning market.

Leading companies in the voice cloning market are prioritizing the development of AI advancements such as Audiobox AI and voice cloning to address the increasing demand for AI voice cloning solutions across various industries. Audiobox stands out as an AI-powered voice and sound generator enabling users to create voices and sound effects through AI technology. For example, in December 2023, Meta Platforms, Inc., a US-based technology company, introduced Audiobox, an innovative AI voice cloning tool. Audiobox empowers users to input text and listen to the AI-generated speech in their own voice. It offers an array of features including voice verification, audio watermarks, research models, and interactive demos, which have sparked considerable interest among users.

In June 2022, Veritone, a US-based company, completed the acquisition of VocaliD for an undisclosed sum. This strategic move enables Veritone to harness AI voice technology for the creation of inclusive, diverse, expressive, and engaging user experiences. Moreover, it extends Veritone's multi-award-winning Veritone Voice solution with new capabilities. VocaliD, based in the US, specializes in developing a text-to-speech mobile application that integrates digital voices with vocal identity software and vocal devices.

Major companies operating in the voice cloning market report are Google LLC, AT&T, Amazon Web Services (AWS), Microsoft Corporation, International Business Machines Corporation, exClone, Baidu Inc, Nuance Communications, Aristech, NeoSpeech, Acapela Group, Smartbox Assistive Technology, Resemble AI, Respeecher, Lyrebird, LumenVox, VocaliD, Kata.Ai, Alt.Ai, CereProc, Voicery, Cepstral, Ispeech, VivoText, Voctro Labs, rSpeak, CandyVoice.

North America was the largest region in the voice cloning market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice cloning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the voice cloning market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Voice cloning involves the creation of a synthetic reproduction of an individual's voice using sophisticated computational methods, typically employing machine learning algorithms. This technology dissects and replicates multiple aspects of a person's voice, including tone, pitch, rhythm, and pronunciation, to produce speech that closely resembles the original speaker.

The primary components in voice cloning encompass solutions and services. Solution components are integral parts contributing to broader solutions, be they technological, managerial, scientific, or otherwise. They encompass on-premise and cloud deployments and find application across various sectors, including digital gaming, accessibility, chatbots and virtual assistants, interactive entertainment, among others, and within industry verticals such as banking, financial services, and insurance (BFSI), information technology (IT) and telecommunications, education, media and entertainment, healthcare, travel and hospitality, and others.

The voice cloning market research report is one of a series of new reports that provides voice cloning market statistics, including voice cloning industry global market size, regional shares, competitors with a voice cloning market share, detailed voice cloning market segments, market trends and opportunities, and any further data you may need to thrive in the voice cloning industry. This voice cloning market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The voice-cloning market consists of revenues earned by entities by providing services such as resemble AI, virtual assistants and chatbots, and accessibility services. The market value includes the value of related goods sold by the service provider or included within the service offering. The voice cloning market also includes sales of descriptor overdub, modulated voice wear, text-to-speech (TTS) systems, and speaker embedding tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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