Text-To-Speech Global Market Report 2024

The text-to-speech market size has grown rapidly in recent years. It will grow from $3.47 billion in 2023 to $4.15 billion in 2024 at a compound annual growth rate (CAGR) of 19.6%. The growth in the historic period can be attributed to several factors, including advancements in natural language processing, rising demand for accessibility solutions, increased adoption in e-learning and education, integration with virtual assistants, and expanding use in automotive applications.

The text-to-speech market size is expected to see rapid growth in the next few years. It will grow to $8.38 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. The forecasted growth in the text-to-speech (TTS) market can be attributed to several factors, including rapid growth in virtual assistance and AI applications, integration with the Internet of Things (IoT), expansion in healthcare and accessibility solutions, growing demand in gaming and entertainment, and continued emphasis on multilingual capabilities. Major trends expected in this period include enhancements in neural TTS technology for more natural-sounding speech, integration with edge computing for faster processing, emphasis on emotional intelligence in TTS for more human-like interactions, enhanced multimodal experiences combining TTS with other technologies, and a greater focus on security and privacy in TTS applications.

The rising number of individuals with various learning disabilities is expected to drive the growth of the text-to-speech market. Learning disabilities encompass a range of neurological conditions that affect the acquisition, processing, or expression of information. Text-to-speech (TTS) technology aids disabled individuals by providing access to information, facilitating reading and writing tasks, enhancing language learning, and promoting independence. For example, according to the UK's National Health Service, the diagnoses of learning disabilities and ADHD showed a statistically significant increase each year, reaching 8.6% in 2022-23, compared to 5.5% in previous years. This increase underscores the growing need for text-to-speech technology, driving market growth.

Major companies in the text-to-speech market are focusing on technological innovations, such as Azure AI Speech, to maintain a competitive edge and meet the growing demand for advanced speech capabilities. Azure AI Speech is a managed service that provides industry-leading speech capabilities, including speech-to-text, text-to-speech, speech translation, and speaker recognition. For example, in November 2023, Microsoft launched Azure AI Speech, designed to help developers quickly build high-quality voice-enabled apps. It provides a no-code experience with Speech Studio for creating custom models tailored to applications and allows users to build and integrate these features using the Speech SDK, Speech CLI, or REST APIs. Azure AI Speech also offers customizable voices and models, flexible deployment options, and comprehensive privacy and security measures.

In March 2022, Microsoft Corporation, a US-based company, acquired Nuance Communications Inc. for $19.7 billion. The acquisition is part of Microsoft's strategy to accelerate its industry-specific cloud offerings and revolutionize the healthcare sector with outcomes-based AI solutions. This acquisition is expected to lead to the development of new solutions that leverage voice recognition, artificial intelligence, and cloud technologies for various industries, including healthcare, retail, telecommunications, and financial services. Nuance Communications Inc. is a US-based developer of imaging and speech recognition technologies.

Major companies operating in the text-to-speech market report are Apple Inc., Google Cloud Text-to-Speech (Google), AT&T Natural Voices, Amazon Polly, IBM Watson Text to Speech (IBM), Cognitiveseo, Microsoft Azure Speech, Baidu, Experian Text-to-Speech (by Experian), iFlytek, Nuance Communications Inc., Neospeech, Acapela Group, SVOX, WaveNet, ReadSpeaker, CereProc, Dolbey Systems, Inc., LumenVox LLC, Yandex SpeechKit, Rhetorik, Loquendo, Mozilla TTS, Sensory, KobaSpeech.

North America was the largest region in the text-to-speech market in 2023. The regions covered in the text-to-speech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the text-to-speech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Text-to-speech (TTS) is a technology that converts written text into spoken audio, providing a voice to written content for individuals who may have difficulty reading or prefer audio information. This form of assistive technology offers accessibility and convenience across various industries.

The main types of offerings in text-to-speech are software and services. Software includes cloud-based and on-premise deployments, consisting of programs, procedures, and routines for computer system operation. Text-to-speech technology finds applications in industries such as automotive, consumer electronics, healthcare, education, enterprise, entertainment, gaming, and others.

The text-to-speech market research report is one of a series of new reports that provides text-to-speech market statistics, including text-to-speech industry global market size, regional shares, competitors with a text-to-speech market share, detailed text-to-speech market segments, market trends and opportunities, and any further data you may need to thrive in the text-to-speech industry. This text-to-speech 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 text-to-speech market consists of revenues earned by entities by providing services such as language learning, accessibility, audio content creation, inclusive communication, and customization. The market value includes the value of related goods sold by the service provider or included within the service offering. The text-to-speech market also includes sales of screen readers, mobile devices, e-book readers, virtual assistants, and navigation systems. 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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