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Text-to-Speech Market Report and Forecast 2024-2032

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    Report

  • 175 Pages
  • June 2024
  • Region: Global
  • Expert Market Research
  • ID: 5982039

Market Outlook

According to this report, the text-to-speech market size reached a value of USD 3.45 billion in 2023. Aided by the increasing demand for assistive technologies and the growing applications of text-to-speech solutions in various sectors, the market is projected to further grow at a CAGR of 23.3% between 2024 and 2032 to reach a value of USD 21.71 billion by 2032.

Text-to-speech technology converts written text into spoken words, providing a human-like voice output. This technology is widely used in various applications, including voice assistants, e-learning platforms, customer service, automotive systems, and accessibility tools for individuals with visual impairments or reading disabilities. Text-to-speech solutions enhance user experience by providing natural and intelligible speech output, making content more accessible and engaging.

The increasing adoption of assistive technologies is driving the text-to-speech market growth. Text-to-speech technology is a critical tool for individuals with disabilities, including those with visual impairments, dyslexia, and other reading difficulties. The growing awareness and regulatory support for accessibility are contributing to the demand for text-to-speech solutions in various sectors, including education, healthcare, and public services.

Additionally, the rising trend of voice-enabled applications is a major factor contributing to the growth of the market. With the proliferation of smart devices and the increasing use of voice assistants such as Amazon Alexa, Google Assistant, and Apple's Siri, there is a significant demand for high-quality text-to-speech solutions. These voice-enabled applications rely on advanced text-to-speech technology to provide natural and engaging interactions, enhancing user experience and driving market growth.

The expanding applications of text-to-speech technology in various sectors also play a significant role in propelling the market. In the automotive sector, text-to-speech solutions are used in navigation systems, hands-free calling, and infotainment systems to provide drivers with real-time information and ensure safe driving. The e-learning sector utilises text-to-speech technology to create interactive and accessible educational content, catering to diverse learning needs. Moreover, the healthcare sector leverages text-to-speech solutions to enhance patient communication and provide personalised care.

Technological advancements play a crucial role in the growth of the market. The integration of artificial intelligence (AI) and machine learning (ML) in text-to-speech technology is revolutionising the market. AI and ML algorithms are being used to enhance the naturalness and intelligibility of synthetic speech, providing more human-like voice output. These technologies enable the creation of highly realistic and expressive text-to-speech voices, consequently driving up the text-to-speech market share.

Moreover, the development of neural text-to-speech technology is improving the quality and performance of text-to-speech solutions. These models use deep learning techniques to generate natural and fluid speech, offering significant improvements over traditional text-to-speech methods. This advancement is particularly beneficial for applications that require high-quality and expressive speech output, such as voice assistants and e-learning platforms.

As per the text-to-speech market analysis, the trend towards personalised voice assistants is gaining momentum. Users are seeking more personalised and engaging interactions with their devices, and text-to-speech technology is playing a crucial role in meeting this demand. Personalised text-to-speech solutions allow users to select different voices, accents, and speech styles, providing a tailored user experience. This trend is particularly prominent in the consumer electronics sector, where personalised voice assistants are becoming a standard feature in smartphones, smart speakers, and other connected devices.

Market Segmentation

The market can be divided based on offering, mode of deployment, type, language type, enterprise size, end use, and region.

Market Breakup by Offering

  • Software/Solution
  • Service

Market Breakup by Mode of Deployment

  • On-Premises
  • Cloud

Market Breakup by Type

  • Neural and Custom
  • Non-Neural

Market Breakup by Language Type

  • English
  • Chinese
  • Spanish
  • Hindi
  • Arabic
  • Others

Market Breakup by Enterprise Size

  • Large Enterprises
  • Small and Medium-Sized Enterprises

Market Breakup by End Use

  • Banking, Financial Services and Insurance (BFSI)
  • Travel and Tourism
  • IT and Telecom
  • Education
  • Retail and Consumer Goods
  • Automotive and Transportation
  • Media and Entertainment
  • Others

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Competitive landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global text-to-speech market. some of the major players explored in the report are as follows:
  • IBM Corporation
  • Microsoft Corporation
  • Google, LLC
  • Amazon Web Services, Inc.
  • Acapela Group
  • CereProc Ltd
  • iFLYTEK Co., Ltd.
  • Sensory Inc.
  • ReadSpeaker B.V.
  • Others

Table of Contents

1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Text-to-Speech Market Analysis
8.1 Key Industry Highlights
8.2 Global Text-to-Speech Market (2018-2023)
8.3 Global Text-to-Speech Market Forecast (2024-2032)
8.4 Global Text-to-Speech Market by Offering
8.4.1 Software/Solution
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Service
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Text-to-Speech Market by Mode of Deployment
8.5.1 On-Premises
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Cloud
8.5.2.1 Historical Trend (2018-s2022)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Text-to-Speech Market by Type
8.6.1 Neural and Custom
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Non-Neural
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Text-to-Speech Market by Language Type
8.7.1 English
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Chinese
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Spanish
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Hindi
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Arabic
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 Others
8.8 Global Text-to-Speech Market by Enterprise Size
8.8.1 Large Enterprises
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Small and Medium-Sized Enterprises
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.9 Global Text-to-Speech Market by End Use
8.9.1 Banking, Financial Services and Insurance (BFSI)
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Travel and Tourism
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 IT and Telecom
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Education
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Retail and Consumer Goods
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
8.9.6 Automotive and Transportation
8.9.6.1 Historical Trend (2018-2023)
8.9.6.2 Forecast Trend (2024-2032)
8.9.7 Media and Entertainment
8.9.7.1 Historical Trend (2018-2023)
8.9.7.2 Forecast Trend (2024-2032)
8.9.8 Others
8.10 Global Text-to-Speech Market by Region
8.10.1 North America
8.10.1.1 Historical Trend (2018-2023)
8.10.1.2 Forecast Trend (2024-2032)
8.10.2 Europe
8.10.2.1 Historical Trend (2018-2023)
8.10.2.2 Forecast Trend (2024-2032)
8.10.3 Asia Pacific
8.10.3.1 Historical Trend (2018-2023)
8.10.3.2 Forecast Trend (2024-2032)
8.10.4 Latin America
8.10.4.1 Historical Trend (2018-2023)
8.10.4.2 Forecast Trend (2024-2032)
8.10.5 Middle East and Africa
8.10.5.1 Historical Trend (2018-2023)
8.10.5.2 Forecast Trend (2024-2032)
9 North America Text-to-Speech Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Text-to-Speech Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Text-to-Speech Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Text-to-Speech Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Text-to-Speech Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 IBM Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Microsoft Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Google, LLC
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Amazon Web Services, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Acapela Group
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 CereProc Ltd
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 iFLYTEK Co., Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Sensory Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 ReadSpeaker B.V.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Text-to-Speech Market: Key Industry Highlights, 2018 and 2032
2. Global Text-to-Speech Historical Market: Breakup by Offering (USD Million), 2018-2023
3. Global Text-to-Speech Market Forecast: Breakup by Offering (USD Million), 2024-2032
4. Global Text-to-Speech Historical Market: Breakup by Mode of Deployment (USD Million), 2018-2023
5. Global Text-to-Speech Market Forecast: Breakup by Mode of Deployment (USD Million), 2024-2032
6. Global Text-to-Speech Historical Market: Breakup by Type (USD Million), 2018-2023
7. Global Text-to-Speech Market Forecast: Breakup by Type (USD Million), 2024-2032
8. Global Text-to-Speech Historical Market: Breakup by Language Type (USD Million), 2018-2023
9. Global Text-to-Speech Market Forecast: Breakup by Language Type (USD Million), 2024-2032
10. Global Text-to-Speech Historical Market: Breakup by Enterprise Size (USD Million), 2018-2023
11. Global Text-to-Speech Market Forecast: Breakup by Enterprise Size (USD Million), 2024-2032
12. Global Text-to-Speech Historical Market: Breakup by End Use (USD Million), 2018-2023
13. Global Text-to-Speech Market Forecast: Breakup by End Use (USD Million), 2024-2032
14. Global Text-to-Speech Historical Market: Breakup by Region (USD Million), 2018-2023
15. Global Text-to-Speech Market Forecast: Breakup by Region (USD Million), 2024-2032
16. North America Text-to-Speech Historical Market: Breakup by Country (USD Million), 2018-2023
17. North America Text-to-Speech Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Europe Text-to-Speech Historical Market: Breakup by Country (USD Million), 2018-2023
19. Europe Text-to-Speech Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Asia Pacific Text-to-Speech Historical Market: Breakup by Country (USD Million), 2018-2023
21. Asia Pacific Text-to-Speech Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Latin America Text-to-Speech Historical Market: Breakup by Country (USD Million), 2018-2023
23. Latin America Text-to-Speech Market Forecast: Breakup by Country (USD Million), 2024-2032
24. Middle East and Africa Text-to-Speech Historical Market: Breakup by Country (USD Million), 2018-2023
25. Middle East and Africa Text-to-Speech Market Forecast: Breakup by Country (USD Million), 2024-2032
26. Global Text-to-Speech Market Structure

Companies Mentioned

  • IBM Corporation
  • Microsoft Corporation
  • Google, LLC
  • Amazon Web Services, Inc.
  • Acapela Group
  • CereProc Ltd
  • iFLYTEK Co., Ltd.
  • Sensory Inc.
  • ReadSpeaker B.V.

Methodology

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Table Information