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

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