Text-to-Speech Market Trend, Future Growth, Business Scenario, Product, Technology, Share and Forecasts 2020 – 2028
The global text-to-speech market size is expected to reach USD 7.06 Billion at a steady CAGR of 14.7% in 2028, according to latest analysis by Emergen Research. Text to speech technology market is witnessing increasing revenue growth owing to growing traction of the software globally. Text-to-speech works with almost all personal digital devices such as tablets, smartphones, and computers. Text-to-speech tools highlight the words as they are read out aloud and serves to help children not only to see the words onscreen, but also to hear, understand, and recognize the pronunciation simultaneously.
Significant driving forces shaping the future of the Text-to-Speech market for the forecast period 2020 – 2028 find a special mention in the study and are backed by a real-time statistics. Thorough segmentation of the industry by type, application, classification, and geography works as an impetus towards increasing the sale figures and boosting business prospects alongside the hindrances that often restrict the industry’s growth. In addition, bifurcation of the market on the basis of consumption volume, customer preference, end-user, and production capacity is explained through important resources including but not limited to charts, graphic images, and tables.
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Key questions answered in the report
What will be the market size in terms of value and volume in the next five years?
Which segment is currently leading the market?
In which region will the market find its highest growth?
Which players will take the lead in the market?
What are the key drivers and restraints of the market’s growth?
Some Key Highlights in the Report
Cloud segment revenue is expected to register a relatively higher growth rate during the forecast period. Deployment of cloud-based technology has increased scalability, enabled 24/7 services, and improved IT security. Rising adoption of Software as a Service (SaaS) by large organizations is another key factors driving revenue growth of the cloud segment.
Neural and custom voice enable users to create branded voices using machine learning technologies. Usage of neural networks makes it possible to produce natural-sounding speech and personalized conversational customer experience. In February 2021, Microsoft announced limited access to its neural text-to-speech Artificial Intelligence solution called ‘custom neural voice’, using which, developers can create custom synthetic voices.
Text-to-speech technology is used in the healthcare sector to increase a patient’s understanding of complex medical terms. It can further improve digital health technology in healthcare by speech-enabling websites, health apps, nurse call systems in hospitals, and portable health devices synthetic voices that are very humanlike.
The text-to-speech market in North America accounted for largest revenue share as compared to other regional markets in 2020 due to high demand from the U.S. The rising trend of machine learning in the country and increase in demand for text-to-speech technology is driving growth of the market.
Key players in the market include IBM Corporation, Google Inc., Nuance Communication, Amazon.com, LumenVox LLC, SESTEK, Readspeaker, Sensory Inc., Acapela Group, and Nextup Technologies.
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Emergen Research has segmented the global text-to-speech market on the basis of offering, deployment mode, voice type, organization size, vertical, and region:
Offering Outlook (Revenue, USD Billion; 2021–2028)
Software
Services
Software-as-a-Service
Support, Implementation & Consulting
Deployment Mode Outlook (Revenue, USD Billion; 2021–2028)
On-premise
Cloud-based
Voice Type Outlook (Revenue, USD Billion; 2021–2028)
Neural and Custom Voice
Non-Neural
Organization Size Outlook (Revenue, USD Billion; 2021–2028)
Small and Medium-Sized Enterprises
Large Enterprises
Vertical Outlook (Revenue, USD Billion; 2021–2028)
Automotive & Transportation
Consumer
BFSI
Healthcare
Education
Retail
Travel and Hospitality
Assistant tool for visually impaired or disabilities (Dyslexic Reader)
Enterprises
Others (Government and Legal)
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Report Objectives
Examine the size of the global Text-to-Speech market based on the parameters of value and volume.
Accurately calculate the market shares, consumption, and other essential aspects of different segments of the global Text-to-Speech market.
Explore the underlying dynamics of the global Text-to-Speech market.
Highlight significant trends of the global Text-to-Speech market based on factors including, production, revenue, and sales.
Extensively profile top players of the global Text-to-Speech market and showing how they compete in the industry.
Study manufacturing processes and the costs, product pricing, and various trends associated with them.
Analyze the performance of different regions and countries in the global Text-to-Speech market.
Forecast the market size and share of all segments and regions in the global landscape.
The global Text-to-Speech market research is carried out at the different stages of the business lifecycle from the production of a product, cost, launch, application, consumption volume and sale. The research offers valuable insights into the marketplace from the beginning including some sound business plans chalked out by prominent market leaders to establish a strong foothold and expand their products into one that’s better than others.
Research Methodology
Data triangulation and market breakdown
Research assumptions Research data including primary and secondary data
Primary data includes breakdown of primaries and key industry insights
Secondary data includes key data from secondary sources
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Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2028
Chapter 3. Key Insights
Chapter 4. Text-to-Speech Market Segmentation & Impact Analysis
4.1. Text-to-Speech Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing demand for safety and security in transportation
4.2.2.2. Rising demand for operating efficiency
4.2.2.3. Growing demand for autonomous vehicles
4.2.2.4. Increasing demand for traffic management systems
4.2.3. Market restraints analysis
4.2.3.1. Cost-prohibitive Artificial Intelligence systems
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Text-to-Speech Market By Process Insights & Trends, Revenue (USD Million)
Chapter 6. Text-to-Speech Market By Learning Technology Insights & Trends Revenue (USD Million)
Chapter 7. Text-to-Speech Market By Application Insights & Trends Revenue (USD Million)
Chapter 8. Text-to-Speech Market Regional Outlook
Continued…
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