The text-to-speech market was valued at USD 2.0 billion in 2020 and is estimated to reach USD 5.0 billion by 2026, registering a CAGR of 14.6% during the forecast period. The rising demand for handheld devices, increased government spending on education for differently-abled, the dependence of the growing elderly population on technology, and the rising number of people with different learning disabilities or learning styles are factors driving the growth of the text-to-speech market. However, the lack of prosody and pronunciation of naturally occurring speech may restrain the growth of the market during the review period.
Large Enterprises are leading adopters of text-to-speech software and services in 2020 Large enterprises are the leading adopters of text-to-speech software and services with the increasing need for speech recognition, virtual assistants, and chatbots.Hence, large enterprises accounted for significant share in 2020.
SMEs have been gradually recognizing the importance of text-to-speech solutions and have started deploying them to enhance customer experience and gain a leading edge in the market. Owing to the availability of cost-effective cloud solutions, text-to-speech software and services are expected to witness a prominent growth rate among SMEs during the forecast period. English and Mandarin Chinese, by language in the text-to-speech market, hold the highest and second-highest share in coming years The demand for English and Mandarin Chinese languages in text-to-speech software tends to increase as roughly 1.1 billion or 15% of the global population can speak English followed by Mandarin Chinese, Hindi, and Spanish. The English language holds a major share of the text-to-speech market in 2020 while the market for Spanish is expected to grow at the highest CAGR during the forecast period of 2021–2026.
APAC is attributed to grow at the highest CAGR in the text-to-speech market during ther forecast period. APAC is witnessing increased traction for speech recognition solutions integrated with text-to-speech due to growing penetration of AI, analytics, and IoT devices in the region.This is creating a favorable market environment, and the region is witnessing rising adoption of voice-activated technology in the Asian markets, such as India, China, Indonesia, Australia, Japan, and Singapore.
The countries are developing various favorable policies to increase AI penetration among enterprises for improving industry performance and customer experience.This has proliferated the use of Intelligent Virtual Assistant (IVA), chatbots, and smart speakers in the daily activities of people.
In Japan and China, text-to-speech systems have been deployed at airports and ATMs. Other countries, such as Singapore, Hong Kong, Indonesia, and Malaysia, are looking forward to integrating new technologies into their businesses.
The break-up of primary participants for the report has been shown below: • By Company Type: Tier 1 - 20%, Tier 2 - 35%, and Tier 3 - 45% • By Designation: C-level Executives - 25%, Manager Level - 35%, and Others - 40% • By Region: North America - 50%, Europe - 30%, APAC - 10%, and RoW - 10%
The Text-to-Speech market was dominated by Nuance Communication (US), Microsoft Corporation (US), IBM Corporation (US), Google, Inc. (US) and Amazon.com (US).
Research Coverage: This research report categorizes the text-to-speech market by offering, deployment mode, organization size, voice type, language, vertical and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the text-to-speech market and forecasts the same till 2026.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways: 1. This report segments the text-to-speech market comprehensively and provides the closest market size projection for all subsegments across different regions. 2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. 3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launches and developments, collaborations and acquisitions. 4. This report would help understand the pre and post-COVID-19 scenarios as to how would the penetration of text-to-speech will look like for the forecast period. The region segment includes the country wise impact analysis of COVID-19 and initiatives taken to overcome these impacts.
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