Text-to-Speech Market : Global Opportunity Analysis and Industry Forecast 2021-2031
According to the report published by Allied Market Research, Text-to-Speech Market Growing 16.3% CAGR Reach USD 12.5 Billion by 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
The global Text-to-Speech Market generated $2.8 billion in 2021, and is projected to reach $12.5 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031.
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Driving Factors of Text-to-Speech Market
Rising preference for handheld devices and the increasing number of people suffering from visual impairments and learning disabilities propels growth of the global Text-to-Speech Market. In addition, rising adoption of voice assistants & smart speakers to aid growth fuel growth of the Text-to-Speech Market.
However, privacy issues to impede adoption of voice-enabled application and complexity in generating prosody and pronunciation of naturally occurring speech is expected to impede the text-to-speech market growth. Furthermore, increase in use of digital transformation technology is expected to provide lucrative opportunities for the text-to-speech market during the forecast period.
Market Segmentation in Text-to-Speech Market
The Text-to-Speech Market is segmented on the basis of by offering, deployment mode, type, language, enterprise size, industry vertical, and region. On the basis of offering, the market is categorized into software and service. On the basis of deployment mode, the market is fragmented into on-premise and cloud. On the basis of type, the market is classified into neural, non-neural.
On the basis of language, the market is divided into English, Chinese, Spanish, Hindi, Arabic, and others. On the basis of enterprise size, the market is bifurcated into large enterprises and SMEs. By industry vertical, it is classified into BFSI, travel and tourism, it and telecom, education, retail and consumer goods, automotive and transportation, media and entertainment, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players analyzed in the global Text-to-Speech Market report include Nuance Communication, IBM Corporation, Microsoft Corporation, GL Communications, Acapela Group, Amazon.Com, CereProc, Google, Inc., iFlytek, iSpeech, LumenVox LLC, NextUp Technologies, Readspeaker, Sestek, Sensory, Inc., TextSpeak, Deepdub, Neosapience.
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Based on region, the market across North America held the largest market share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 18.9% during the forecast period.
Based on industry vertical, the BFSI segment held the dominating market share in 2021, holding more than one-fourth of the global market, and is expected to maintain its leadership status during the forecast period. The education segment, on the other hand, is expected to cite the fastest CAGR of 19.3% during the forecast period.
Based on deployment model, the on-premise segment held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The cloud segment, on the other hand, is expected to cite the fastest CAGR of 17.5% during the forecast period.
Based on language, the English segment held the lion’ share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Spanish segment, on the other hand, is expected to cite the fastest CAGR of 18.9% during the forecast period.
Based on offering, the software segment held the largest market share in 2021, holding around two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The service segment, on the other hand, is expected to cite the fastest CAGR of 17.4% during the forecast period.
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