Text-to-Speech Market: Current Analysis and Forecast (2021-2027)

Text-to-speech is a kind of service that comprehends natural language and produces audio output full of cadence and intonation. The text language should resemble the voice language to produce synthesized audio output. Text-to-speech technology helps in the conversion of the written content of any website, e-books, mobile apps, online documents, and e-learning tools to audio output. People suffering from learning disabilities, language problems, vision problems can retrieve the written content without any difficulty. This technology provides a simpler way to reach the worldwide population.

The demand for Text-to-Speech is increasing on account of the rising aging population coupled with the reduced vision. Also, the increasing number of people with a learning disability propels market growth. Text-to-speech technology has been very helpful for people with reduced vision, as this offers an opportunity to understand the written content well. Furthermore, the rising advancements in the production of digital content and increasing consumption of hand-held devices, coupled with increasing internet penetration, are boosting the demand for text-to-speech technology. However, some of the restraints in the market are complexity in generating prosody and pronunciation of naturally occurring speech.

Based on Offering, the market is fragmented into Software and Services. The Software segment dominated the market in 2020 and is expected to grow at lucrative during the forecasted period due to the rising deployment of software as a tool for the enhancement of learning experience for visually impaired individuals. The technology is useful for listening to text from documents while concurrently working on other things. The availability of free-of-cost software on the Internet is another major factor burgeoning the growth of this segment. As per the WHO, Globally, at least 2.2 billion people have a near or distance vision impairment.

Based on Deployment, the market is bifurcated into On-premises and Cloud-based. The Cloud-based segment dominated the market in 2020 and is expected to grow at lucrative during the forecasted period. Implementation of cloud-based technology has enhanced scalability, enabled round-the-clock services, and improved IT security. In addition, the rising adoption of software-as-a-service (SaaS) by large corporations is a key factor driving the growth of the segment.

Based on Organization Size, the market is bifurcated into Small and Medium-Sized Enterprises and Large Enterprises. The Large Enterprises segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the rising investments and rising adoption of digital services. In addition, the increasing Internet Penetration also drives market growth.

Based on Voice Type, the market is segmented into Neural and Custom Voice, and Non-Neural. The Neural and custom voice segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period. Neural and custom voice allows users to produce branded voices with the application of Machine Learning (ML) technologies. In addition, the application of neural networks allows the production of natural-sounding speech and customized experiences for customers.

Based on Vertical, the market is bifurcated into Automotive & Transportation, Consumer, Healthcare, Education, Retail, Travel and Hospitality, and Others. The Healthcare segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period. Text-to-speech technology is extensively used in the healthcare sector to enable patients to understand complicated medical language. It can also improve the functionality of digital health technologies in the healthcare sector by implementing speech-enabled websites, nurse call systems, and human-like voices in mobile health devices.

For a better understanding of the market adoption of Text-to-Speech, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Text-to-Speech market on account of the rapidly increasing need for text-to-speech technology and growing adoption of machine learning and Artificial Intelligence in the United States. Some of the major players operating in the market include Nuance Communication, Microsoft Corporation, IBM Corporation, Google, Inc., Sensory Inc., Amazon.Com, Readspeaker, LumenVox LLC, Acapela Group, and CereProc. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.