Text-to-Speech Market by Component, Type, Language, Deployment Mode, Organization size, Vertical

List of Tables

[185 Pages Report] The Text-to-Speech Market size was estimated at USD 5.02 billion in 2023 and expected to reach USD 5.51 billion in 2024, at a CAGR 9.88% to reach USD 9.72 billion by 2030.

Text-to-speech (TTS) is an assistive technology that reads digital text aloud by converting any written text into spoken words. The scope of the Text-to-speech market encompasses the development of TTS engines, deployment across various platforms (such as mobile devices, desktops, and cloud services), and customization to suit different languages and voices. The ongoing advancements in natural language processing are stimulating the growth of the Text-to-Speech market. The increased demand for handheld devices and higher emphasis on customer experience management for individuals with disabilities has enhanced the need for Text-to-Speech solutions. The proliferation of AI in various sectors also bolsters the demand for more human-like and context-aware Text-to-Speech systems. However, the complexity of language's phonetics and intonation may hinder the development of natural-sounding speech, limiting the market growth. The high cost of quality TTS software and the need for continuous updates also pose challenges in the market arena. Moreover, the increased adoption of Text-to-Speech in gaming, automotive, and IoT devices is expected to create significant potential for the market. Tailoring solutions for multilingual support and improving emotional intonation in speech synthesis are emerging opportunities in the market space.

KEY MARKET STATISTICS
Base Year [2023]	USD 5.02 billion
Estimated Year [2024]	USD 5.51 billion
Forecast Year [2030]	USD 9.72 billion
CAGR (%)	9.88%

Component: Advancements to improve the functionality and performance of software or solution of text-to-speech

The services sector in text-to-speech focuses on providing end-users with maintenance, support, and consulting regarding text-to-speech technologies and their integration into multiple platforms. These services are essential for organizations seeking specialized expertise to enhance their existing systems or to incorporate text-to-speech functionalities into new products. The need for services arises from the necessity of customization, troubleshooting, and upgrading to improve the speech synthesis process. Providers in this sector offer a range of services that might include professional consulting, integration assistance, customer support, and post-deployment services. In the software or solution category, the core product is the text-to-speech engine or the complete software package that provides the capability to convert text into synthetic speech. This software is either a standalone product or integrated into larger systems. The preference for text-to-speech software is generally driven by the need for a robust and flexible application that can be scaled and customized to fit different business needs. Users of software solutions range from developers incorporating text-to-speech into apps and services to organizations deploying in-house solutions for accessibility enhancement or customer service automation.

Type: Innovations in the field of AI and ML driving the neural and custom TTS sector

Neural and custom text-to-speech (TTS) technologies represent the latest advancements in the field of synthetic voice generation. This type leverages deep learning techniques to produce highly natural and human-like speech, which is increasingly in demand across various sectors such as entertainment, customer service, and assistive technologies. The need for neural & custom TTS arises when user experience is paramount and the application requires unique voice branding or personalization. Non-neural TTS refers to more traditional forms of TTS engines that operate on concatenative or formant synthesis. These technologies are generally less computationally intensive than their neural counterparts, making them suitable for devices with less processing power or applications where advanced voice quality is less critical. The preference for non-neural TTS arises in contexts where cost is a more significant factor or when the technology is being deployed in less interactive environments, such as GPS systems or simple alert messages.

Deployment Mode: Preference for cloud-based deployment of TTS solutions due to its cost-effectiveness

Cloud-based TTS solutions are hosted on the provider's servers and are accessed over the Internet. This model provides flexible scalability, with costs typically based on the amount of text processed or the amount of application programming interface (API) calls made. Organizations that prefer not to invest heavily in infrastructure or have fluctuating demands often opt for cloud-based TTS due to its pay-as-you-go pricing model. It is ideal for companies that require global accessibility and have a focus on innovation and quick deployment. On-premise TTS solutions involve software that is installed and runs on the client's own infrastructure. This type of deployment offers complete control over the TTS system and data security and can accommodate extensive customization. On-premise TTS is preferred by organizations with strict data privacy concerns, extensive customization needs, or those that operate in sectors with tight regulations around data storage and processing.

Vertical: Increasing adoption of TTS solutions in the education sector to enable equitable distribution of knowledge

As an assistant tool for the visually impaired or disabilities (dyslexic readers), text-to-speech technology offers substantial benefits as an assistant tool for individuals with visual impairments or reading disabilities such as dyslexia. Such tools help in converting text into audio, enabling users to consume content easily. In the automotive and transportation sector, text-to-speech technology enhances the driver experience by providing real-time, hands-free audio information from navigation systems and connected devices. It also contributes to safety by allowing drivers to keep their eyes on the road. The banking, financial services, and insurance (BFSI) sector leverages text-to-speech capabilities to improve customer engagement, accessibility, and compliance with various regulations. It enables services such as audio-enabled ATMs, voice-directed phone banking, and spoken alerts for transactions. Consumer applications of text-to-speech include personal assistants, smart home devices, and accessibility tools for various appliances. Text-to-speech technology finds significant utility in the educational field, assisting learners of all ages and abilities and also aids in language learning and reading comprehension capabilities. Enterprises adopt text-to-speech technology for customer service automation, corporate training, and employee accessibility. Government and legal institutions utilize text-to-speech to make information accessible to the public, promote transparency, and adhere to accessibility laws. TTS enables audio conversion of public documents, legal texts, and notifications. Healthcare institutions implement text-to-speech technology in patient care, medical documentation, and alert systems. Text-to-speech enhances the retail and e-commerce experience by providing audible product descriptions, assisting with navigation, and enabling voice-based customer service. In the travel and hospitality sector, text-to-speech technology enables translation services for international travelers, customer service automation, and access to audible travel information.

Regional Insights

In the Americas region, the United States and Canada are showcasing a thriving Text-to-speech market due to their advanced technological infrastructure and heavy investment in R&D. The Americas region has a strong presence of key players updating their offerings with more natural inflections and accents to cater to a diverse population, contributing to the market growth in the region. The European countries have a strong focus on digital accessibility and privacy regulations influencing the Text-to-speech market in the EMEA region. The stringent regulations for data protection and transparency in voice data handling provide a supportive landscape in the EMEA region. In the APAC region, China, India, and Japan are witnessing a surge in text-to-speech adoption, with significant advancements driven by AI and machine learning. The investments in local language processing technologies are rising in the APAC region, given the complexity of the regional dialects in Asian countries.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Text-to-Speech Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Text-to-Speech Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Text-to-Speech Market, highlighting leading vendors and their innovative profiles. These include Acapela Group, Alphabet, Inc., Amazon Web Services, Inc., Baidu, Inc., CereProc Ltd, GL Communications Inc., GoVivace Inc., IBM Corporation, iFLYTEK Corporation, iSpeech, Inc., LumenVox LLC, Microsoft Corporation, Nexmo Inc., NextUP Technologies, LLC., and Nuance Communications, Inc..

Market Segmentation & Coverage

This research report categorizes the Text-to-Speech Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Services
  - SAAS
  - Support, Implementation & Consulting

Software or Solution

Type
- Neural & Custom
- Non-Neural

Language
- Arabic
- Chinese
- English
- Hindi
- Spanish

Deployment Mode
- Cloud Based
- On-Premise

Organization size
- Large Enterprise
- Small & Medium Enterprise

Vertical
- Assistant Tool for Visually Impaired or Disabilities (Dyslexic Reader)
- Automotive & Transportation
- BFSI
- Consumer
- Education
- Enterprise
- Government & Legal
- Healthcare
- Retail & E-Commmerce
- Travel & Hospitality

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Text-to-Speech Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Text-to-Speech Market?

3. What are the technology trends and regulatory frameworks in the Text-to-Speech Market?

4. What is the market share of the leading vendors in the Text-to-Speech Market?

5. Which modes and strategic moves are suitable for entering the Text-to-Speech Market?

Product Code: MRR-5012464379A0

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing need to optimize customer engagement and communication across enterprises
  - 5.1.1.2. Rising awareness about the need for text-to-speech services among children
  - 5.1.1.3. Government initiatives to drive digital innovations and e-governance
- 5.1.2. Restraints
  - 5.1.2.1. Limited control over voice and speed and other technical limitations
- 5.1.3. Opportunities
  - 5.1.3.1. Advancements to improve the efficiency and voice profiles of text-to-speech solutions
  - 5.1.3.2. Adoption of text-to-speech solutions among gamers and medical professionals
- 5.1.4. Challenges
  - 5.1.4.1. Privacy concerns about text-to-speech solutions and software
5.2. Market Segmentation Analysis
- 5.2.1. Component: Advancements to improve the functionality and performance of software or solution of text-to-speech
- 5.2.2. Type: Innovations in the field of AI and ML driving the neural and custom TTS sector
- 5.2.3. Deployment Mode: Preference for cloud-based deployment of TTS solutions due to its cost-effectiveness
- 5.2.4. Vertical: Increasing adoption of TTS solutions in the education sector to enable equitable distribution of knowledge
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Text-to-Speech Market, by Component

6.1. Introduction
6.2. Services
6.3. Software or Solution

7. Text-to-Speech Market, by Type

7.1. Introduction
7.2. Neural & Custom
7.3. Non-Neural

8. Text-to-Speech Market, by Language

8.1. Introduction
8.2. Arabic
8.3. Chinese
8.4. English
8.5. Hindi
8.6. Spanish

9. Text-to-Speech Market, by Deployment Mode

9.1. Introduction
9.2. Cloud Based
9.3. On-Premise

10. Text-to-Speech Market, by Organization size

10.1. Introduction
10.2. Large Enterprise
10.3. Small & Medium Enterprise

11. Text-to-Speech Market, by Vertical

11.1. Introduction
11.2. Assistant Tool for Visually Impaired or Disabilities (Dyslexic Reader)
11.3. Automotive & Transportation
11.4. BFSI
11.5. Consumer
11.6. Education
11.7. Enterprise
11.8. Government & Legal
11.9. Healthcare
11.10. Retail & E-Commmerce
11.11. Travel & Hospitality

12. Americas Text-to-Speech Market

12.1. Introduction
12.2. Argentina
12.3. Brazil
12.4. Canada
12.5. Mexico
12.6. United States

13. Asia-Pacific Text-to-Speech Market

13.1. Introduction
13.2. Australia
13.3. China
13.4. India
13.5. Indonesia
13.6. Japan
13.7. Malaysia
13.8. Philippines
13.9. Singapore
13.10. South Korea
13.11. Taiwan
13.12. Thailand
13.13. Vietnam

14. Europe, Middle East & Africa Text-to-Speech Market

14.1. Introduction
14.2. Denmark
14.3. Egypt
14.4. Finland
14.5. France
14.6. Germany
14.7. Israel
14.8. Italy
14.9. Netherlands
14.10. Nigeria
14.11. Norway
14.12. Poland
14.13. Qatar
14.14. Russia
14.15. Saudi Arabia
14.16. South Africa
14.17. Spain
14.18. Sweden
14.19. Switzerland
14.20. Turkey
14.21. United Arab Emirates
14.22. United Kingdom

15. Competitive Landscape

15.1. Market Share Analysis, 2023
15.2. FPNV Positioning Matrix, 2023
15.3. Competitive Scenario Analysis
- 15.3.1. Adobe Acquires Bengaluru-Based Genai Startup Rephrase.Ai
- 15.3.2. Meta introduces text-to-speech generative AI model Voicebox
- 15.3.3. LIGHTSPEED STUDIOS Partners with AI Singapore to Offer Advanced Text-to-Speech Service for Gamers in Southeast Asia
15.4. Strategy Analysis & Recommendation

16. Competitive Portfolio

16.1. Key Company Profiles
16.2. Key Product Portfolio