PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1534554
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1534554
The AI voice generator market is projected to grow from USD 3.0 billion in 2024 to USD 20.4 billion by 2030, at a compound annual growth rate (CAGR) of 37.1% during the forecast period. Market is anticipated to grow due to the rising awareness of accessibility technologies, growing adoption of AI in customer service operations and development in natural language processing and machine learning technologies.
Scope of the Report | |
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Years Considered for the Study | 2019-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Units Considered | USD (Billion) |
Segments | Offering, Application, Vertical, and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
"By audio & speech synthesis application, virtual assistants segment is expected to register the fastest market growth rate during the forecast period."
The application of virtual assistants is expected to grow at the fastest rate in the AI voice generator market during the forecast period as they gain ubiquity in everyday products and services. This is due to the growing demand for smart home devices, better customer service, and engaging user experiences. New developments in Natural language processing and in speech technology allow virtual assistants to interpret user's requests and respond in a much more accurate and human-like manner. Moreover, the increasing application of virtual assistants in the sectors such as healthcare, banking and retail also boosts their consumption and market growth.
"by vertical, media & entertainment is expected to account for the largest market share during the forecast period."
The media & entertainment vertical is expected to hold the largest market share owing to the rising need in the industry for unique and engaging audio outputs. Since the release of digital content, streaming platforms, and multimedia experiences, there has been great potential for the development of complex voice generation, customized audio, and improved sound. AI voice generator solutions can make content production easier, produce professional sound, and help create variable music sounds that lead to significant market growth. As the growth of this industry continues to unfold, demand for sophisticated voice technologies would only enhance its current strong market position.
"By Region, Asia Pacific is slated to grow at the fastest rate and North America to have the largest market share during the forecast period."
Asia-Pacific region is anticipated to have the fastest growth rate in the AI voice generator market due to the region's growing digital economy, greater acceptance of new-gen technologies, and urbanization. The media and entertainment verticals are growing in the region and there is increased consumption of high-end AI audio generator and AI speech generator solutions from the rising middle class with increased disposable incomes. Moreover, political support and the development of infrastructure promote rapid growth of innovation and the market among emerging leaders, such as China and India. On the other hand, North America will account for the largest market share due to the technological infrastructure, increased funding in AI R&D and the presence of leading market players in the region. The superior technology provisioning, and the all-embracing use of artificial intelligence across streamers including media, entertainment, healthcare, and BFSI also help establish the region's supremacy. In this regard, due to North America's concentration on embracing advanced technologies and innovations, the region can be considered as a leader in the market of AI voice generator.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the AI voice generator market.
The report includes the study of key players offering AI voice generator solutions and services. It profiles major vendors in the AI voice generator market. The major players in the AI voice generator market include IBM (US), NVIDIA (US), OpenAI (US), Meta (US), Microsoft (US), Google (US), AWS (US), Cisco (US), SoundHound (US), Speechify (US), ElevanLabs (US), Synthesia (UK), PlayHT (US), Resemble AI (US), Stability AI (UK), Runway (US).
Research coverage
This research report categorizes the AI voice generator Market by Offering (Software and Services), Software By Type (Deep Learning Models, Generative Adversarial Networks, Autoencoders, and Transformer Models), Software By Deployment Mode (Cloud and On-premises), By Services (Professional Services [Training & Consulting, System Integration & Implementation, and Support & Maintenance] and Managed Services), By Application (Audio and Speech Synthesis, Voice Conversion and Cloning, Music Generation and Composition, Audio Dubbing and Translation, Voice Enhancement and Restoration, and Other Applications [Podcast and Storytelling Narration, and Audio and Speech Emotion Recognition]) By Vertical (Media & Entertainment, BFSI, Healthcare & Life Sciences, Manufacturing, Retail & Ecommerce, Transporation & Logistics, Construction & Real Estate, Energy & Utilities, Government & Defense, IT & ITeS, Telecommunications, and Other Verticals[Travel & Hospitality and Education]), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the AI voice generator market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, and recent developments associated with the AI voice generator market. Competitive analysis of upcoming startups in the AI voice generator market ecosystem is covered in this report.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall AI voice generator market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.