Text-to-Speech Market Forecast Report | Global Analysis, Statistics And Revenue Research Report by 2028

Increasing geriatric population and rising demand for handheld devices is driving growth of the global text-to-speech market.
Market Size – USD 2.35 Billion in 2020, Market Growth – at a CAGR of 14.7%, Market Trends – Advancements in technology.

The Global Text-to-Speech Market report assesses the historical and current data along with a thorough analysis of the market dynamics. The report also sheds light on the significant market growth driving and restraining factors that are anticipated to influence the market growth through the forecast period. The report focuses on potential growth opportunities and limitations the prominent players of the industry might face during the entirety of the forecast timeline.

The market for text to speech technology is experiencing rising revenue growth as a result of the software's expanding use across the globe. Almost all personal digital devices, including PCs, tablets, and smartphones, support text-to-speech. The words are highlighted as they are said, which helps youngsters not only see the words onscreen but also hear, comprehend, and recognise the pronunciation at the same time. This is done with the aid of text-to-speech software. When reading content or messages on a screen is difficult or impossible, technology can help in interacting with consumers. This technology significantly benefits those who are unable to read text on a screen by providing them with new access to information and applications.

Technology advancements have led to the development of additional cutting-edge features in text-to-speech technologies. The optical character recognition (OCR) capability, which enables text-to-speech technology to read text from photos aloud, has been improved by some industry participants. For instance, a user may take a picture of a street sign and request that the text be read aloud.

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Key Highlights in the Report

  • In January 2021, Facebook launched an updated feature of Automatic Alt Text (AAT), which offers details regarding an image or photograph in audio or voice for benefit of blind and visually impaired users. The tool uses computer vision technology to automatically create descriptions.
  • Software segment revenue growth has been increasing significantly due to rising deployment as a teaching aid for visually-impaired individuals or for persons with dyslexia. The technology is also useful for listening to content from documents while multi-tasking. The availability of free software online is another factor propelling adoption and growth of this segment.

The report further studies the key companies operating in the industry and their company profiles, product portfolio, expansion strategies, and strategic alliances such as mergers and acquisitions, collaborations, and joint ventures, among others. It also offers insights into their market reach and global position, along with highlights about their achievements and financial standings.

Key companies operating in the Text-to-Speech market include:

IBM Corporation, Google Inc., Nuance Communication, Amazon.com, LumenVox LLC, SESTEK, Readspeaker, Sensory Inc., Acapela Group, and Nextup Technologies.

Emergen Research has segmented the global text-to-speech market on the basis of offering, deployment mode, voice type, organization size, vertical, and region:

Offering Outlook (Revenue, USD Billion; 2021–2028)

  • Software
  • Services
    1. Software-as-a-Service
    2. Support, Implementation Consulting

Deployment Mode Outlook (Revenue, USD Billion; 2021–2028)

  • On-premise
  • Cloud-based

Voice Type Outlook (Revenue, USD Billion; 2021–2028)

  • Neural and Custom Voice
  • Non-Neural

Organization Size Outlook (Revenue, USD Billion; 2021–2028)

  • Small and Medium-Sized Enterprises
  • Large Enterprises

Vertical Outlook (Revenue, USD Billion; 2021–2028)

  • Automotive Transportation
  • Consumer
  • BFSI
  • Healthcare
  • Education
  • Retail
  • Travel and Hospitality
  • Assistant tool for visually impaired or disabilities (Dyslexic Reader)
  • Enterprises
  • Others (Government and Legal)

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Regional Analysis:

The report further examines the market in the key regions of the world with regard to production and consumption patterns, import/export, supply and demand ratio, revenue generation, market share and size, and presence of prominent players in the regions. The report also covers the expansion plans undertaken by companies in the regions under the regional analysis section.

Key regions in the market include:

  • North America
    • S.
    • Canada
  • Europe
    • K.
    • Italy
    • Germany
    • France
    • Rest of EU
  • Asia Pacific
    • India
    • Japan
    • China
    • South Korea
    • Australia
    • Rest of APAC
  • Latin America
    • Chile
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East Africa
    • Saudi Arabia
    • A.E.
    • South Africa
    • Rest of MEA

Key Questions Addressed in the Report:

  • Who are the leading players in the Text-to-Speech industry?
  • Which region is expected to dominate the market in the coming years?
  • What are the key applications of Text-to-Speech?
  • Which segment is expected to garner traction during the coming years?
  • What are the key strategies adopted by leading players in the market?

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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