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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Text-to-Speech Market Size
The global text-to-speech market reached approximately USD 3.45 billion in 2023. The market is assessed to grow at a CAGR of 23.3% between 2024 and 2032 to attain a value of around USD 21.71 billion by 2032.
Key Takeaways
- The market is impacted by the global shift towards inclusion, since text-to-speech is a helpful tool for those who are blind or have linguistic challenges.
- At least 2.20 billion people worldwide suffer from a vision impairment that impairs their ability to see near or far away, according to the World Health Organisation.
- The primary causes of distance vision impairment or blindness include diabetic retinopathy, cataracts, glaucoma, refractive error, and age-related macular degeneration.
The rising emphasis on personalised customer experience is one of the key text-to-speech market trends. TTS technology can enhance conversational skills, facilitate the automation of routine calls, and provide voice-enabled chatbots to enhance customer engagement and appeal to visually impaired individuals. By using text-to-speech technology, businesses save on time and cost otherwise invested in hiring voice talent. TTS technology helps companies generate high-quality voiceovers without needing expensive voice actors.
Some of the factors driving the text-to-speech market growth are the rising need for personalised customer services, rapid digitalisation, the rising demand for consumer electronics, and the need to help people facing reading difficulties.
Text-to-Speech Market Report Snapshots
Text-to-Speech Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 3.45 billion.
The text-to-speech market is assessed to grow at a CAGR of 23.3% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach about USD 21.71 billion by 2032.
Text-to-speech (TTS) is an assistive technology that converts digital text into audio. It is also called read-aloud technology.
The major benefits of the technology include improved customer satisfaction, and personalised communication based on user preference for voice and language.
The major drivers of the market include the increasing demand for personalised customer experiences, rapid digitalisation, the rising demand for consumer electronics, and the need to help people facing reading difficulties.
The key trends supporting the market growth are the rising demand for voice technology, the increasing use of TTS in the end-use sectors, and technological advancements and innovations.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major end uses of text-to-speech are banking, financial services and insurance (BFSI), travel and tourism, IT and telecom, education, retail and consumer goods, automotive and transportation, and media and entertainment, among others.
The major players in the market are IBM Corporation, Microsoft Corporation, Google, LLC, Amazon Web Services, Inc., Acapela Group, CereProc Ltd, iFLYTEK Co., Ltd., Sensory Inc., and ReadSpeaker B.V., among others.
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