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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Text-to-Speech Market Analysis by Region
North America is expected to hold a significant share in the text-to-speech market as businesses aim at increasing inclusivity
According to the text-to-speech market analysis, the TTS technology eliminates accessibility barriers. It helps people with disabilities and second-language learners by providing high-quality audio. Voice technology is also crucial for the retail and banking and financial services sectors to expand their customer base by providing a more immersive experience. In November 2021, Instagram added a TTS feature to its toolset. By October 2022, Disney Parks was collaborating with TikTok to offer TTS character voices for user-generated clips.
According to the text-to-speech market report, the European market for text-to-speech is driven by the adoption of technologically advanced TTS systems, such as neural TTS. These systems help businesses generate a voice that sounds like a human. Deep learning technology is enabling TTS models to analyse human speech patterns, pitch, and intonation, enhancing the personal experience for consumers.
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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