Text-to-Speech Market Market Value $ 5.0 Billion (2026) CAGR 14.6 % (2020-26)
Published On Jan, 2021
Text-to-Speech Market worth $5.0 billion by 2026 The report "Text-to-Speech Market with COVID-19 Impact By Offering (Software, Services), Vertical (Enterprise, Consumer Electronics, Education, Retail), Deployment, Language, Organization Size, Voice Type, and Geography-Forecast 2026" The text-to-speech market was valued at USD 2.0 billion in 2020 and is estimated to reach USD 5.0 billion by 2026, registering a CAGR of 14.6% during the forecast period.
Get Best Informational PDF Brochure Browse 103 market data Tables and 49 Figures spread through 197 Pages and in-depth TOC on "Text-to-Speech Market with COVID-19 Impact By Offering (Software, Services), Vertical (Enterprise, Consumer Electronics, Education, Retail), Deployment, Language, Organization Size, Voice Type, and Geography-Forecast 2026" View detailed Table of Content here https://www.marketsandmarkets.com/Market-Reports/text-to-speech-market-2434298.html Operational improvement & maintenance services to grow at the highest growth rate during the forecast period The major factors driving the growth of the text-to-speech market are rising demand for handheld devices, increased government spending on education for differently-abled, the dependence of the growing elderly population on technology, and the rising number of people with different learning disabilities or learning styles are factors driving the growth of the text-to-speech market. However, the lack of prosody and pronunciation of naturally occurring speech may restrain the growth of the market during the review period. Services are projected to witness the highest CAGR for the forecast period Services are expected to hold a major share during the forecast period. Services play a vital role in the functionality of text-to-speech software. They are an integral step in deploying tools and are taken care of by solution, platform, and service providers. The major companies in various industries are adopting text-to-speech to deal with the rapidly increasing audio/video-based content. This is helping companies find new ways to tap the wealth of data to develop new products, services, and processes, thus gaining a competitive advantage. Neural and Custom voice type to account for largest share of text-to-speech market during forecast period The neural and custom voice type is expected to account for a larger market size during the forecast period owing to its ability to generate speech with humanlike intonation, engagement, and personalized user experience, which is expected to drive the adoption of neural and custom voice systems and software during the forecast period. Cloud based deployment mode will have highest growth in coming years The cloud segment, on the contrary, benefits organizations with increased scalability, speed, 24/7 service, and enhanced IT security. The growing adoption of SaaS applications by enterprises is
generating huge growth prospects for cloud-based text-to-speech software. The cloud-based deployment mode is expected to account for larger market size and its market is growing at a higher CAGR. The COVID-19 crisis has also driven the growth of the market for cloud-based deployment mode due to its scalability, security, reliability, and cost-effectiveness Large Enterprises are leading adopters of text-to-speech software and services in 2020 Large enterprises are the leading adopters of text-to-speech software and services with the increasing need for speech recognition, virtual assistants, and chatbots. Hence, large enterprises accounted for significant share in 2020. SMEs have been gradually recognizing the importance of text-to-speech solutions and have started deploying them to enhance customer experience and gain a leading edge in the market. Owing to the availability of cost-effective cloud solutions, text-tospeech software and services are expected to witness a prominent growth rate among SMEs during the forecast period. English and Mandarin Chinese, by language in text-to-speech market hold the highest and second highest share in coming years The demand for English and Mandarin Chinese languages in text-to-speech software tends to increase as roughly 1.1 billion or 15% of the global population can speak English followed by Mandarin Chinese, Hindi, and Spanish. The English language holds a major share of the text-tospeech market in 2020 while the market for Spanish is expected to grow at the highest CAGR during the forecast period of 2021–2026. APAC is attributed to grow at the highest CAGR in the text-to-speech market during ther forecast period (2021-2026) APAC is witnessing increased traction for speech recognition solutions integrated with text-tospeech due to the growing penetration of AI, analytics, and IoT devices in the region. This is creating a favorable market environment, and the region is witnessing rising adoption of voice-activated technology in the Asian markets, such as India, China, Indonesia, Australia, Japan, and Singapore. In Japan and China, text-to-speech systems have been deployed at airports and ATMs. Other countries, such as Singapore, Hong Kong, Indonesia, and Malaysia, are looking forward to integrating new technologies into their businesses. Key Market Players The Text-to-Speech market was dominated by Nuance Communication (US), Microsoft Corporation (US), IBM Corporation (US), Google, Inc. (US) and Amazon.com (US) Don’t miss out on business opportunities in Text-to-Speech Market. Speak to our analyst and gain crucial industry insights that will help your business grow. About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-
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