Pune, Dec 05, 2022: MMR has published a report on the Text-to-Speech Market on 28th November 2022. As per the “Global Text-to-Speech Market” report, the total market was worth USD 2.27 Bn. in 2021 and is expected to reach USD 6.39 Bn. by 2029 at a CAGR of 13.8% during the forecast period.
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Text-to-Speech Market Report Scope & Research Methodology:
The Text-to-Speech Market report includes product categorization, applications, development trends, product technologies, competitive landscape, industrial frameworks, national and international policies as well as important growth dynamics. All conceivable elements influencing the market growth have been considered in the report scope, examined in depth, validated through primary research, and evaluated to provide the final quantitative and qualitative data. The market size for top-level markets and sub-segments has been consolidated, and the impact of inflation, economic downturns, regulatory & policy changes, and other variables is factored into the market forecast.
Text-to-Speech Market Overview:
Speech synthesis is the artificial creation of human speech. A voice synthesizer is a computer system that may be integrated into either software or hardware. A text-to-speech (TTS) system converts text into voice; other methods, such as phonetic transcriptions, turn symbolic language representations into speech. Text-to-speech is included in the portfolios of the vast majority of notable software businesses that offer a variety of cloud-based NLP APIs. Deep-learning models, also known as neural TTS, are used in today’s cutting-edge speech synthesis, with output characterized by natural-sounding fluctuations in pitch, speed, pronunciation, and accents. Various firms also provide “standard” voices with lesser-quality concatenative synthesis at a cheaper cost.
Text-to-Speech Market Dynamics:
Unlike existing aids, which give a limited range of insufficient voices, the researchers’ technique is unique in its capacity to build normal-sounding customized voices from even distorted speech records, allowing patients to speak while preserving personal identity and dignity. A three-minute sample of a Motor Neurone Disease patient’s speech, for example, was tested in a pilot study, and this synthetic voice is now in daily usage. A broader European study utilized 600 people’s voices to train the underlying statistical model, which is now being used to send several more recreated voices to patients via smartphone or tablet.
One of the major disadvantages of speech synthesis is the absence of subtleties seen in natural speech, such as word stress and pronunciation. A large number of separate rules and exceptions are necessary to achieve accurate pronunciation for synthetic speech. Speech synthesis is more challenging in certain languages due to specific phrase and pronunciation features. The difficulties of producing accurate pronunciation and voice modulation are likely to limit the use of text-to-speech technology in a range of applications.
Text-to-Speech Market Regional Insights:
During the forecast period, the North American text-to-speech market is estimated to grow at a CAGR of 11.3%. The regional market offers great growth prospects as the need for relevant insights from speech data intensifies. The region’s developed nations, such as the United States and Canada, have led the way in embracing new technology such as intelligent virtual assistants, which can swiftly translate current conversation data into automated self-help experiences and improve customer support.
Reading long texts, where long can mean anything more than three or four phrases, is the most obvious use in which neural TTS overcomes previously difficult quality problems. Earlier methods resulted in bland, repetitive material, but the new ones are significantly more interesting. In late 2019, Microsoft released a “Play My Emails” option to its Outlook for iOS and Android apps; within a year, long-form reading became a universal application.
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Text-to-Speech Market Segmentation:
By Component:
- Software
- Services
By Deployment Mode:
- Cloud-based
- On-Premise
By Type:
- Non-neural
- Neural and Custom
By Language:
- English
- Spanish
- Hindi
- Chinese
- Arabic
- Others
By Vertical:
- Consumer
- Automotive & Transportation
- Healthcare
- Education
- Assistant tool for the visually impaired or disabilities
- BFSI
- Retail
- Enterprise
- Travel and Hospitality
Text-to-Speech Market Key Competitors:
- Nuance Communication
- Microsoft Corporation
- IBM Corporation
- Google, Inc.
- Sensory Inc.
- Amazon.Com
- Readspeaker
- LumenVox LLC
- Acapela Group
- CereProc
- SESTEK
- iFlytek
- TextSpeak
- Nextup Technologies
- iSpeech
- Nexmo Inc.
- Baidu, Inc.
- Facebook Research
- Govivace
- GL Communications
Key Questions answered in the Text-to-Speech Market Report are:
- What is the competitive scenario of the Text-to-Speech Market?
- Which are the key factors aiding the Text-to-Speech Market growth?
- Which region is expected to hold the largest share of the Text-to-Speech Market by 2029?
- Which company held the largest share of the Text-to-Speech Market in 2021?
- Which application segment is expected to emerge as the leading segment in the Text-to-Speech Market?
- Which product segment held the largest share of the Text-to-Speech Market in 2021?
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