Vancouver, British Columbia, Feb. 23, 2021 (GLOBE NEWSWIRE) — The global text-to-speech market size is expected to reach USD 7.06 Billion at a steady CAGR of 14.7% in 2028, according to latest analysis by Emergen Research. A key driving factor for growth of the text-to-speech technology market is increasing penetration of Internet-enabled handheld smart devices. Increasing globalization and global tourism and trade is another factor resulting in rising demand for handheld text-to-speech translation systems and mobile apps. Increasing government investment to encourage machine learning to help differently-abled persons is also supporting market growth.
Text-to-speech is useful in converting website content, online documents, and e-learning. It is also useful among persons with learning disabilities, and vision and language challenges. Text-to-speech technology helps to minimize learning-related challenges while enabling a more improved approach to learning. It is also useful among members of the geriatric population who have problems with reading due to poor eyesight or other challenges.
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In addition, inclusion of text-to-speech technology in various devices by major companies is expected to support market growth Innovative ideas and use of this technology in marketing campaigns and initiatives is expected to gain rapid traction in future. In July 2019 for instance, KFC launched National Fried Chicken Day by reinventing the drive-through experience. During the campaign, a voice-based rendition of Colonel Sanders provided drive-through customers amusing experience of ordering from Col. Sanders himself. Speech recognition, Artificial Intelligence (AI), and text-to-speech technology used during the campaign enabled the drive-through window operator’s voice to sound as though Col. Sanders were speaking in his southern accent.
Challenges such as non-compatibility of devices, digital incompetency during translation of written content to audio, and low investment by mobile device manufacturing companies in offering a broader operating platform are some key factors expected to hamper growth of the text-to-speech market to some extent going ahead.
Some Key Highlights in the Report
- In November 2020, BBC launched an AI-based text-to-speech tool – developed in collaboration with Microsoft – on its digital platform, providing a new way for users to consume its content.
- Text-to-speech software can be installed in mobile devices automatically and offers opportunity to easily access audio content. Customers prefer to access PDFs, eBooks, and web content in audio format as it makes the content easier to comprehend. The convenience that text-to-speech technology provides is driving revenue growth of the software segment to a significant extent currently.
- Emergence of cloud-based text-to-speech services is also a driving factor for market growth. Cloud-based technology enables user’s applications or software to send text and receive audio files to be played back on Internet-enabled apps and devices. It offers high quality voice in many languages.
- By organization size, the large enterprises segment accounted for larger revenue share in 2020. Large enterprises are adopting this technology for virtual assistance, speech recognition, and chat bots. Small and medium sized enterprises are recognizing the potential benefits of the text-to-speech technology and exploring options to invest.
- Retail sector has begun using voice-first strategies; however, many are adopting text-to-voice strategies to distinguish themselves from others and boost sales. Retail sector is creating custom-branded text-to-speech voice technologies to execute in-store and online tasks. Custom voice will make shopping more interactive for customers thus ensuring brand loyalty and also foster brand affinity.
- The growing penetration of AI, Internet of Things (IoT), and analytics in countries in Asia Pacific is fueling growth of the text-to-speech market in the region. Rising adoption of text-to-speech technology in developing countries such as China, India, Japan, Australia, and others is also fueling growth of the market to a significant extent and the trend is expected to continue over the forecast period.
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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)
- Support, Implementation & Consulting
- Deployment Mode Outlook (Revenue, USD Billion; 2021–2028)
- Voice Type Outlook (Revenue, USD Billion; 2021–2028)
- Neural and Custom Voice
- Organization Size Outlook (Revenue, USD Billion; 2021–2028)
- Small and Medium-Sized Enterprises
- Large Enterprises
- Vertical Outlook (Revenue, USD Billion; 2021–2028)
- Automotive & Transportation
- Travel and Hospitality
- Assistant tool for visually impaired or disabilities (Dyslexic Reader)
- Others (Government and Legal)
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- Regional Outlook (Revenue, USD Billion; 2021–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
- North America
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