Text-to-speech is an advanced technology that can convert the written content of any website, mobile apps, e-books, online documents, and e-learning tools to audio output. It is a service in which natural language is understood and audio output is produced based on intonation and cadence. It is accessible to people with a learning disability, language problem, or vision problem.
The rise in the number of individuals with learning and vision disabilities is increasing the demand for text-to-speech technology for converting numerous online content such as documents, website content, and e-learning applications. This is primarily driving the demand for text-to-speech market growth. Further, the rising adoption of text-to-speech technology by consumers for improving sales and marketing is the major contributing factor for the market. However, many companies and sectors are still following the traditional ways to present digital content which can be considered as a major restraining factor for the text-to-speech market growth. Furthermore, rising awareness of easy installation of the text-to-speech application in smartphones offers easy handling, accessibility, and convenience to the users projected to provide lucrative opportunities to the text-to-speech market in the forecast period. In addition, advancements in the production of digital content and rising consumption of hand-held devices are likely to boost the demand for text-to-speech technology in the market in the near future.
The global text-to-speech market is divided based on product type, application, and region. Based on the product type, the global market is split into English, French, German, Italian, Korean, and others. The application segment consists of sensory, Amazon, Neospeech, Lumenvox, Acapel, Cereproc, nuance communication, Microsoft, Readspeaker, speech-enabled software technologies, Ispeech, textspeak, and next up technologies.
Geographically, the North America region is anticipated to dominate the global text-to-speech market during the forecast period. Factors such as growing innovative approaches for text-to-speech technology, changing trends in consumers in adoption of text-to-speech, and an increase in consumer base are driving factors for the growth of the market in this region. The United States is the frontrunner of the text-to-speech market growth in the North America region. Asia Pacific is anticipated to account for a significant share over the forecast period. This is attributed to increase in favorable government initiatives in the educational field and growing penetration of AI & analytics among the population. Further, the rising adoption of voice-activated technology in emerging markets, such as Australia, Japan, India, China, and Indonesia are expected to enhance the market growth in the Asia Pacific region.
The text-to-speech market is highly competitive owing to the presence of numerous domestic as well as international key players. Amazon.com, IBM Corporation, Sensory Inc., Microsoft Corporation, Acapela Group, Google Inc., Readspeaker, NeoSpeech, Nextup technology, and Nuance Communication are some of the major players that are operating in the global text-to-speech market.
In 2020, the IBM Corporation has provided an update in the IBM Watson™ Text-to-Speech. This update offers 27 new exclusive voices in 11 different languages and 14 different parlances. IBM Watson Text-to-Speech (TTS) offers direct access to these voices without requiring an IBM account or Watson APIs.