The text to speech software market size was valued at USD 1.5 billion in 2019 and is expected to reach USD 4.2 billion by 2029, with a CAGR of 16.3% during the forecast period.
Text to speech software generates human-like audio from the written content of any website, mobile apps, e-books, online documents, and e-learning tools, among others. It offers enhancement in customer experience and engagement by interacting with users in multiple languages and tones. It increases content accessibility for users with different abilities, provides audio options to avoid distracted driving, and automates customer service interactions to increase efficiencies.
Growing demand for handheld devices and increasing government spending for the education of differently-abled persons propels the market growth.
As the necessity of education in the current scenario is significantly growing to coupe up with the rapidly increasing world, the governments across the globe are spending to highlight the necessity of education in rural and urban areas among all classes. This enables differently-abled people to get proper education and improve their condition. The following figure depicts the increasing spending by the government of India (GOI) for differently-abled persons from 2015–2018.
The services segment is projected to grow with the highest CAGR during the forecast period on account of the growing adoption of technology to enhance customer engagement and experience. This enables enterprises to adopt services to eliminate the disruption in technology. For instance, in 2020, Volkswagen Group, a leading German automotive company, deployed Microsoft Azure to serve customers all over the world and deliver a huge range of documents in more than 40 languages.
The cloud segment holds the largest market share on account of the rising adoption of connected devices in cars and homes and rapid technological advancements, such as AI-powered speech and machine learning. This enables industry verticals to adopt cloud text to speech software to enhance their business operations across the globe. Surging the adoption of audio-enablement books and other text-based content drives the segment growth. In 2016, GoAnimate deployed Amazon Polly cloud text to speech software to make a significant edit to their audios across multiple languages. Thus, Amazon Polly’s fluid pronunciation of text in multiple languages enables GoAnimate users to create localized content for global users.
The large enterprise segment growth is largely driven by the surging adoption of advanced technology to enhance customer experience and engagement and increasing competitive scenarios across the globe. For instance, in 2019, AAA Arizona, an affiliate club of American Automobile Association, deployed LumenVox LLC text to speech software to enhance speech automation, industry compliance, and service-oriented architecture integration.
The consumer electronics segment dominates the market on account of the widespread adoption of smartphones for navigation and personal assistance purposes. Furthermore, the growing adoption of text to speech software for laptop and television that enables blind and partially sighted people to access the menu with the help of audible instructions fosters the market growth.
The COVID-19 outbreak has severely impacted the global economy. However, the text to speech software market growth is projected to witness a slight decrease on account of the temporary halt of business operations to support stringent government regulations. The market is projected to witness growth post-COVID-19 on account of surge in business operations globally.
North America dominates the text to speech software market as the region is backed by the presence of giant tech companies offering text to speech software, such as Nuance Communication, Microsoft Corp., and Neospeech. Furthermore, the high adoption rate of artificial intelligence and large-scale deployment of neural networks across various end-use verticals drives the regional market growth. Growing government funding in the education sector for physically disabled people provides an impetus to the market growth. For instance, in 2016, the U.S. government invested USD 4.8 million in the education sector for physically disabled people to enhance education by adopting accessible technology, media services, and educational materials.
Asia-Pacific is projected to exhibit the fastest growth in the text to speech software market on account of the growing investment across all industrial verticals in emerging economies such as China, India, and Japan. For instance, in 2019, the government of India (GOI) invested approximately USD 1.47 billion in the consumer electronics sector to enhance production. Furthermore, the growing adoption of connected devices provides an impetus to the regional market growth.
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