Text to Speech Software Market

Market Overview

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.

Segmental Analysis

Services Segment to Grow with the Highest CAGR during the Forecast Period/ Rising Adoption of Technology to Drive Services Segment Growth

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.  

Cloud Segment to Hold the Largest Market Share/ Rising Adoption of Cloud Text to Speech Software among Industry Verticals Drives the Cloud Segment Growth

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.

Large Enterprise: Leading Consumer of Text to Speech Software

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.

Consumer Segment to Dominate the Market

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.  

Impact of covid-19

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.

Regional Analysis

Increasing Government Funding in Education and Presence of Prominent Players Drives North America’s Market Growth/ North America to Dominate the Text to Speech Software Market

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. 

Rapid Adoption of Text to Speech Software in Asia-Pacific

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. 

Recent Developments

• In 2018, Julia M. Carson Transit Center hub deployed TextSpeak, a text to speech software, to direct the sight-impaired passengers directly to speaker locations
• In 2017, Acapela Group added an extension in the Chrome web store that allows 100 voices in 30 languages with high-quality voice capabilities for the students across the globe to learn from Chromebooks
• In 2020, Lumenvox release LumenVox Version 18.0.400 of the LumenVox Speech Solutions. These new and enhanced features focus on security and flexibility so that companies of all shapes and sizes can directly address business needs in today’s changing world