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Text To Speech (TTS) Market Share

Report ID: GMI8327
Published Date: Feb 2024
Report Format: PDF

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Text to Speech Market Share

In 2023, Google Inc. held a significant share in the text to speech industry. MURF.AI is a cloud-based platform that uses AI to generate realistic-sounding human voiceovers for various purposes. For text-to-speech purposes, one can convert any written text into natural-sounding audio with over 120 different voices in 20+ languages.

The market can be characterized by the presence of many prominent players, driving industry competition by implementing several strategies focused on long-term market position sustainability.

Text to Speech Market Companies

Major companies operating in the text to speech industry are:

Google Inc.
Microsoft Corporation
IBM Corporation
Amazon.com Inc.
Baidu Inc.
TextSpeak
Nuance Communication

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size of text to speech reached USD 4 billion in 2023 and is set to witness 14% CAGR from 2024 to 2032, owing to rising need for AI-based tools and Natural Language Processing (NLP) technologies worldwide.

The software segment recorded over 60% market share in 2023, due to the advancements in NLP and machine learning algorithms, improving the quality & naturalness of synthesized speech.

North America market held over 33% share in 2023, attributed to the presence of a large population, strong technology adoption, and government focus on accessibility in the region.

Google Inc., Microsoft Corporation, IBM Corporation, Amazon.com Inc., Baidu Inc., TextSpeak, and Nuance Communication, are some of the major text to speech companies worldwide.