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Text To Speech (TTS) Market Size
- Report ID: GMI8327
- Published Date: Feb 2024
- Report Format: PDF
Text to Speech Market Size
Text To Speech (TTS) Market size was valued at USD 4 billion in 2023 and is estimated to register a CAGR of over 14% between 2023 and 2032, due to rising need for AI-based tools and Natural Language Processing (NLP) technologies. As demands for more sophisticated and human-like synthesized speech increase, AI and NLP play crucial roles in enhancing TTS systems.
AI algorithms enable TTS platforms to analyze and understand textual content more accurately, resulting in high quality speech synthesis. The market is experiencing a surge in demand for accessibility tools due to increasing awareness and regulatory requirements. These tools cater to individuals with visual impairments, learning disabilities, and those who prefer auditory learning methods.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Text To Speech Market Size in 2023: | USD 4 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 14% |
| 2032 Value Projection: | USD 14 Billion |
| Historical Data for: | 2018 to 2023 |
| No. of Pages: | 230 |
| Tables, Charts & Figures: | 35 |
| Segments covered: | Offering, Deployment Type, Organization Size, Voice Type, Language, Vertical, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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TTS technology also enables the conversion of digital text into speech, making content more accessible through audio output. As organizations prioritize inclusivity and compliance with accessibility standards, the adoption of TTS solutions grows across sectors such as education, government, healthcare, and technology. For instance, in November 2023, Microsoft launched a text-to-speech avatar tool to create talking videos. The tool offers features such as vision capabilities to aid users in creating synthetic videos of a 2D photorealistic avatar speaking. The avatar also builds chatbots, conversational agents, virtual assistants, and other technologies that facilitate engaging digital interactions.
Ethical concerns and potential misuse pose substantial difficulties for the TTS market. The possibility of using synthetic voices maliciously to produce deepfake videos, disseminate false information, or create fake audio content for deceptive or fraudulent actions are a major concern in this market. Serious repercussions from this misuse can include harm to one's reputation, invasions of privacy, and the dissemination of false information. Unauthorized use of an individual’s voice to create synthetic audio content raises privacy and identity theft issues, infringing individual rights to control their voice and likeness.
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Text To Speech Market Scope
