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Text To Speech (TTS) Market Trends

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

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Text to Speech Market Trends

Cloud-based solutions are revolutionizing the market by offering scalable, flexible, and accessible services. These solutions leverage cloud computing infrastructure to provide on-demand access to TTS capabilities, eliminating the need for users to invest in costly hardware or software installations. By leveraging cloud resources, TTS providers can offer real-time updates, improved performance, and seamless integration with other cloud-based applications. Furthermore, cloud-based TTS solutions enable easy deployment across various platforms and devices, facilitating widespread adoption in sectors such as e-learning, accessibility tools, virtual assistants, and IoT devices.

Rising e-learning platforms and the increasing demand for audio content are driving significant growth in the TTS market. E-learning has become increasingly popular due to its flexibility, accessibility, and scalability, especially accelerated by the COVID-19 pandemic. The sheer volume of e-learning platforms and the demand for high-quality TTS narration in audiobooks are driving market growth.

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.