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Text-to-Speech Market Trends, Share, Forecast, Overview and Analysis by 2028

September 6, 2021

The global text-to-speech market size is expected to reach USD 7.06 Billion at a steady CAGR of 14.7% in 2028, according to latest analysis by Emergen Research. The report provides detailed insights into Text-to-Speech market trends, industry trends, consumer trends, market size, market share, market revenue growth, and forecast, along with ranging impact of each factor and driver. Text to speech technology market is witnessing increasing revenue growth owing to growing traction of the software globally. It also provides analysis of various factors expected to restrain or limit potential growth in Text-to-Speech market size over the forecast period, 2020–2028. The Text-to-Speech report includes profiles of major players in the market, strategies being employed, mergers, acquisitions, recent developments, agreements, contracts, new product development and launches, segment revenue, investment details as well as financials.

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Text-to-speech works with almost all personal digital devices such as tablets, smartphones, and computers. Varying market trends can be attributed to inclining revenue growth of the global Text-to-Speech market going ahead. Text-to-Speech Market trends include rising focus by major players on product/service expansion into new and untapped domestic markets and rising competition. Other positive Text-to-Speech market trends include rising demand and deployment in respective sectors/industries in major and developing countries. Text-to-speech tools highlight the words as they are read out aloud and serves to help children not only to see the words onscreen, but also to hear, understand, and recognize the pronunciation simultaneously. In addition, implementation of favorable government policies, advancements in technology, and steady economic growth across various regions and countries are factors expected to continue to result in further Text-to-Speech market trend evolution and changes going ahead.

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In terms of Text-to-Speech market share and revenue contribution to the global Text-to-Speech market, North America is expected to maintain its dominance over other regional markets over the forecast period. Presence of major companies in countries in the region is a key factor supporting rapid increase in Text-to-Speech market share.

The market intelligence report on the Text-to-Speech Industry also includes an extensive investigation of the competitive landscape. It assesses the business and marketing strategies expected to be present in the market through the forecast years. It also includes an investigation of the recent advancements and other factors driving the growth of the overall market to help comprehend the progress of the companies in the coming years.

Some Key Highlights in the Report

In January 2024, Facebook launched an updated feature of Automatic Alt Text (AAT), which offers details regarding an image or photograph in audio or voice for benefit of blind and visually impaired users. The tool uses computer vision technology to automatically create descriptions.
Software segment revenue growth has been increasing significantly due to rising deployment as a teaching aid for visually-impaired individuals or for persons with dyslexia. The technology is also useful for listening to content from documents while multi-tasking. The availability of free software online is another factor propelling adoption and growth of this segment.
Cloud segment revenue is expected to register a relatively higher growth rate during the forecast period. Deployment of cloud-based technology has increased scalability, enabled 24/7 services, and improved IT security. Rising adoption of Software as a Service (SaaS) by large organizations is another key factors driving revenue growth of the cloud segment.
Neural and custom voice enable users to create branded voices using machine learning technologies. Usage of neural networks makes it possible to produce natural-sounding speech and personalized conversational customer experience. In February 2024, Microsoft announced limited access to its neural text-to-speech Artificial Intelligence solution called ‘custom neural voice’, using which, developers can create custom synthetic voices.
Text-to-speech technology is used in the healthcare sector to increase a patient’s understanding of complex medical terms. It can further improve digital health technology in healthcare by speech-enabling websites, health apps, nurse call systems in hospitals, and portable health devices synthetic voices that are very humanlike.
The text-to-speech market in North America accounted for largest revenue share as compared to other regional markets in 2020 due to high demand from the U.S. The rising trend of machine learning in the country and increase in demand for text-to-speech technology is driving growth of the market.
Key players in the market include IBM Corporation, Google Inc., Nuance Communication, Amazon.com, LumenVox LLC, SESTEK, Readspeaker, Sensory Inc., Acapela Group, and Nextup Technologies.

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Region wise performance of the Text-to-Speech industry

North America Text-to-Speech market trend scenario has significant impact on other regional market trends. North America Text-to-Speech market accounted for largest revenue share in 2020 and is expected to continue to maintain its dominance over other regional markets over the forecast period. Presence of major players in countries in the region is a key factor driving steady change in overall Text-to-Speech market trends.

Asia Pacific Text-to-Speech market is expected to register comparatively faster revenue growth than other regional markets over the forecast period. This can be attributed to varying Text-to-Speech market trend scenarios in countries such as China, India, South Korea, and others. These scenarios with regard to domestic market trends and international market trends and varying impacts play a major role in growth of the Asia Pacific market.

Asia Pacific market share contribution to the global Text-to-Speech market is expected to continue to register comparatively faster growth rate than other regional markets between 2020 and 2028. Increasing population, favorable government policies and initiatives, rising disposable income among consumers in countries in the region, influence of Text-to-Speech market trends in other countries and regions, and steady economic growth are some key factors driving market revenue growth of the Asia Pacific Text-to-Speech market.

Europe Text-to-Speech market size and revenue growth is primarily supported by Text-to-Speech market trends such as continuous developments in major countries in the region, robust focus on research and development initiatives by major firms, and changing market trends in countries in other major regions.

Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:

United States
Europe
China
Japan
Southeast Asia
India

We can also provide the customized separate regional or country-level reports, for the following regions:

North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa

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The research provides answers to the following key questions:

What will be the growth rate and the market size of the Text-to-Speech industry for the forecast period 2020-2027?
What are the major driving forces expected to impact the development of the Text-to-Speech market across different regions?
Who are the major driving forces expected to decide the fate of the Text-to-Speech industry worldwide?
Who are the prominent market players making a mark in the Text-to-Speech market with their winning strategies?
Which Text-to-Speech industry trends are likely to shape the future of the industry during the forecast period 2020-2027?
What are the key barriers and threats believed to hinder the development of the industry?
What are the future opportunities in the Text-to-Speech market?

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