The global text to speech market is anticipated to grow at a considerable CAGR of 15.2% during the forecast period (2021-2027). Text-to-speech is the generation of synthesized speech from text. The technology is used to communicate with users when reading a screen is either not possible or inconvenient. Higher accessibility to the content, enhanced learning experience, mobility freedom to viewer, along with super affordability are the key advantages of using text to speech service. The growing demand for portable handheld devices, increased government spending on education for differently-abled, along with the rising dependence of the growing elderly population on technology are some of the key factors that are promoting the adoption of this technology; thereby, driving the growth of the global text to speech market. 

However, the lack of pronunciation and prosody of naturally occurring speech is a key factor that may be likely to restrain the growth of the text to speech market in near future. The COVID-19 pandemic has made considerable impact on the growth of the text to speech market. Significant increase in online learning programs across the globe has increased the demand for such software for the proper comprehension of study material. Therefore, the rise in demand for such products is anticipated to propel the growth of the global text to speech market.

Segmental Outlook 

The global text to speech market is segmented based on type and vertical. Based on type, the market is segmented into solution & service. Based on type, the text to speech services market is anticipated to hold a considerable share during the forecast period. Services play a key role in the functionality of text-to-speech software hence is anticipated to contribute to the high share of this market segment. Based on vertical, the market is segmented into automotive & transportation, enterprise, consumer electronics, healthcare, BFSI, education, retail, others (entertainment & government

Global Text to speech Market Share by Vertical, 2020 (%)

Consumer Electronics to hold Prominent Share based on Vertical

The consumer electronics segment anticipated to hold a major share in the text-to-speech market based on vertical. The high usage of this technology in smartphones for personal assistance apps and navigation is a key factor contributing towards the growth of this market segment. Additionally, this technology has been widely used in televisions and laptops and is found to be very useful for people with vision problems; thereby contributing towards the high growth of this market segment. 

Regional Outlooks

The global text to speech market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World.  North America held a significant share in the global market in 2020. In North America, the US contributes over 75.0% share in the North American text to speech market in 2020. The US is one of the first adopter for technological advancements across the globe. The growth of the regional market is backed by the higher adoption of this technology across the region by its geriatric population. The high penetration of mobile devices and higher utility of this technology in offering education to differently abled students are some other factors that are motivating the growth of the regional market. 

Global Text to speech Market Growth, by Region 2021-2027

Asia-Pacific is Projected to Have Considerable Share in the Global Text to speech Market

Asia-Pacific is anticipated to hold a considerable market share in the global text to speech market. The factors that are augmenting the market growth include growing spending of emerging economies on the education of differently-abled students. For instance, All India Council for Technical Education under MHRD scheme is providing scholarships for students with disability to physically challenged. Students starting diploma/degree level technical course at an AICTE approved institution are eligible for Saksham Scholarship 2018-19. The text-to-speech software allows visually impaired to listen to written words on a computer or a mobile device and hence enable them to understand the written content. 

Market Players Outlook

The text to speech market is its initial phase of its lifecycle and has lot of growth opportunities in the near future. Amazon.Com, Inc., Apifonica, Cereproc Ltd., Charmtech Labs Llc, IBM Corp., Microsoft Corp., and Naturalsoft Ltd. among others are the key players operating in the global text to speech market. These players are adopting different growth strategies such as investment in technological advancement, mergers & acquisition, partnership, and collaboration among others to expand their footprints in the global marketplace. As this market is in its initial phase of development hence, many startups are raising funding for the development of this technology. For instance, In April 2021, AI video generation provider Synthesia had raised $12.5m in Series A funding. The Series A round was led by New York-based FirstMark Capital, an early-stage VC firm with investments in companies such as Riot Games, Airbnb, and Shopify. The raised amount will be used by the company to focus on enterprise user growth and product development.  

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global text to speech market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.