Text-to speech is a type of service that understands natural language and generates audio output full with intonation and cadence. The text language should match with the voice language to produce synthesized audio output. The text-to-speech market witness considerable market demand in recent years.
Text-to-speech is an awesome technology that can convert the written content of any website, mobile apps, e-books, online documents and e-learning tools to audio output. People who have a learning disability, language problem, vision problem can access the written content without any difficulty. This technology provides an easier way to reach to the global population. The number of people with a learning disability or learning difficulty is quite high presently, and making online content audible actually broadens the user base. Percentage of population above 60 years has consistently increased and this indicates increasing possibility of reduced vision. Text-to-speech technology has been very useful for people with reduced vision, as this provides an opportunity to understand the content well. This factors drives the text-to-speech market in recent years. Advancements in the production of digital content and rising consumption of hand-held devices, coupled with increasing internet penetration, is likely to boost the demand for text-to-speech technology in the market in the near future.
Text-to-speech technology market are subjected to market challenges which may lead to restraint in the growth of the market. This kind of speech synthesis has been difficult with female and children voices. Text-to-speech technology has difficulty in pronouncing numerical, abbreviations, acronyms, and thus suffers from the problem of correct pronunciation. The written digital content loses its emotion and attraction when converted into audio content, thus reducing its acceptability to companies. Companies still prefer to follow the tradition of written digital content, and this is estimated to act as a major restraining factor for the text-to-speech market during the forecast period.
Text-to-speech software is installed in mobile devices automatically, and thus provides an opportunity to access the audio content more easily. Audio content is more convenient to understand. People prefer to access eBooks, pdf, and website content in audio format so that it will be easier for them to understand the content properly. The convenience of the audio content is projected to fuel the market prospects of text-to-speech technology during the forecast period.
In terms of verticals, the text-to-speech market can be segmented into consumer electronics, education, healthcare, transportation, retail, finance, enterprise, and others. The consumer electronics segment held a prominent share of the Text-to-speech market. This technology has been used in smartphones for personal assistance apps and navigation. This type of technology has been widely used in televisions and laptops and are found to be very useful for people with vision problems. Considerable percentage of the world population suffers from some kind of disability, and disability in vision comprises a major share. Therefore, text-to-speech technology is found to be very useful for differently-abled people, as audible content helps them understand the matter more easily. These people can live independently and stay connected with society with the help of this technology. This technology is easily accessible to people due to the growing demand for smartphones. This, in turn, is likely to propel the demand for text-to-speech technology during the forecast period.
In terms of geography, the text-to-speech market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America dominated the market and is estimated to maintain its dominant position in the market during the forecast period. The market in the U.S. is anticipated to expand consistently due to the increasing trend of machine learning and rise in demand for text-to-speech technology in the country. Moreover, rising government initiatives in the education sector and medical sector are likely to increase the demand for text-to-speech technology during the forecast period.
Key players operating in the global text-to-speech market include Amazon.com, Microsoft Corporation, NeoSpeech, and Nuance Communication.
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