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Text-to-Speech Market

Text-to-Speech Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025

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.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market    

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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