Global Text-to-Speech (Software, Services) Market 2021-2026 – Growing Inclination Toward Cloud-Based Deployment Mode
Dublin, Feb. 18, 2021 (GLOBE NEWSWIRE) — The “Global Text-to-Speech Market with COVID-19 Impact Analysis by Offering (Software, Services), Vertical (Enterprise, Consumer Electronics, Education, Retail), Deployment, Language, Organization Size, Voice Type, and Geography – Forecast 2026” report has been added to ResearchAndMarkets.com’s offering.
The global text-to-speech market was valued at USD 2 billion in 2020 and is estimated to reach USD 5 billion by 2026, registering a CAGR of 14.6% during the forecast period.
The rising demand for handheld devices, increased government spending on education for differently-abled, the dependence of the growing elderly population on technology, and the rising number of people with different learning disabilities or learning styles are factors driving the growth of the text-to-speech market. However, the lack of prosody and pronunciation of naturally occurring speech may restrain the growth of the market during the review period.
Large Enterprises are the leading adopters of text-to-speech software and services in 2020
Large enterprises are the leading adopters of text-to-speech software and services with the increasing need for speech recognition, virtual assistants, and chatbots. Hence, large enterprises accounted for significant share in 2020. SMEs have been gradually recognizing the importance of text-to-speech solutions and have started deploying them to enhance customer experience and gain a leading edge in the market. Owing to the availability of cost-effective cloud solutions, text-to-speech software and services are expected to witness a prominent growth rate among SMEs during the forecast period.
English and Mandarin Chinese, by language in the text-to-speech market, will hold the highest and second-highest share in the coming years
The demand for English and Mandarin Chinese languages in text-to-speech software tends to increase as roughly 1.1 billion or 15% of the global population can speak English followed by Mandarin Chinese, Hindi, and Spanish. The English language holds a major share of the text-to-speech market in 2020 while the market for Spanish is expected to grow at the highest CAGR during the forecast period of 2021-2026.
APAC is attributed to grow at the highest CAGR in the text-to-speech market during the forecast period
APAC is witnessing increased traction for speech recognition solutions integrated with text-to-speech due to growing penetration of AI, analytics, and IoT devices in the region. This is creating a favorable market environment, and the region is witnessing rising adoption of voice-activated technology in the Asian markets, such as India, China, Indonesia, Australia, Japan, and Singapore. The countries are developing various favorable policies to increase AI penetration among enterprises for improving industry performance and customer experience.
This has proliferated the use of Intelligent Virtual Assistant (IVA), chatbots, and smart speakers in the daily activities of people. In Japan and China, text-to-speech systems have been deployed at airports and ATMs. Other countries, such as Singapore, Hong Kong, Indonesia, and Malaysia, are looking forward to integrating new technologies into their businesses.
The market is dominated by Nuance Communication (US), Microsoft Corporation (US), IBM Corporation (US), Google, Inc. (US) and Amazon.com (US).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Market Opportunities in Text-To-Speech Market
4.2 Market Analysis, by Language
4.3 Market Analysis, by Vertical
4.4 Market Analysis, by Voice Type
4.5 Market Share, by Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Preference for Handheld Devices
5.2.1.2 Increased Government Spending on Education of Differently-Abled Students
5.2.1.3 Dependence of Growing Elderly Population on Technology
5.2.1.4 Increasing Number of People with Different Learning Disabilities
5.2.2 Restraints
5.2.2.1 Complexity in Generating Prosody and Pronunciation of Naturally Occurring Speech
5.2.3 Opportunities
5.2.3.1 Seamless Communication Between Human Beings and Robots
5.2.3.2 Growing Artificial Intelligence Market
5.2.3.3 Text-To-Speech Solutions for Temporarily and Permanently Disabled Students
5.2.3.4 Growing Inclination Toward Cloud-Based Deployment Mode
5.2.4 Challenges
5.2.4.1 Creation of a Generic Acoustic Database That Covers Language Variations
5.2.4.2 Slow Network Speed in a Few Regions Limits Adoption of Cloud-Based Text-To-Speech Services
5.3 Supply Chain Analysis
5.3.1 Core Industry Segments
5.3.1.1 Research and Product Development
5.3.1.2 Manufacturers
5.3.1.3 System Integrators
5.3.1.4 End-users
5.4 Ecosystem
5.5 Porter’s Five Forces AnalysisTable 2 Impact of Each Force on Market
5.6 Pricing Analysis
5.7 Patents Analysis
5.8 Trade Analysis
5.9 Technology Trends
5.9.1 Adoption of Text-To-Speech Solutions by People with Listening Disabilities or Listening Fatigue
5.9.2 Role of AI in Text-To-Speech Market
5.10 Regulatory Implications
5.10.1 Americans with Disabilities Act
5.10.2 Office of Communications
5.10.3 Polish Civil Code
5.10.4 Federal Communications Commission
5.10.5 General Data Protection Regulation
5.11 Impact of COVID-19 on Market
5.11.1 Pre-COVID-19
5.11.2 Post-COVID-19
5.11.3 Vertical Impact
5.11.4 Regional Impact
5.12 Use Cases
6 Text-To-Speech Market, by Offering
6.1 Introduction
6.1.1 COVID-19 Impact Analysis
6.2 Software
6.2.1 Growing Inclination Toward Voice-Based Technology to Surge Demand for Text-To-Speech Software
6.3 Services
6.3.1 Software-as-a-Service
6.3.1.1 SaaS Market is Expected to Grow Five Times Faster Than On-Premises Software Market
6.3.2 Support, Implementation & Consulting
6.3.2.1 Technicalities Involved in Implementing Text-To-Speech and Growing Deployment of Text-To-Speech Software to Boost Demand for Support Services
7 Text-To-Speech Market, by Deployment Mode
7.1 Introduction
7.1.1 COVID-19 Impact Analysis
7.2 On Premises
7.2.1 Data-Sensitive Organizations are Preferring On-Premises Deployment Mode for Text-To-Speech Software
7.3 Cloud Based
7.3.1 Cost-Effectiveness and Scalability to Boost Adoption of Cloud-Based Text-To-Speech Software
8 Text-To-Speech Market, by Voice Type
8.1 Introduction
8.1.1 COVID-19 Impact Analysis
8.2 Neural and Custom Voice
8.2.1 Ability to Create Unique Custom Voice Persona and Synthesis of Lifelike Voices is Driving Adoption of Neural Voice Systems
8.3 Non-Neural
8.3.1 Non-Neural Voices are Comparatively Lower in Price But Have Significant Contribution to Text-To-Speech Market
9 Text-To-Speech Market, by Organization Size
9.1 Introduction
9.1.1 COVID-19 Impact Analysis
9.2 Small and Medium-Sized Enterprises
9.2.1 Availability of Cloud-Based Cost-Effective Solutions to Fuel Adoption of Text-To-Speech Technology in Small and Medium-Sized Enterprises
9.3 Large Enterprises
9.3.1 Increasing Use of Advanced Technologies to Boost Adoption of Text-To-Speech in Large Enterprises
10 Text-To-Speech Market, by Language
10.1 Introduction
10.1.1 COVID-19 Impact Analysis
10.2 English
10.3 Mandarin Chinese
10.4 Hindi
10.4.1 Key Players Include Hindi into Their Availability of Custom/Standard Voices
10.5 Arabic
10.6 Spanish
11 Text-To-Speech Market, by Vertical
11.1 Introduction
11.1.1 COVID-19 Impact Analysis
11.2 Consumer Electronics
11.2.1 Increased Demand for Smartphones and Televisions for Partially Sighted People to Propel Market Growth
11.3 Automotive & Transportation
11.3.1 Text-To-Speech is Expected to Become Commodity Feature in Cars in Near Future
11.4 Healthcare & Life Sciences
11.4.1 Growing Regulatory Requirements and Need for Documentation to Fuel Adoption of Text-To-Speech in Healthcare
11.5 Education
11.5.1 Text-To-Speech Can Act as Assistant Tool for Visually Impaired or People with Disabilities (Dyslexic Readers)
11.6 Banking, Financial Services, and Insurance
11.6.1 Rising Need for Automated Customer Services and Query Resolver to Fuel Adoption of Text-To-Speech in BFSI Vertical
11.7 Retail
11.7.1 Need to Deliver Real-Time Customer Experience Driving Adoption of Text-To-Speech Solutions in Retail and E-Commerce
11.8 Enterprises
11.8.1 The Enterprise Vertical Holds High Growth Potential for Text-To-Speech Technology by Improving Business Performance and Effectiveness
11.9 Travel and Hospitality
11.9.1 Rising Competition Among Players to Drive Adoption of Text-To-Speech in Travel and Hospitality Sector
12 Text-To-Speech Market, by Region
12.1 Introduction
12.1.1 COVID-19 Impact Analysis
13 Competitive Landscape
14 Company Profiles
14.1 Introduction
Key Players
14.2.1 Nuance Communications
14.2.2 Microsoft Corporation
14.2.3 Amazon.com Inc.
14.2.4 Google
14.2.5 IBM
14.2.6 Sensory Inc.
14.2.7 Readspeaker
14.2.8 LumenVox LLC
14.2.9 Acapela Group
14.2.10 CereProc
14.2.11 Speech Enabled Software Technologies (SESTEK)
14.2.12 iFlytek
14.3 Other Company Profiles
14.3.1 TextSpeak
14.3.2 Nextup Technologies
14.3.3 iSpeech
14.3.4 Nexmo Inc.
14.3.5 Baidu, Inc.
14.3.6 Facebook Research
14.3.7 Govivace
14.3.8 GL Communications
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