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Global Text-to-Speech Market Size, Share, Trends, Forecast: By Offering: Software/Solution, Service; By Mode of Deployment: On-Premises, Cloud; By Type: Neural and Custom, Non-Neural; By Language Type: English, Chinese, Spanish, Hindi, Arabic, Others; By Enterprise Size; By End Use; Regional Analysis; Competitive Landscape; 2024-2032
Global Text-to-Speech Market Outlook
The global text-to-speech market size reached approximately USD 3.45 billion in 2023. The market is assessed to grow at a CAGR of 23.3% between 2024 and 2032 to attain a value of around USD 21.71 billion by 2032.
Key Takeaways
- The market is impacted by the global shift towards inclusion, since text-to-speech is a helpful tool for those who are blind or have linguistic challenges.
- At least 2.20 billion people worldwide suffer from a vision impairment that impairs their ability to see near or far away, according to the World Health Organisation.
- The primary causes of distance vision impairment or blindness include diabetic retinopathy, cataracts, glaucoma, refractive error, and age-related macular degeneration.
The rising emphasis on personalised customer experience is one of the key text-to-speech market trends. TTS technology can enhance conversational skills, facilitate the automation of routine calls, and provide voice-enabled chatbots to enhance customer engagement and appeal to visually impaired individuals. By using text-to-speech technology, businesses save on time and cost otherwise invested in hiring voice talent. TTS technology helps companies generate high-quality voiceovers without needing expensive voice actors.
Some of the factors driving the text-to-speech market growth are the rising need for personalised customer services, rapid digitalisation, the rising demand for consumer electronics, and the need to help people facing reading difficulties.
Key Trends and Developments
Rapid digitalisation, a significant number of people suffering from dyslexia, and advancement in TTS technology, drive the text-to-speech market development
| Date | Company | Details |
| Nov 2023 | Microsoft Corporation | Microsoft launched AI AI-based text-to-speech product, Azure AI Speech at Ignite 2023. The product can create talking avatar videos. |
| Sep 2023 | Writesonic | Writesonic, launched Audiosonic, a solution that enables users to effortlessly convert text into human-like audio. |
| June 2023 | Meta | Meta announced the launch of a generative AI model Voicebox to convert text-to-speech. The model also includes features to edit audio and work across different languages. |
| Trends | Impact |
| Advancement in TTS technology | Advancements in deep learning, voice cloning, natural language understanding, and neural TTS are increasing the efficiency of the TTS platform. |
| Adoption of text-to-speech in learning and development programs | Integrating TTS into online learning platforms enables students to engage with course materials from any location and at their convenience. |
| Need to create a more inclusive workplace | Incorporating text-to-speech platforms can help businesses make information more accessible to the visually impaired or people with dyslexia. |
| Rising spending on AI-centric systems | According to industry reports, global expenditure on AI-focused systems is projected to exceed USD 300 billion by 2026. |
Global Text-to-Speech Market Trends
Globally, around 700 million people are estimated to live with dyslexia. By making their content more accessible, businesses create a more inclusive workplace. Additionally, by incorporating text-to-speech technology into learning and training materials, businesses are enhancing their employee learning experience. Also, the rising popularity of audiobooks, podcasts, and webinars, is increasing the adoption of TTS technology to help businesses create high-quality informative, and engaging audio content.
Market Segmentation
Global Text-to-Speech Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| Offering | Software/Solution, Service |
| Mode of Deployment | On-Premises, Cloud |
| Type | Neural and Custom, Non-Neural |
| Language Type | English, Chinese, Spanish, Hindi, Arabic, Others |
| Enterprise Size | Large Enterprises, Small and Medium-Sized Enterprises |
| End Use | Banking, Financial Services and Insurance (BFSI), Travel and Tourism, IT and Telecom, Education, Retail and Consumer Goods, Automotive and Transportation, Media and Entertainment, Others |
| Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Neural and custom text-to-speech solutions are widely adopted due to their efficiency and aid the growth of the text-to-speech market
Custom neural voice enables the building of a one-of-a-kind, customised, synthetic voice for various applications including virtual customer support agents, educational media/learning materials, and entertainment media. Some of the prominent companies providing neural custom text-to-speech services include Microsoft Corporation, Google LLC, and IBM.
Non-neural or concatenative text-to-speech is used to create speech by concatenating pre-recorded speech segments. Concatenative TTS which works with fixed sound sequences, offers audible and intelligible verbal sentences. Concatenative text-to-speech offers high-quality audio in terms of intelligibility and also provides the possibility of preserving the original actor’s voice.
Banking, Financial Services and Insurance (BFSI), is expected to hold a significant text-to-speech market share as banks widely adopt TTS to enable interactive voice response calls
The Banking, financial services, and insurance (BFSI) segment is a crucial contributor to the text-to-speech market growth. TTS is being widely adopted in the banking sector, as it allows checking of finances and the stock market on the go. Also, it is used to provide enhanced security and customer experience by making it more accessible, and personalised. Banking call centres make use of TTS as it becomes easy to create texts and convert them to pre-recorded voices for interactive voice response calls.
Text-to-speech is widely applied in the telecommunications sector to provide customised messaging that the caller can engage with. The software can develop words from a customer’s records that are read back to them in a professional voice. Telecommunication companies are adopting speech technology to cater to the increasing requirements of customers such as self-service, and access to information 24/7. In 2022, the Information technology (IT) spending on telecommunications services accounted for USD 1,425 billion.
Retail businesses are rapidly digitising their operations with technologies such as text-to-speech to enhance operations and provide better customer experiences. Additionally, it allows online customers to receive product descriptions, reviews, and promotional content in audio format, improving convenience and accessibility, aiding the text-to-speech market development. Some of the top TTS solutions for interactive kiosks used in the retail sector include Murf, Speechify, WellSaid Labs, Natural Reader, Amazon Polly, FakeYou, and TTSReader.
The adoption of text-to-speech assistance in the travel and tourism sector enables improved customer experience. Text-to-speech allows companies in the hospitality sector to make it easier for people to get around and offer tours in various languages, at the same time. In 2021, the global tourism sector grew 24.7% y-o-y, and in 2022, it grew a further 22% reaching a GDP contribution of USD 7.7 trillion.
Competitive Landscape
The market players are increasing their collaboration, partnership, and research and development activities to gain a competitive edge in the market
| Company Name | Year Founded | Headquarters | Products/Services |
| Amazon Web Services, Inc. | 2006 | Washington, United States | Machine Learning Solutions: Amazon Polly- Text-to-Speech, Amazon Transcribe - Speech-to-Text, Amazon SageMaker- Build and Deploy Machine Learning Models, etc. Others: Analytics, Developer Tools, Media Services, etc. |
| IBM Corporation | 1911 | New York, United States | Products: IBM Watson Text to Speech, AI and Machine Learning, Analytics, etc. Solutions: Automation, Data & AI, Infrastructure, Security, etc. |
| Microsoft Corporation | 1975 | Washington, United States | Azure AI Speech for text-to-speech, text-to-speech, and speech translation. Others: Analytics, Compute, Containers, etc. |
| Google, LLC | 1998 | California, United States | Text-to-Speech AI, Business Intelligence, Databases, Developer Tools, etc. |
Other key players in the text-to-speech market include Acapela Group, CereProc Ltd, iFLYTEK Co., Ltd., Sensory Inc., and ReadSpeaker B.V., among others.
Figure: Pricing Models for Amazon Polly
With Amazon Polly, customers only pay for the services they opt for. Pricing is based on the number of characters of text that is converted either to speech or to Speech Marks metadata. Customers can also cache and replay Amazon Polly’s generated speech at no additional fees.
Global Text-to-Speech Market Analysis by Region
North America is expected to hold a significant share in the text-to-speech market as businesses aim at increasing inclusivity
According to the text-to-speech market analysis, the TTS technology eliminates accessibility barriers. It helps people with disabilities and second-language learners by providing high-quality audio. Voice technology is also crucial for the retail and banking and financial services sectors to expand their customer base by providing a more immersive experience. In November 2021, Instagram added a TTS feature to its toolset. By October 2022, Disney Parks was collaborating with TikTok to offer TTS character voices for user-generated clips.
According to the text-to-speech market report, the European market for text-to-speech is driven by the adoption of technologically advanced TTS systems, such as neural TTS. These systems help businesses generate a voice that sounds like a human. Deep learning technology is enabling TTS models to analyse human speech patterns, pitch, and intonation, enhancing the personal experience for consumers.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Offering |
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| Breakup by Mode of Deployment |
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| Breakup by Type |
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| Breakup by Language Type |
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| Breakup by Enterprise Size |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Text-to-Speech Market Analysis
8.1 Key Industry Highlights
8.2 Global Text-to-Speech Market (2018-2023)
8.3 Global Text-to-Speech Market Forecast (2024-2032)
8.4 Global Text-to-Speech Market by Offering
8.4.1 Software/Solution
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Service
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Text-to-Speech Market by Mode of Deployment
8.5.1 On-Premises
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Cloud
8.5.2.1 Historical Trend (2018-s2022)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Text-to-Speech Market by Type
8.6.1 Neural and Custom
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Non-Neural
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Text-to-Speech Market by Language Type
8.7.1 English
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Chinese
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Spanish
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Hindi
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Arabic
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 Others
8.8 Global Text-to-Speech Market by Enterprise Size
8.8.1 Large Enterprises
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Small and Medium-Sized Enterprises
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.9 Global Text-to-Speech Market by End Use
8.9.1 Banking, Financial Services and Insurance (BFSI)
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Travel and Tourism
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 IT and Telecom
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Education
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Retail and Consumer Goods
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
8.9.6 Automotive and Transportation
8.9.6.1 Historical Trend (2018-2023)
8.9.6.2 Forecast Trend (2024-2032)
8.9.7 Media and Entertainment
8.9.7.1 Historical Trend (2018-2023)
8.9.7.2 Forecast Trend (2024-2032)
8.9.8 Others
8.10 Global Text-to-Speech Market by Region
8.10.1 North America
8.10.1.1 Historical Trend (2018-2023)
8.10.1.2 Forecast Trend (2024-2032)
8.10.2 Europe
8.10.2.1 Historical Trend (2018-2023)
8.10.2.2 Forecast Trend (2024-2032)
8.10.3 Asia Pacific
8.10.3.1 Historical Trend (2018-2023)
8.10.3.2 Forecast Trend (2024-2032)
8.10.4 Latin America
8.10.4.1 Historical Trend (2018-2023)
8.10.4.2 Forecast Trend (2024-2032)
8.10.5 Middle East and Africa
8.10.5.1 Historical Trend (2018-2023)
8.10.5.2 Forecast Trend (2024-2032)
9 North America Text-to-Speech Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Text-to-Speech Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Text-to-Speech Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Text-to-Speech Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Text-to-Speech Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 IBM Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Microsoft Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Google, LLC
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Amazon Web Services, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Acapela Group
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 CereProc Ltd
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 iFLYTEK Co., Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Sensory Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 ReadSpeaker B.V.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Text-to-Speech Market: Key Industry Highlights, 2018 and 2032
2. Global Text-to-Speech Historical Market: Breakup by Offering (USD Million), 2018-2023
3. Global Text-to-Speech Market Forecast: Breakup by Offering (USD Million), 2024-2032
4. Global Text-to-Speech Historical Market: Breakup by Mode of Deployment (USD Million), 2018-2023
5. Global Text-to-Speech Market Forecast: Breakup by Mode of Deployment (USD Million), 2024-2032
6. Global Text-to-Speech Historical Market: Breakup by Type (USD Million), 2018-2023
7. Global Text-to-Speech Market Forecast: Breakup by Type (USD Million), 2024-2032
8. Global Text-to-Speech Historical Market: Breakup by Language Type (USD Million), 2018-2023
9. Global Text-to-Speech Market Forecast: Breakup by Language Type (USD Million), 2024-2032
10. Global Text-to-Speech Historical Market: Breakup by Enterprise Size (USD Million), 2018-2023
11. Global Text-to-Speech Market Forecast: Breakup by Enterprise Size (USD Million), 2024-2032
12. Global Text-to-Speech Historical Market: Breakup by End Use (USD Million), 2018-2023
13. Global Text-to-Speech Market Forecast: Breakup by End Use (USD Million), 2024-2032
14. Global Text-to-Speech Historical Market: Breakup by Region (USD Million), 2018-2023
15. Global Text-to-Speech Market Forecast: Breakup by Region (USD Million), 2024-2032
16. North America Text-to-Speech Historical Market: Breakup by Country (USD Million), 2018-2023
17. North America Text-to-Speech Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Europe Text-to-Speech Historical Market: Breakup by Country (USD Million), 2018-2023
19. Europe Text-to-Speech Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Asia Pacific Text-to-Speech Historical Market: Breakup by Country (USD Million), 2018-2023
21. Asia Pacific Text-to-Speech Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Latin America Text-to-Speech Historical Market: Breakup by Country (USD Million), 2018-2023
23. Latin America Text-to-Speech Market Forecast: Breakup by Country (USD Million), 2024-2032
24. Middle East and Africa Text-to-Speech Historical Market: Breakup by Country (USD Million), 2018-2023
25. Middle East and Africa Text-to-Speech Market Forecast: Breakup by Country (USD Million), 2024-2032
26. Global Text-to-Speech Market Structure
Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 3.45 billion.
The text-to-speech market is assessed to grow at a CAGR of 23.3% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach about USD 21.71 billion by 2032.
Text-to-speech (TTS) is an assistive technology that converts digital text into audio. It is also called read-aloud technology.
The major benefits of the technology include improved customer satisfaction, and personalised communication based on user preference for voice and language.
The major drivers of the market include the increasing demand for personalised customer experiences, rapid digitalisation, the rising demand for consumer electronics, and the need to help people facing reading difficulties.
The key trends supporting the market growth are the rising demand for voice technology, the increasing use of TTS in the end-use sectors, and technological advancements and innovations.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major end uses of text-to-speech are banking, financial services and insurance (BFSI), travel and tourism, IT and telecom, education, retail and consumer goods, automotive and transportation, and media and entertainment, among others.
The major players in the market are IBM Corporation, Microsoft Corporation, Google, LLC, Amazon Web Services, Inc., Acapela Group, CereProc Ltd, iFLYTEK Co., Ltd., Sensory Inc., and ReadSpeaker B.V., among others.
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