The government's increased investment in education for students with disabilities will likely result in a major increase in the demand for text-to-speech (TTS) software. Now, businesses are increasing their investments in the standardization of speech quality using cutting-edge technology solutions like cloud computing and artificial intelligence, among others. The U.S. Department of Education estimates that in April 2020, students with disabilities will receive between US$10,500 and US$20,000 in funding for instructional materials, utilizing accessible technology, communication services, and other resources. The United States People with Disabilities Education Act (IDEA) provides interactive software to students who are blind or visually impaired.
Data Bridge Market Research shows that the Text to Speech (TTS) Software Market accounted for USD 2,285.66 million in 2022 and is expected to reach USD 7,390.60 million by 2030. The market is expected to grow with a CAGR of 15.80% in 2023-2030.
"Increasing preference for handheld devices is expected to drive the market growth"
The demand for handheld devices is growing worldwide because of the increasing demand for convenience and automation, which is expected to drive the growth of the text to speech (TTS) software market. Furthermore, portable devices, mobile devices, smartphones, digital assistants, and other handheld devices use text-to-speech software to reduce the need for users to read lengthy user manuals or guides by offering audio directions and verbal prompts for operations. Also, mobile devices have changed from voice calling devices to advanced personal computing devices that enable users to perform activities such as s, language translation, navigation guidance, browsing the internet, capturing photographs, and managing multimedia content. Many such advancements in smart devices are likely to surge the integration of text to speech (TTS) software technology into handheld devices. Such demands are boosting the growth of the text-to-speech industry.
What restraints the growth of text to speech (TTS) software market?
"Privacy issues associated with text to speech (TTS) software"
One of the major drawbacks of text to speech (TTS) software is privacy issues. This factor impedes the adoption of voice-enabled applications and generates complexity in the prosody and pronunciation of naturally occurring speech. Thus, the privacy issues related to text to speech (TTS) software are expected to impede the growth of the text-to-speech market during the forecast period of 2023-2030.
Segmentation: Global Text to Speech (TTS) Software Market
The text to speech (TTS) software market is segmented on the basis of offering, deployment model, organization size, voice type, operating device, file format and end user.
- On the basis of offering, text to speech (TTS) software market is segmented into software and solution and services.
- On the basis of deployment model, text to speech (TTS) software market is segmented into cloud and on-premises.
- On the basis of organization size, text to speech (TTS) software market is segmented into large enterprise and small and medium-sized enterprises (SMEs).
- On the basis of voice type, text to speech (TTS) software market is segmented into neural and customer voice and non-neural.
- On the basis of operating device, text to speech (TTS) software market is segmented into computers, tablets, and mobile phones.
- On the basis of file format, text to speech (TTS) software market is segmented into mp3, mp4, VOX, WMA, and others.
- On the basis of offering, text to speech (TTS) software market is segmented into software and solution and services.
- On the basis of end user, text to speech (TTS) software market is segmented into banking, financial services and insurance (BFSI), government, healthcare, consumer electronics, transportation and automotive, education, travel and hospitality, retail and e-commerce, enterprises and others.
Regional Insights: North America is expected to dominate the text to speech (TTS) software market
North America is expected to dominate the market and grow significantly because of the growing adoption of smartphones or handheld devices and internet connectivity in this region. Furthermore, the U.S. is expected to dominate North America because of the extreme rise in the availability of good quality and cost-efficient cloud solutions.
In addition, the Asia-Pacific region is likely to register the highest growth rate during the forecast period of 2023-2030 because of increasing technological advancements in handheld devices, smartphones, and other digital devices. Furthermore, the increasing requirement for automation in text to speech (TTS) software in this region is another major factor that will further increase the market growth.
Recent Developments
- In 2021, Amazon Polly launched Aria, a neural text-to-speech voice, to prolong its text-to-speech offering. Neural Text-To-Speech offers significant improvements in speech quality. It also surges naturalness and expressiveness, two major factors in synthesizing that are getting closer than ever from human voices.
To know more about the study visit https://www.databridgemarketresearch.com/reports/global-text-to-speech-tts-software-market
The Prominent Key Players Operating in the Text to Speech (TTS) Software Market Include:
- Google LLC (U.S.)
- Apple, Inc. (U.S.)
- Amazon Web Services, Inc. (U.S.)
- Microsoft (U.S.)
- IBM (U.S.)
- iFlytek (China)
- Baidu (China)
- LumenVox LLC (U.S.)
- Sensory, Inc. (U.S.)
- Sestek (Turkey)
- Dolbey Systems, Inc. (U.S.)
- Nuance Communications, Inc. (U.S.)
- Open Text Corporation (Canada)
- Voxware, (U.S.)
- Wizzard Speech LLC (Germany)
- ReadSpeaker Holding B.V. (Netherlands)
- Acapela Group (Belgium)
Above are the key players covered in the report, to know about more and exhaustive list of text to speech (TTS) software market companies contact? https://www.databridgemarketresearch.com/contact
Research Methodology: Global Text to Speech (TTS) Software Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
