Asia-Pacific Text To Speech (TTS) Software Market, By Offering (Software And Solution And Services), Deployment Model (Cloud And On-premises), Organization Size (Large Enterprise And Small And Medium-Sized Enterprises (SMES)), Voice Type (Neural And Customer Voice And Non-Neural), Operating Device (Computers, Tablets, And Mobile Phones), File Format (Mp3, Mp4, VOX, WMA, and Others), End User (Banking, Financial Services And Insurance (BFSI), Government, Healthcare, Consumer Electronics, Transportation And Automotive, Education, Travel And Hospitality, Retail And E-Commerce, Enterprises, and Others), Country (China, Japan, South Korea, India, Australia, Singapore, Indonesia, Thailand, Malaysia, Philippines, Rest of Asia-Pacific), Industry Trends and Forecast To 2029
Market Analysis and Insights : Asia-Pacific Text To Speech (TTS) Software Market
Asia-Pacific text to speech (TTS) software market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 15.9% in the forecast period of 2022 to 2029 and is expected to reach USD 1,740.07 Million by 2029. Technological advancement in the field of internet connectivity is expected to boost the market.
Text to speech is a type of assistive technology that is capable of reading digital text aloud with the help of a voice assistant. Technically, it is a natural language modeling process that requires changing units of text into units of speech for audio presentation. This technology is considered to be one of the most important assistances in the upcoming days. With due advancements in technology, text to speech technology has also evolved along with the association of the modern-day technological giants like the Internet of things (IoT), artificial intelligence (AI), machine learning (MI), among others.
An increase in governmental funding on education for differently-abled students is anticipated to propel the market significantly. Companies' investment in enhancing the standard of speech quality with advanced technological solutions involving cloud computing, artificial intelligence, among others, is also expected to drive the Asia-Pacific text to speech (TTS) software market. On the other hand, complexity in generating pronunciation of naturally occurring speech is expected to act as one of the major restraints to the market.
Availability of cost-effective cloud solutions is considered to be an opportunity to the market. However, loss of emotion and attraction towards digital content is expected to act as a major challenge to the market
The Asia-Pacific text to speech (TTS) software market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the text to speech (TTS) Software market scenario contact Data Bridge Market Research for an Analyst Brief. Our team will help you create a revenue impact solution to achieve your desired goal.
Asia-Pacific Text To Speech (TTS) Software Market Scope and Market Size
Asia-Pacific text to speech (TTS) Software market is segmented into seven notable segments which are based on the offering, deployment model, organization size, voice type, operating device, file format, and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of offering, the text to speech (TTS) software market is segmented into software and solution and services. In 2022, the software and solution segment is expected to dominate the market as software, and its solutions are available widely with very low-cost estimation.
- On the basis of the deployment model, the text to speech (TTS) software market is segmented into cloud and on-premises. In 2022, the cloud is expected to hold the highest segment as it provides a platform of huge memory space as compared to other databases.
- On the basis of organization size, the text to speech (TTS) software market is segmented into large enterprise and small and medium-sized enterprises. In 2022, large enterprise is expected to dominate the market as the large enterprises provide better voice recognition facilities.
- On the basis of voice type, the text to speech (TTS) software market is segmented into neural and customer voice and non-neural. In 2022, the neural segment is expected to dominate the market as neural networks are much faster in terms of storing and accessing data.
- On the basis of the operating device, the text to speech (TTS) software market is segmented into a computer, mobile phone, and tablet. In 2022, the computer segment is expected to dominate the market as computers are widely used in corporate organizations known for using text to speech technology.
- On the basis of file format, the text to speech (TTS) software market into mp3, mp4, WMA, VOX, and others. In 2022, the mp3 segment is expected to dominate the market as maximum voice or speech notes are converted into MP3 in this region as it is somewhat deprived of external noises or disturbances.
- On the basis of end user, the text to speech (TTS) software market into banking, financial services and insurance (BFSI), government, transportation and automotive, healthcare, travel and hospitality, retail and e-commerce, enterprises, consumer electronics, education, and others. In 2022, consumer electronics is expected to dominate the market because consumer electronics products such as sensors, digital converters, among others, are widely used to convert text to speech.
Asia-Pacific Text To Speech (TTS) Software Market Country Level Analysis
The Asia-Pacific text to speech (TTS) software market is analyzed, and market size information is provided by the country, offering, deployment model, organization size, voice type, operating device, file format, and end-user as referenced above.
The countries covered in the Asia-Pacific text to speech (TTS) software market report are Japan, China, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, and rest of Asia-Pacific. China is expected to dominate the Asia-Pacific region due to the excessive increase in technological advancements regarding smartphones and other digital devices.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Rise in demand for digitalization in content in educational sector is expected to boost the market growth of text to speech (TTS) software market.
The text to speech (TTS) software market also provides you with detailed market analysis for every country's growth in a particular market. Additionally, it provides detailed information regarding the market players' strategy and their geographical presence. The data is available for the historic period 2011 to 2020.
Competitive Landscape And Text To Speech (TTS) Software Market Share Analysis
Text to speech (TTS) software market competitive landscape provides details by a competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width, and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company's focus related to text to speech (TTS) software market.
Some of the major players operating in the Asia-Pacific text to speech (TTS) software market are IBM, ReadSpeaker Holding B.V., Nuance Communications, Inc., Amazon Web Services, Inc., Sensory Inc., Nexmo, Inc., GL COMMUNICATIONS INC, GoVivace Inc., iFLYTEK Corporation, Facebook, Google (A Subsidiary of Alphabet Inc.), Baidu, Inc., Microsoft, among others.
Many contracts and agreements are also initiated by the companies worldwide, which are also expected to accelerate the text to speech (TTS) software market.
For instance,
- In October 2021, IBM announced a collaborative agreement with Raytheon Technologies. This collaboration helps in developing advanced artificial intelligence, cryptographic and quantum solutions for the aerospace, defense, and intelligence industries
- In October 2021, GL COMMUNICATIONS INC introduced the Air Traffic Management (ATM) test solutions that facilitate the transition of technology and services from traditional analog/TDM to IP-based Voice Communications Systems. This improves the product portfolio of the company
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