Vancouver, BC -- (SBWire) -- 05/07/2021 --The global text-to-speech market size is expected to reach USD 7.06 Billion at a steady CAGR of 14.7% in 2028, according to latest analysis by Emergen Research. Text to speech technology market is witnessing increasing revenue growth owing to growing traction of the software globally. Text-to-speech works with almost all personal digital devices such as tablets, smartphones, and computers. Text-to-speech tools highlight the words as they are read out aloud and serves to help children not only to see the words onscreen, but also to hear, understand, and recognize the pronunciation simultaneously.
Text-to-speech technology is used in the healthcare sector to increase a patient's understanding of complex medical terms. It can further improve digital health technology in healthcare by speech-enabling websites, health apps, nurse call systems in hospitals, and portable health devices synthetic voices that are very humanlike.
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Some Key Highlights in the Report
In January 2021, Facebook launched an updated feature of Automatic Alt Text (AAT), which offers details regarding an image or photograph in audio or voice for benefit of blind and visually impaired users. The tool uses computer vision technology to automatically create descriptions.
Software segment revenue growth has been increasing significantly due to rising deployment as a teaching aid for visually-impaired individuals or for persons with dyslexia. The technology is also useful for listening to content from documents while multi-tasking. The availability of free software online is another factor propelling adoption and growth of this segment.
Cloud segment revenue is expected to register a relatively higher growth rate during the forecast period. Deployment of cloud-based technology has increased scalability, enabled 24/7 services, and improved IT security. Rising adoption of Software as a Service (SaaS) by large organizations is another key factors driving revenue growth of the cloud segment.
Key players in the market include IBM Corporation, Google Inc., Nuance Communication, Amazon.com, LumenVox LLC, SESTEK, Readspeaker, Sensory Inc., Acapela Group, and Nextup Technologies.
Market Segmentation:
Emergen Research has segmented the global text-to-speech market on the basis of offering, deployment mode, voice type, organization size, vertical, and region:
Offering Outlook (Revenue, USD Billion; 2021–2028)
Software
Services
Software-as-a-Service
Support, Implementation & Consulting
Deployment Mode Outlook (Revenue, USD Billion; 2021–2028)
On-premise
Cloud-based
Voice Type Outlook (Revenue, USD Billion; 2021–2028)
Neural and Custom Voice
Non-Neural
Organization Size Outlook (Revenue, USD Billion; 2021–2028)
Small and Medium-Sized Enterprises
Large Enterprises
Vertical Outlook (Revenue, USD Billion; 2021–2028)
Automotive & Transportation
Consumer
BFSI
Healthcare
Education
Retail
Travel and Hospitality
Assistant tool for visually impaired or disabilities (Dyslexic Reader)
Enterprises
Others (Government and Legal)
The report begins with basic information about the market, such as definitions, applications, classifications, value chain analysis, among others, to facilitate a better understanding among the readers. The market offers a panoramic view of the industry through a thorough analysis of the key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Detailed Analysis of the Regions of the Text-to-Speech Market Include Regions such as:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Features of the Report:
Comprehensive assessment of the COVID-19 impact on the growth of the Text-to-Speech market
Strategic recommendations to the key players and new entrants
Value chain analysis and pricing analysis of the Text-to-Speech market
Country-wise and region wise assessment of the market growth and market size
Growth forecast and revenue estimation of the Text-to-Speech market
Detailed assessment of key market drivers, restraints, growth prospects, and limitations
8-year forecast of the global Text-to-Speech market
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2021-2028
Chapter 3. Key Insights
Chapter 4. Text-to-Speech Market Segmentation & Impact Analysis
4.1. Text-to-Speech Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Rising preference for handheld devices
4.2.2.2. Increased government spending on education of differently-abled students
4.2.3. Market restraints analysis
4.2.3.1. Complexity in generating prosody and pronunciation of naturally occurring speech
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Text-to-Speech Market By Offering Insights & Trends, Revenue (USD Billion)
5.1. Offering Dynamics & Market Share, 2020 & 2028
5.1.1. Software
5.1.2. Services
5.1.2.1. Software-as-a-Service
5.1.2.2. Support, Implementation & Consulting
READ MORE…!
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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