Increasing geriatric population and rising demand for handheld devices is driving growth of the global text-to-speech market.

Vancouver, BC -- (SBWire) -- 04/21/2021 --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.
Neural and custom voice enable users to create branded voices using machine learning technologies. Usage of neural networks makes it possible to produce natural-sounding speech and personalized conversational customer experience. In February 2021, Microsoft announced limited access to its neural text-to-speech Artificial Intelligence solution called 'custom neural voice', using which, developers can create custom synthetic voices.
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.

Text-to-Speech 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 research study also offers insights into various regulatory frameworks and evaluates the growth of the industry in each key region of the world. The report also provides an assessment of the micro and macro-economic factors influencing the growth of the market in the mentioned regions. The global Text-to-Speech market is segmented into the following based on the key regions of the world:

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 Factors influencing market remuneration:

The global Text-to-Speech market report includes a detailed study of the product spectrum of the market and further describes the different product types, including One-sided, Two-sided, and Others.
The report zeroes in on the overall market dynamics and presents information with regard to the producers and distributors, manufacturing cost structure, and downstream buyers.
Details pertaining to the expected growth rate, industry share, revenue accumulated, and product segmentation are depicted in this report.
The application landscape of the global Text-to-Speech market can be categorized into For Human, For Animals, and Others.
The study further examines the industry share and product demand of each application, coupled withthe predicted growth patterns of the various application segments.
Other vital factors, such as market concentration ratio and raw material processing rate, have also been covered under the latest study.

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

Chapter 6. Text-to-Speech Market By Deployment Mode Insights & Trends Revenue (USD Billion)
    6.1. Deployment Mode Dynamics & Market Share, 2020 & 2028
          6.1.1. On-premises
          6.1.2. Cloud-based

CONTINUED..!!

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