Text-to-speech is a kind of service that realizes natural language and introduces the audio output full of cadence and intonation. The text language should resemble the voice language to introduce synthesized audio output. Text-to-speech technology supports in the conversion of the written content of any website, e-books, mobile apps, online documents, and e-learning tools to audio output. Individual suffering from learning incapacities, language problems, vision issues can retrieve the written content without any trouble. This technology delivers a simpler manner to reach the worldwide population.
According to the report analysis, ‘Text-to-Speech Market: Current Analysis and Forecast (2021-2027)’ states that the requirement for Text-to-Speech is growing on account of the increasing aging population coupled with the decreased vision. Also, the growing number of individual with a learning disability influences market growth. Text-to-speech technology has been very cooperative for people with decreased vision, as this proposes an opportunity to understand the written content well. Furthermore, the increasing advancements in the production of digital content and growing consumption of hand-held devices, coupled with augmenting the internet penetration, are boosting the requirement for text-to-speech technology. However, some of the limitation in the market are complexity in creating the prosody and pronunciation of naturally occurring speech.
Based on Offering, the market is classified into Software and Services. The Software segment registered the market during 2020 and is predicted to augment at lucrative throughout the forecasted period owing to the growing deployment of software as a tool for the improvement of learning experience for visually impaired individuals. The technology is beneficial for listening to text from documents while concurrently functioning on other things. The obtainability of free-of-cost software on the Internet is another foremost aspect burgeoning the growth of this sector. As per the WHO, Globally, at least 2.2 billion individual have a near or distance vision impairment.
Based on Organization Size, the market is classified into Small and Medium-Sized Enterprises and Large Enterprises. The Large Enterprises segment controls the largest share during 2020 and is predicted to register the greatest CAGR in the upcoming duration owing to the increasing investments and augmenting adoption of digital services. In addition, the growing Internet Penetration also propels market growth.
Based on Voice Type, the market is categorized into Neural and Custom Voice, and Non-Neural. The Neural and custom voice segment controls the largest share during 2020 and is estimated to register the highest CAGR in the forthcoming period. Neural and custom voice enables users to introduce branded voices with the application of Machine Learning (ML) technologies. In addition, the application of neural networks enables the production of natural-sounding speech and customized experiences for consumers.
North America will register the Text-to-Speech market on account of the speedily increasing requirement for text-to-speech technology and increasing adoption of machine learning and Artificial Intelligence around the United States. Some of the foremost players functioning in the market include Nuance Communication, Microsoft Corporation, IBM Corporation, Google, Inc., Sensory Inc., Amazon.Com, Readspeaker, LumenVox LLC, Acapela Group, and CereProc. Several M&As along with partnerships have been undertaken by these players to enhancement their existence in dissimilar regions. Therefore, it is predicted that the market of test-to-speech will increase around the globe more actively over the forthcoming future.
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