Text-to-speech market size to grow by USD 3.14 billion between 2020 and 2025; Growth driven by the emergence of handheld devices with text-to-speech functionality - Technavio

NEW YORK, March 20, 2023 /PRNewswire/ -- The text-to-speech market size is estimated to grow by USD 3.14 billion from 2020 to 2025. However, the growth momentum will be decelerating at a CAGR of 16.81% according to Technavio. The market is driven by factors such as the emergence of handheld devices with text-to-speech functionality, information and communications technology (ICT) penetration in the education sector, and numerous benefits for content creators. International travel and commerce have grown significantly over recent years. Consequently, the demand for text-to-speech translation systems has increased among travelers. This has encouraged developers to increase efforts in the development of solutions that provide reliable and satisfactory translations between texts using desktops and laptops. These factors are fostering the growth of the global text-to-speech market. To understand more about the text-to-speech market, request a sample report

Text-to-speech market insights -

• Vendors: 15+, including Acapela Group SA, Amazon.com Inc., Cepstral, CereProc Ltd., HKUST IFLYTEK Co. Ltd., Innoetics, International Business Machines Corp., iSpeech Inc., LumenVox LLC, Microsoft Corp., among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: End-user (automotive and transportation, healthcare, consumer electronics, finance, and others) and Geography (North America, Europe, APAC, MEA, and South America)

Text-to-speech market - Major Challenges

• Varied internet costs and coverage globally
• Limitations of text-to-speech technology
• Competition from free sources of text-to-speech software

The adoption of cloud-based solutions reduces the CAPEX for organizations. However, they are required to spend more on improving the bandwidth. The latency in cloud-based networks is less predictable and complicated to measure. This leads to variability in service delivery. The delay in data transfer could incur significant losses to end-users of cloud-based solutions. Such challenges pose a threat to the growth of the market in focus.

Global Text-to-speech Market - Regional Analysis

The report analyzes the market across regions such as North America, Europe, APAC, MEA, and South America. North America will account for 48% of the market growth during the forecast period. Enterprises across end-user industries such as healthcare, retail, media and entertainment, and public safety and law enforcement have adopted advanced analytical solutions. The growth of these industries has resulted in an increased demand for text-to-speech technology in North America. The increasing penetration of the internet and smart connected devices and high investments in analytical solutions are other prominent factors driving the growth of the regional market.

Global Text-to-speech Market - Vendor Insights

The global text-to-speech market is fragmented with the presence of several vendors. The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including –

• Acapela Group SA - The company offers personalized digital voice, voice banking and voice tuning, and many more.
• Amazon.com Inc. - The company offers Amazon Polly which is a service that turns text into lifelike speech, allowing to create applications that talk and build entirely new categories of speech-enabled products.
• Cepstral - The company offers text-to-speech products that are designed to work with a wide range of systems and software.
• CereProc Ltd. - The company offers CereProc cServer 6.0 which is a high-performance, multi-channel, text-to-speech server.

Drivers and challenges have an impact on market dynamics and can impact businesses. Find some insights from a sample report!

The text-to-speech market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

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What are the key data covered in this text-to-speech market report

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the text-to-speech market between 2021 and 2025
• Precise estimation of the size of the text-to-speech market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the text-to-speech market industry across North America, Europe, APAC, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of text-to-speech market vendors

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Related Reports:

• The speech-to-speech translation market size is expected to increase by USD 238.93 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.64%. The market is segmented by type (hardware and software) and geography (North America, Europe, APAC, South America, and MEA).
• The voice and speech analytics market is projected to grow by USD 1.73 billion from 2021 to 2026, at a CAGR of 15.96%. The market is segmented by end-user (Large enterprise and small and medium enterprise) and geography (North America, Europe, APAC, South America, and MEA).

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Table of contents:

1. Executive Summary 

2. Market Landscape 

  2.1 Market ecosystem 

  Exhibit 01:  Parent market

  Exhibit 02:  Market Characteristics

  2.2 Value Chain Analysis 

  Exhibit 03:  Value chain analysis: Systems Software

  2.2.1 Input

    2.2.1.1 Developers

  2.2.2 Software development

    2.2.2.1 IP licensing

    2.2.2.2 Product research

    2.2.2.3 Product management

    2.2.2.4 Product development

    2.2.2.5 Production and packaging

  2.2.3 Marketing and distribution

    2.2.3.1 Marketing and release

    2.2.3.2 Implementation

  2.2.4  Post-sales services

    2.2.4.1 Training and certification

    2.2.4.2 Maintenance and support

  2.2.5 Market innovation

3. Market Sizing 

  3.1 Market definition

  Exhibit 04:  Offerings of vendors included in the market definition

  3.2 Market segment analysis 

  Exhibit 05:  Market segments

  3.3 Market size 2020 

  3.4 Market outlook: Forecast for 2020 - 2025 

  3.4.1 Estimating growth rates for emerging and high-growth markets

  3.4.2 Estimating growth rates for mature markets

  Exhibit 06:  Global - Market size and forecast 2020 - 2025 (million $)

  Exhibit 07:  Global market: Year-over-year growth 2020 - 2025 (%)

4. Five Forces Analysis 

  4.1 Five Forces Summary 

  Exhibit 08:  Five forces analysis 2020 & 2025

  4.2 Bargaining power of buyers 

  Exhibit 09: Bargaining power of the buyer

  4.3 Bargaining power of suppliers 

  Exhibit 10: Bargaining power of the supplier

  4.4 Threat of new entrants 

  Exhibit 11: Threat of new entrants

  4.5 Threat of substitutes 

  Exhibit 12: Threat of substitutes

  4.6 Threat of rivalry 

  Exhibit 13: Threat of rivalry

  4.7 Market condition

  Exhibit 14: Market condition - Five forces 2020

5. Market Segmentation by End user 

  5.1 Market segments

  Exhibit 15: End user - Market share 2020-2025 (%)

  5.2 Comparison by End user 

  Exhibit 16:  Comparison by End user

  5.3 Automotive and transportation - Market size and forecast 2020-2025 

  Exhibit 17:  Automotive and transportation - Market size and forecast 2020-2025 ($ million)

  Exhibit 18:  Automotive and transportation  - Year-over-year growth 2020-2025 (%)

   5.4 Healthcare - Market size and forecast 2020-2025 

  Exhibit 19:  Healthcare- Market size and forecast 2020-2025 ($ million)

  Exhibit 20:  Healthcare - Year-over-year growth 2020-2025 (%)

  5.5 Consumer electronics - Market size and forecast 2020-2025 

  Exhibit 21:  Consumer electronics\ - Market size and forecast 2020-2025 ($ million)

  Exhibit 22:  Consumer electronics\ - Year-over-year growth 2020-2025 (%)

  5.6 Finance - Market size and forecast 2020-2025 

  Exhibit 23:  Finance- Market size and forecast 2020-2025 ($ million)

  Exhibit 24:  Finance - Year-over-year growth 2020-2025 (%)

  5.7 Other sports - Market size and forecast 2020-2025 

  Exhibit 25:  Other sports - Market size and forecast 2020-2025 ($ million)

  Exhibit 26:  Other sports - Year-over-year growth 2020-2025 (%)

  5.8 Market opportunity by Software 

  Exhibit 27:  Market opportunity by Software

6. Customer landscape 

  Technavio's customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

  Exhibit 28:  Customer landscape

7. Geographic Landscape 

  7.1 Geographic segmentation

  Exhibit 29:  Market share by geography 2020-2025 (%)

  7.2 Geographic comparison 

  Exhibit 30:  Geographic comparison

  7.3 North America - Market size and forecast 2020-2025 

  Exhibit 31:  North America - Market size and forecast 2020-2025 ($ million)

  Exhibit 32:  North America - Year-over-year growth 2020-2025 (%)

  7.4 Europe - Market size and forecast 2020-2025 

  Exhibit 33:  Europe - Market size and forecast 2020-2025 ($ million)

  Exhibit 34:  Europe - Year-over-year growth 2020-2025 (%)

  7.5 APAC - Market size and forecast 2020-2025 

  Exhibit 35:  APAC - Market size and forecast 2020-2025 ($ million)

  Exhibit 36:  APAC - Year-over-year growth 2020-2025 (%)

  7.6 MEA - Market size and forecast 2020-2025 

  Exhibit 37: MEA - Market size and forecast 2020-2025 ($ million)

  Exhibit 38:  MEA - Year-over-year growth 2020-2025 (%)

  7.7 South America - Market size and forecast 2020-2025 

  Exhibit 39:  South America - Market size and forecast 2020-2025 ($ million

  Exhibit 40:  South America - Year-over-year growth 2020-2025 (%)

  7.8 Key leading countries 

  Exhibit 41:  Key leading countries

  7.9 Market opportunity by geography

  Exhibit 42:  Market opportunity by geography ($ million)

8. Drivers, Challenges, and Trends 

              8.1 Market drivers 

  8.1.1  Emergence of handheld devices with text-to-speech functionality

  8.1.2  Information and communications technology (ICT) penetration in education sector

  8.1.3  Numerous benefits for content creator

  8.2 Market challenges 

  8.2.1  Varied Internet cost and coverage globally

  8.2.2  Limitations of text-to-speech technology

  8.2.3  Competition from free sources of text-to-speech software

  Exhibit 43:  Impact of drivers and challenges

  8.3 Market trends 

  8.3.1  Cloud-based text-to-speech service

  8.3.2  Surge in speech analytics

  8.3.3  AI applications in text-to-speech software

9. Vendor Landscape 

  9.1 Landscape 

  Exhibit 44:  Vendor landscape

  9.2 Landscape disruption 

  Exhibit 45: Landscape disruption

  Exhibit 46: Industry Risk

  9.3 Competitive Scenario 

10. Vendor Analysis 

  10.1 Vendors Covered 

  Exhibit 47: Vendor Landscape

  10.2 Market positioning of vendors 

  Exhibit 48: Market positioning of vendors

  10.3 Acapela Group SA 

  Exhibit 49:  Acapela Group SA - Overview

  Exhibit 50:  Acapela Group SA - Product and service

  Exhibit 51:  Acapela Group SA - Key news

  Exhibit 52:  Acapela Group SA - Key offerings

  10.4 Amazon.com Inc.

  Exhibit 53:  Amazon.com Inc. - Overview

  Exhibit 54:  Amazon.com Inc. - Business segments

  Exhibit 55:  Amazon.com Inc. - Key offerings

  Exhibit 56:  Amazon.com Inc. - Segment focus

  10.5 Cepstral

  Exhibit 57:  Cepstral - Overview

  Exhibit 58:  Cepstral - Product and service

  Exhibit 59:  Cepstral - Key offerings

  10.6 CereProc Ltd.  

  Exhibit 60:  CereProc Ltd.  - Overview

  Exhibit 61:  CereProc Ltd.  - Product and service

  Exhibit 62:  CereProc Ltd.  - Key offerings

  10.7 HKUST IFLYTEK Co. Ltd. 

  Exhibit 63:  HKUST IFLYTEK Co. Ltd. - Overview

  Exhibit 64:  HKUST IFLYTEK Co. Ltd. - Product and service

  Exhibit 65:  HKUST IFLYTEK Co. Ltd. - Key offerings

  10.8 Innoetics 

  Exhibit 66:  Innoetics - Overview

  Exhibit 67:  Innoetics - Product and service

  Exhibit 68:  Innoetics - Key offerings

  10.9 International Business Machines Corp. 

  Exhibit 69:  International Business Machines Corp. - Overview

  Exhibit 70:  International Business Machines Corp. - Business segments

  Exhibit 71:  International Business Machines Corp. - Key offerings

  Exhibit 72:  International Business Machines Corp. - Segment focus

  10.10 iSpeech Inc.  

  Exhibit 73:  iSpeech Inc.  - Overview

  Exhibit 74:  iSpeech Inc.  - Product and service

  Exhibit 75:  iSpeech Inc.  - Key offerings

  10.11 LumenVox LLC 

  Exhibit 76:  LumenVox LLC - Overview

  Exhibit 77:  LumenVox LLC - Product and service

  Exhibit 78:  LumenVox LLC - Key offerings

  10.12 Microsoft Corp. 

  Exhibit 79:  Microsoft Corp. - Overview

  Exhibit 80:  Microsoft Corp. - Business segments

  Exhibit 81:  Microsoft Corp. - Key offerings

  Exhibit 82:  Microsoft Corp. - Segment focus

11. Appendix 

  11.1 Scope of the report 

  11.1.1 Market definition

  11.1.2 Objectives

  11.1.3 Notes and caveats

  11.2 Currency conversion rates for US$ 

  Exhibit 83: Currency conversion rates for US$

  11.3 Research Methodology 

  Exhibit 84: Research Methodology

  Exhibit 85: Validation techniques employed for market sizing

  Exhibit 86: Information sources

  11.4 List of abbreviations 

  Exhibit 87: List of abbreviations

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