Global Text to Speech Software Market - 2021-2028
The text to speech software market size was worth US$ YY million in 2020 and is estimated to reach US$ YY million by 2028, growing at a CAGR of YY % during the forecast period (2021-2028).
Text to speech software is a trailblazing technology that utilizes human voice audio to convert text into artificial speech. As the era advances into a voice-first world, text to speech software grows more sophisticated and enables several new capabilities that many previously considered unimaginable. Several industries have observed the need for the adoption of innovative text-to-speech software as the new trend.
Text-to-speech is useful in converting website content, online documents and e-learning. It is also useful among persons with learning disabilities and vision and language challenges. Text-to-speech technology helps to minimize learning-related challenges while enabling a more improved approach to learning. It is also useful among members of the senior population who have problems with reading due to poor eyesight or other challenges.
The growth of the global text to speech software market is driven by demand from disabled persons and rising needs from old citizens.
Rising need from old citizens
The text to speech software market is expected to boost with growing demand from old-age citizens who can reach the written content without difficulty. The software provides an easier way to reach the global population. The percentage of the population above 60 years has consistently increased, indicating the increasing possibility of reduced vision. For instance, In 2019, over 16% of the American population was 65 years old or over, which is expected to reach 22% by 2050.
Text-to-speech technology has been extremely beneficial for people with reduced vision, as this presents an opportunity to know the content well. The amount of people with is quite high presently and making online content audible broadens the user base. Text-to-speech software offers a great technology to convert the written content of any mobile apps, website, online documents, e-books and e-learning agents to audio output.
Growing demand from the disabled persons
Text-to-speech technology can assist people with vision impairment and learning disabilities in numerous ways. The text to speech software market has witnessed growing demand from disabled persons; people with dyslexia or reading disabilities encounter a huge difficulty while deciphering the text. The words might not make a judgment to them and hence stay unknown.
Text-to-speech software can empower such individuals by converting these texts into an audible format and ease understanding. People with learning disabilities face the difficulty of comprehending text and making sense of the content. The problems hinder their growth and knowledge processing skills. Text-to-speech technology will encourage such people and create a growth opportunity in the text-to-speech market.
Problem in speech synthesis
The problems in speech synthesis can be a major factor restraining the text-to-speech software market growth. The speech synthesis has been challenging with a variety of female and children voices. Text-to-speech technology has trouble pronouncing abbreviations, numerical and acronyms and thus suffers from accurate pronunciation.
A large set of commands and their exceptions are required to create correct pronunciation for synthesized speech. Some languages have unique features in terms of pronunciation, making speech synthesis more complicated. The complexity in voice modification is expected to restrict the use of text-to-speech technology in numerous applications. Moreover, when converted into audio content, the written digital content fails to deliver its emotion and attraction, thus reducing its acceptability to companies. The scenarios mentioned above are major reasons why various companies still favor following the tradition of written digital content.
Due to the pandemic, the text to speech software industry has witnessed significant growth. The pandemic has caused an overall positive impact on the market. Text-to-speech software providing the availability of various voices and languages is useful for increasing the convenience of digital content to global customers in selecting the language they want to consume.
Countries around the globe are reliant upon online classes and EdTech companies to continue the education sector. The demand for text to speech software solutions has seen progress for e-learning, virtual classrooms and other digital solutions for offering uninterrupted education to students across the globe. The text to speech software has witnessed significant growth in the new users during the pandemic, which has boosted the market growth.
By end-user, the text to speech software market is segmented into banking & finance, e-learning, automotive manufacturing, travel & tourism, telecommunication and others.
The preferences for audio and visual formats among students have boosted sales for text to speech software
Text to speech software presents the possibility to bring static content, like PDFs, e-books and other training documents, to life. The technology is highly helpful to convert long passages of text into playable audio. Text to speech as a producer of e-learning also allows learners to partake in bimodal learning. There is a higher learner retention rate when educational or training content is displayed in audio and visual formats. Text to speech can also work as an aid for students with learning disabilities. Studies with diagnosed with dyslexia did benefit from the convenience of TTS software.
Other important features of text to speech software for learning, including phonetic spell checking and word prediction features, can assist younger students struggling with reading or pronouncing new words and students who commute and have a short time to read. While the technology is helpful for young learners, text to speech software is completely worth integrating into microlearning apps and corporate compliance training for ongoing training outside of the traditional classroom. In 2020, Acapela Group added an extension in the Chrome web store that presents 100 voices in 30 languages with voice capabilities for students across the globe to learn from Chromebooks.
The rapid penetration of internet-enabled handheld smart devices in the North America region is boosting text to speech software market
North America holds the significant market share for the text to speech software market globally and is anticipated to continue its dominance in the forecast period. An important driving factor for the growth of the text-to-speech technology market is the growing penetration of Internet-enabled handheld smart devices. Growing tourism and trade in the region are other factors increasing demand for handheld text-to-speech mobile apps. The increasing government spending on education for differently-abled and the dependence of the growing elderly population on technology are factors driving the growth of the text-to-speech market.
Companies have taken various latest initiatives to develop new technologies in the field. For instance, in 2021, Amazon Polly has announced the availability of the Neural Text-to-Speech version of Vicki, a German Polly voice for the customers to enjoy Vicki either as a Standard German voice. Moreover, in 2020- McClatchy launched a text-to-speech audio feature that will offer users the option to hear news content generated by its 30 newsrooms across the country. McClatchy is among the first local news media company with a nationwide reach to begin text-to-speech technology.
The text to speech software market is moderately competitive, with companies looking to offer their services in numerous languages and voices to attract consumers across the globe. In addition, some of the key players contributing to the market's growth are Linguatec, Amazon Web Services, IBM, Google, ReadSpeaker, Nuance Communications, Microsoft, Acapela Group, Resemble, Respeecher, SpeechKit, Speech Morphing, Trinity Audio, WellSaid Labs, Woord and others. The players are adopting various new strategies to dominate the market, such as forming partnerships, launching new products, acquisitions and collaborations, contributing to the global growth of the text to speech software market.
Amazon Web Services
Overview: Amazon Web Services, Inc. is a division of Amazon providing on-demand cloud computing platforms and APIs to companies, individuals and governments, on a metered pay-as-you-go basis. The company offers a broad set of global cloud-based products, including compute, storage, analytics, networking, databases, developer tools, management tools, IoT, security and enterprise applications.
Product Portfolio: Amazon Polly by Amazon Web Services converts text into spoken audio. It allows developers to build speech-enabled applications and products.
Key Development: In 2021 - Amazon Polly has extended its text-to-speech offering with the launch of Aria, a New Zealand English neural text-to-speech voice.
The global text to speech software market report would provide approximately 77 market data tables, 75 figures, and 180 pages.
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