Subject: MRR
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).
Text-to-Speech Market Scope | |
Report Coverage | Details |
Base year | 2020 |
Forecast period | 2021-2025 |
Growth momentum & CAGR | Decelerate at a CAGR of 16.81% |
Market growth 2021-2025 | USD 3.14 billion |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 18.97 |
Regional analysis | North America, Europe, APAC, MEA, and South America |
Performing market contribution | North America at 48% |
Key countries | US, UK, Canada, Germany, and Japan |
Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled | Acapela Group SA, Amazon.com Inc., Cepstral, CereProc Ltd., HKUST IFLYTEK Co. Ltd., Innoetics, International Business Machines Corp., iSpeech Inc., LumenVox LLC, and Microsoft Corp. |
Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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