AI Voice Generator Market to Be Worth $20.4 Billion by 2030

Research firm MarketsandMarkets expects the worldwide AI voice generator market to grow significantly, from $3 billion today to $20.4 billion by 2030 at a compound annual growth rate (CAGR) of 37. 1 percent.

Innovations in natural language processing (NLP) and machine learning in particular have led to a notable increase in consumer interest in smart voice-activated devices and digital assistants, while the growing need for accessibility features in digital content is also a major factor driving these markets upward trend, the firm said.

Voice conversion and cloning applications will have a significant portion of the AI voice generator market, providing authentic voice imitation and customization and improving user experiences in customer service, entertainment, and accessibility solutions, MarketsandMarkets reported, noting that increasing need for voice assistants, immersive gaming, and personalized content is fueling the adoption even more. Also driving the upward trend are improvements in AI algorithms that help to achieve human-like, realistic voice results, it said further

The healthcare and life sciences sector will register the fastest growth due to the increasing use of AI-based tools in patient care and operational processes. AI based virtual assistants for patient engagement and automated transcription services for medical records are changing the way healthcare is provided, according to MarketsandMarkets. The integration of generative AI for remote patient monitoring, telehealth services, and precise diagnostics, and increasing demand for fast and successful communication between healthcare professionals and patients, particularly in settings with multiple languages, continues to drive the expansion of AI technologies in this industry, it said further.

The major players in the AI voice generator market include IBM, NVIDIA, OpenAI, Meta, Microsoft, Google, Amazon Web Services, Cisco, SoundHound, Speechify, ElevanLabs, Synthesia, PlayHT, Resemble A, Stability AI, Runway, AMAI, Musico, Descript, Aiva Technologies, dubdub.ai, Deepdub, Dubverse, Respeecher, BeyondWords, Voicemod, Replica Studios, Simplified, Murf AI, Listnr AI, DeepBrain AI, Camb.ai, Podcastler, Lovo AI, and Soundful, according to the report.