TTS Market to Reach $12.5 Billion by 2031

Allied Market Research found that the globa text-to-speech market generated $2.8 billion in 2021 and is projected to reach $12.5 billion by 2031, growing at a compound annual growth rate of 16.3 percent.

In its report, the market research firm noted that the COVID-19 pandemic had a positive effect on the global text-to-speech market, with lockdowns causing a surge in internet penetration, increased adoption of technology among schools and universities moving to online learning, and rapid digital transformation among businesses. The firm also identified an increase in consumer preferences for handheld devices, the rapid adoption of voice assistants and smart speakers, a surge in the number of people with visual impairments and learning disabilities, technological advancements as key drivers and opportunities for industry growth.

At the same time, the firm noted that privacy issues could restrain the industry somewhat.

Other findings highlighted in the report included the following:

• Based on industry vertical, the financial services segment holds the largest share (more than one-fourth) of the market and is expected to maintain its leadership status. The education segment, thouigh, is expected to cite the fastest CAGR of 19.3 percent through 2031.
• Based on deployment model, the on-premises segment held the dominating market share with nearly three-fifths of the global market and is expected to maintain its leadership . The cloud segment, on the other hand, is expected to cite the fastest CAGR of 17.5 percent through 2031.
• Based on language, English holds roughly two-fifths of the global market and is expected to maintain its leadership through 2031, although Spanish will see the fastest CAGR of 18.9 percent.
• Based on region, North America held the largest market share (more than one-third) in 2021 and is expected to maintain its leadership status through 2031, although the Asia-Pacific region is expected to see the fastest CAGR of 18.9 percent.

The report identified Nuance Communications, IBM, Microsoft, GL Communications, Acapela Group, Amazon, CereProc, Google, iFlytek, iSpeech, LumenVox, NextUp Technologies, Readspeaker, Sestek, Sensory, TextSpeak, Deepdub, and Neosapience as key players in the global TTS market.