TTS Market to Grow by $3.14 Billion Through 2025

Research firm Technavio expects the worldwide text-to-speech market to grow by $3.14 billion through 2025 at a compound annual growth rate of 16.81 percent.

The market, it said, 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. Additionally, international travel and commerce have grown significantly in the past few years, increasing the demand for text-to-speech translation systems.

America will account for 48 percent of the market growth during the forecast period, with the most growth in industries such as healthcare, retail, media and entertainment, and public safety and law enforcement, Technavio found.

The firm says the vendor landscape is fragmented but is led by Acapela Group, Amazon, Cepstral, CereProc, IFLYTEK, Innoetics, IBM, iSpeech, LumenVox, and Microsoft.