The global text-to-speech (TTS) market is expected to reach $12.5 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031. The growth of the TTS market is being driven by a number of factors, including:
TTS technology is important for a number of reasons. It can help people with visual impairments and learning disabilities to access information that would otherwise be inaccessible to them. It can also be used to help people who are busy or have difficulty reading to stay up-to-date on information. Additionally, TTS can be used to create audiobooks, which can be enjoyed by people of all ages.
The TTS market is segmented by type, component, language, deployment mode, organization size, and end-user. By type, the market is divided into non-neural, neural, and custom. Non-neural TTS systems are the most common type of TTS system. They are relatively simple to develop and can be used to generate a wide range of voices. However, they are not as accurate or natural-sounding as neural TTS systems. Neural TTS systems are more complex to develop, but they can generate more accurate and natural-sounding voices. Custom TTS systems are designed for specific applications and can be used to generate voices that match the specific requirements of the application.
By component, the market is divided into software and hardware. Software TTS systems are the most common type of TTS system. They are typically installed on a computer or mobile device and can be used to generate audio from text. Hardware TTS systems are less common. They are typically embedded in devices such as e-readers and voice assistants.
By language, the market is divided into English, Chinese, Japanese, Korean, and other languages. English is the most popular language for TTS. This is due to the fact that English is the most widely spoken language in the world. Chinese, Japanese, and Korean are also popular languages for TTS. This is due to the fact that these languages are spoken by a large number of people and have a strong demand for TTS technology.
By deployment mode, the market is divided into cloud-based and on-premises. Cloud-based TTS systems are hosted on a remote server and can be accessed from anywhere with an internet connection. On-premises TTS systems are installed on a local server and can only be accessed from within the local network.
By organization size, the market is divided into small and medium-sized businesses (SMBs) and large enterprises. SMBs are the largest users of TTS technology. This is due to the fact that SMBs often have limited resources and need to find cost-effective ways to provide TTS to their employees and customers. Large enterprises also use TTS technology, but to a lesser extent than SMBs. This is because large enterprises typically have the resources to develop their own TTS solutions or to purchase TTS solutions from a vendor.
By end-user, the market is divided into educational, enterprise, consumer electronics, and government. The educational sector is the largest user of TTS technology. This is due to the fact that TTS technology can be used to help students with visual impairments and learning disabilities to access information and to improve their reading skills. The enterprise sector is also a major user of TTS technology. TTS technology can be used to help employees stay up-to-date on information, to create training materials, and to provide customer service. Consumer electronics is another major market for TTS technology. TTS technology is used in a variety of consumer electronics devices, such as e-readers, voice assistants, and smart speakers. Government is also a major user of TTS technology. TTS technology is used by government agencies to provide information to citizens, to create educational materials, and to provide customer service.
The TTS market is a rapidly growing market. The growth of the market is being driven by a number of factors, including the increasing number of people suffering from visual impairments and learning disabilities, the growing popularity of mobile devices and the internet, the increasing demand for TTS in educational and enterprise settings, and the development of new and improved TTS technologies.
