Global Text to Speech (TTS) Software Market Size, Trends, and Growth Opportunity, By Offering (Software and Solution and Services), Deployment Model (Cloud and On-premises), Organization Size (Large Enterprise and Small and Medium-Sized Enterprises (SMEs)), Voice Type (Neural and Customer Voice and Non-Neural), Operating Device (Computers, Tablets, and Mobile Phones), File Format (mp3, mp4, VOX, WMA, and Others), End User (Banking, Financial Services and Insurance (BFSI), Government, Healthcare, Consumer Electronics, Transportation and Automotive, Education, Travel and Hospitality, Retail, And E-Commerce, Enterprises and Others) By Region and forecast till 2027.
Global Text-to-Speech (TTS) Software Market
The global Text to Speech (TTS) Software Market was valued at USD 2.8 Billion in 2022 and is slated to reach USD 7.6 Billion by 2027 at a CAGR of 14.7 % from 2022-2027.
Text-to-Speech refers to text that is read aloud by either a human or a computer-based voice. These programs are appropriate for vision-impaired people of any age and are ideal for primary and secondary classrooms. Text-to-speech software is sometimes shareware, but most of the time it is freeware for users to use, whereas shareware is only available for a limited trial period after which consumers must pay for the software.
Market Drivers
As a result of the widespread adoption of technology-based education, the market share of text-to-speech software has increased significantly. Numerous school or university trainers and educators use modern technology to assist students who are unable to read and are struggling to understand the old traditional culture. As a result, the provider offers programs in which students can use text-to-speech software to gain independence. These programs are used to listen to passages, sentences, or keywords, quickly enlarge the text, and facilitate the use of Text-to-Speech software, which increases market share. People over the age of 60 are increasingly experiencing vision problems, and text-to-speech (TTS) software technology helps them understand sentences and words. Because this software technology is useful for people with low vision, there is an opportunity for the TTS Software market, which will drive the market growth rate.
Market Restraints
The high purchase and installation costs of text-to-speech (TTS) software will act as major market restraints and impede market growth during the forecasted period. The threat of cyber-attacks and hackers also undermines consumers' trust in the dependability of text-to-speech (TTS) software, which is expected to be a major impediment to market growth.
Impact of COVID-19
The text-to-speech software market has grown significantly as a result of the pandemic's outbreak. This pandemic has had a positive impact on market growth. Text-to-speech software provides a wide range of languages and voices, making it possible for customers to choose the language in which they want to consume digital content globally. Global economies rely on EdTech companies and online classes to keep the education industry running. The demand for text-to-speech software solutions has increased as virtual classrooms, e-learning, and other digital solutions for providing continuous education to students all over the world have grown. During the pandemic period, this software saw a significant increase in new users, which increased market growth.
Recent Developments
Amazon Polly expanded its text-to-speech offering in 2021 with the release of Aria, a neural text-to-speech voice. Neural Text-To-Speech (NTTS) improves speech quality significantly. It increases expressiveness and naturalness, two important factors in synthesizing lifelike speech that is closer to human voices than ever before.
Facebook launched an updated Automatic Alt Text (AAT) feature in January 2021, which improves photo details for blind and visually impaired users. The tool employs computer vision technology to generate descriptions for images or photos.
Market Segmentation
Global Text to Speech (TTS) Software Market is segmented By Offering, Deployment Model, Organization Size, Voice Type, Operating Device, File Format, and End User. By Offering such Software and Solution Services. By Deployment Models such as Cloud and On-premises. By Organization Sizes such as Large enterprises and Small and Medium-Sized Enterprises (SMEs). By Voice Types such as Neural and Customer Voice and Non-Neural. By Operating Devices such as Computers, Tablets, and Mobile Phones. By File Formats such as mp3, mp4, VOX, WMA, and Others. By End Users such as Banking, Financial Services and Insurance (BFSI), Government, Healthcare, Consumer Electronics, Transportation and Automotive, Education, Travel and Hospitality, Retail And E-Commerce, Enterprises, and Others.
Regional Analysis
The global Text to Speech (TTS) Software Market is segmented into five regions Americas, Europe, Asia-Pacific, and the Middle East & Africa. Because of the increasing adoption of handheld devices or smartphones and internet connectivity, North America dominates the text-to-speech (TTS) software market in terms of revenue and market share. Because of the extreme surge in the availability of cost-effective and high-quality cloud solutions, the United States is expected to dominate the North American region. Due to the rapid advancement of technological advancements in handheld devices, smartphones, and other digital devices, Asia-Pacific will continue to project the highest growth rate during the forecast period of 2022-2027.
Key Players
This report includes a list of numerous Key Players, namely Open Text Corporation (Canada), Voxware, (U.S.), Wizzard Speech LLC (Germany), ReadSpeaker Holding B.V. (Netherlands), Acapela Group (Belgium), Sestek (Turkey), Google LLC (U.S.), Apple, Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Microsoft (U.S.).
Market Taxonomy
By Offering
• Software and Solution
• Services
• SAAS
• Support, Implementation, and Consulting
By Deployment Model
• Cloud
• On-premises
By Organization Size
• Large Enterprise
• Small and Medium-Sized Enterprises (SMEs)
By Voice Type
• Neural and Customer Voice
• Non-Neural
By Operating Device
• Computers
• Tablets
• Mobile Phones
By File Format
• mp3
• mp4
• VOX
• WMA
• Others
By End User
• Banking, Financial Services, and Insurance (BFSI)
• Government
• Healthcare
• Consumer Electronics
• Transportation and Automotive
• Education
• Travel and Hospitality
• Retail and E-Commerce
• Enterprises and Others
By Region
• North America Latin America
• Europe
• Asia Pacific
• Middle East & Africa.
Global Text to Speech (TTS) Software Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Text to Speech (TTS) Software Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing Economic Downturn
4.2.6 Post Covid-19 World Supply and Demand Conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Text to Speech (TTS) Software Market, By Offering
5.1 Y-o-Y Growth Comparison, By Offering
5.2 Global Text to Speech (TTS) Software Market Share Analysis, By Offering
5.3 Global Text to Speech (TTS) Software Market Size and Forecast, By Offering
5.3.1 Software and Solution
5.3.2 Services
5.3.3 SAAS
5.3.4 Support, Implementation and Consulting
6 Global Text to Speech (TTS) Software Market, By Deployment Model
6.1 Y-o-Y Growth Comparison, By Deployment Model
6.2 Global Text to Speech (TTS) Software Market Share Analysis, By Deployment Model
6.3 Global Text to Speech (TTS) Software Market Size and Forecast, By Deployment Model
6.3.1 Cloud
6.3.2 On-premises
7 Global Text to Speech (TTS) Software Market, By Organization Size
7.1 Y-o-Y Growth Comparison, By Organization Size
7.2 Global Text to Speech (TTS) Software Market Share Analysis, By Organization Size
7.3 Global Text to Speech (TTS) Software Market Size and Forecast, By Organization Size
7.3.1 Large Enterprise
7.3.2 Small and Medium-Sized Enterprises (SMEs)
8 Global Text to Speech (TTS) Software Market, By Voice Type
8.1 Y-O-Y Growth Comparison, By Voice Type
8.2 Global Text to Speech (TTS) Software Market Share Analysis, By Voice Type
8.3 Global Text to Speech (TTS) Software Market Size and Forecast, By Voice Type
8.3.1 Neural and Customer Voice
8.3.2 Non-Neural
9 Global Text to Speech (TTS) Software Market, By Operating Device
9.1 Y-O-Y Growth Comparison, By Operating Device
9.2 Global Text to Speech (TTS) Software Market Share Analysis, By Operating Device
9.3 Global Text to Speech (TTS) Software Market Size and Forecast, By Operating Device
9.3.1 Computers
9.3.2 Tablets
9.3.3 Mobile Phones
10 Global Text to Speech (TTS) Software Market, By File Format
10.1 Y-O-Y Growth Comparison, By File Format
10.2 Global Text to Speech (TTS) Software Market Share Analysis, By File Format
10.3 Global Text to Speech (TTS) Software Market Size and Forecast, By File Format
10.3.1 mp3
10.3.2 mp4
10.3.3 VOX
10.3.4 WMA
10.3.5 Others
11 Global Text to Speech (TTS) Software Market, By End User
11.1 Y-O-Y Growth Comparison, By End User
11.2 Global Text to Speech (TTS) Software Market Share Analysis, By End User
11.3 Global Text to Speech (TTS) Software Market Size and Forecast, By End User
11.3.1 Banking, Financial Services and Insurance (BFSI)
11.3.2 Government
11.3.3 Healthcare
11.3.4 Consumer Electronics
11.3.5 Transportation and Automotive
11.3.6 Education
11.3.7 Travel and Hospitality
11.3.8 Retail and E-Commerce
11.3.9 Enterprises and Others
12Global Text to Speech (TTS) Software Market, By Region
12.1 Global Text to Speech (TTS) Software Market Share Analysis, By Region
12.2 Global Text to Speech (TTS) Software Market Share Analysis, By Region
12.3 Global Text to Speech (TTS) Software Market Size and Forecast, By Region
13 North America Text to Speech (TTS) Software Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 North America Text to Speech (TTS) Software Market Share Analysis, By Offering
13.3 North America Text to Speech (TTS) Software Market Size and Forecast, By Deployment Model
13.4 North America Text to Speech (TTS) Software Market Size and Forecast, By Organization Size
13.5 North America Text to Speech (TTS) Software Market Size and Forecast, By Voice Type
13.6 North America Text to Speech (TTS) Software Market Size and Forecast, By Operating Device
13.7 North America Text to Speech (TTS) Software Market Size and Forecast, By File Format
13.8North America Text to Speech (TTS) Software Market Size and Forecast, By End User
13.9 North America Text to Speech (TTS) Software Market Size and Forecast, By Country
13.9.1 U.S.
13.9.2 Canada
13.9.3 Mexico
14EuropeText to Speech (TTS) Software Market Analysis and Forecast (2022-2027)
14.1 Introduction
14.2 Europe Text to Speech (TTS) Software Market Share Analysis, By Offering
14.3 Europe Text to Speech (TTS) Software Market Size and Forecast, By Deployment Model
14.4 Europe Text to Speech (TTS) Software Market Size and Forecast, By Organization Size
14.5 Europe Text to Speech (TTS) Software Market Size and Forecast, By Voice Type
14.6 Europe Text to Speech (TTS) Software Market Size and Forecast, By Operating Device
14.7 Europe Text to Speech (TTS) Software Market Size and Forecast, By File Format
14.8 Europe Text to Speech (TTS) Software Market Size and Forecast, By End User
14.9 Europe Text to Speech (TTS) Software Market Size and Forecast, By Country
14.9.1 Germany
14.9.2 France
14.9.3 UK
14.9.4. Rest of Europe
15Asia Pacific Text to Speech (TTS) Software Market Analysis and Forecast (2022-2027)
15.1 Introduction
15.2 Asia Pacific Text to Speech (TTS) Software Market Share Analysis, By Offering
15.3 Asia Pacific Text to Speech (TTS) Software Market Size and Forecast, By Deployment Model
15.4 Asia Pacific Text to Speech (TTS) Software Market Size and Forecast, By Organization Size
15.5 Asia Pacific Text to Speech (TTS) Software Market Size and Forecast, By Voice Type
15.6 Asia Pacific Text to Speech (TTS) Software Market Size and Forecast, By Operating Device
15.7 Asia Pacific Text to Speech (TTS) Software Market Size and Forecast, By File Format
15.8 Asia Pacific Text to Speech (TTS) Software Market Size and Forecast, By End User
15.9 Asia Pacific Text to Speech (TTS) Software Market Size and Forecast, By Country
15.9.1 China
15.9.2 Japan
15.9.3 India
15.9.4. Rest of Asia Pacific
16Latin America Text to Speech (TTS) Software Market Analysis and Forecast (2022-2027)
16.1 Introduction
16.2 Latin America Text to Speech (TTS) Software Market Share Analysis, By Offering
16.3 Latin America Text to Speech (TTS) Software Market Size and Forecast, By Deployment Model
16.4 Latin America Text to Speech (TTS) Software Market Size and Forecast, By Organization Size
16.5 Latin America Text to Speech (TTS) Software Market Size and Forecast, By Voice Type
16.6 Latin America Text to Speech (TTS) Software Market Size and Forecast, By Operating Device
16.7 Latin America Text to Speech (TTS) Software Market Size and Forecast, By File Format
16.8 Latin America Text to Speech (TTS) Software Market Size and Forecast, By End User
16.9 Latin America Text to Speech (TTS) Software Market Size and Forecast, By Country
16.9.1. Brazil
16.9.2.Rest of Latin America
17Middle East Text to Speech (TTS) Software Market Analysis and Forecast (2022-2027)
17.1 Introduction
17.2 Middle East Text to Speech (TTS) Software Market Share Analysis, By Offering
17.3 Middle East Text to Speech (TTS) Software Market Size and Forecast, By Deployment Model
17.4 Middle East Text to Speech (TTS) Software Market Size and Forecast, By Organization Size
17.5 Middle East Text to Speech (TTS) Software Market Size and Forecast, By Voice Type
17.6 Middle East Text to Speech (TTS) Software Market Size and Forecast, By Operating Device
17.7 Middle East Text to Speech (TTS) Software Market Size and Forecast, By File Format
17.8 Middle East Text to Speech (TTS) Software Market Size and Forecast, By End User
17.9 Middle East Text to Speech (TTS) Software Market Size and Forecast, By Country
17.9.1. Saudi Arabia
17.9.2. UAE
17.9.3. Egypt
17.9.4. Kuwait
17.9.5. South Africa
18Competitive Analysis
18.1 Competition Dashboard
18.2 Market share Analysis of Top Vendors
18.3 Key Development Strategies
19Company Profiles
19.1 Open Text Corporation (Canada)
19.1.1 Overview
19.1.2 Offerings
19.1.3 Key Financials
19.1.4 Business Segment & Geographic Overview
19.1.5 Key Market Developments
19.1.6 Key Strategies
19.2 Voxware, (U.S.)
19.2.1 Overview
19.2.2 Offerings
19.2.3 Key Financials
19.2.4 Business Segment & Geographic Overview
19.2.5 Key Market Developments
19.2.6 Key Strategies
19.3 Wizzard Speech LLC (Germany)
19.3.1 Overview
19.3.2 Offerings
19.3.3 Key Financials
19.3.4 Business Segment & Geographic Overview
19.3.5 Key Market Developments
19.3.6 Key Strategies
19.4 ReadSpeaker Holding B.V. (Netherlands)
19.4.1 Overview
19.4.2 Offerings
19.4.3 Key Financials
19.4.4 Business Segment & Geographic Overview
19.5 Key Market Developments
19.4.6 Key Strategies
19.5 Acapela Group (Belgium)
19.5.1 Overview
19.5.2 Offerings
19.5.3 Key Financials
19.5.4 Business Segment & Geographic Overview
19.5.5 Key Market Developments
19.5.6 Key Strategies
19.6 Sestek (Turkey)
19.6.1 Overview
19.6.2 Offerings
19.6.3 Key Financials
19.6.4 Business Segment & Geographic Overview
19.6.5 Key Market Developments
19.6.6 Key Strategies
19.7 Google LLC (U.S.)
19.7.1 Overview
19.7.2 Offerings
19.7.3 Key Financials
19.7.4 Business Segment & Geographic Overview
19.7.5 Key Market Developments
19.7.6 Key Strategies
19.8 Apple, Inc. (U.S.)
19.8.1 Overview
19.8.2 Offerings
19.8.3 Key Financials
19.8.4 Business Segment & Geographic Overview
19.8.5 Key Market Developments
19.8.6 Key Strategies
19.9 Amazon Web Services, Inc. (U.S.)
19.9.1 Overview
19.9.2 Offerings
19.9.3 Key Financials
19.9.4 Business Segment & Geographic Overview
19.9.5 Key Market Developments
19.9.6 Key Strategies
19.10 Microsoft (U.S.)
19.10.1 Overview
19.10.2 Offerings
19.10.3 Key Financials
19.10.4 Business Segment & Geographic Overview
19.10.5 Key Market Developments
19.10.6 Key Strategies
