The
global text-to-speech
market is anticipated to grow at a significant CAGR of 15.92% during
the forecast period. Text-to-speech technology converts written text into audio
content. This is useful in case of converting website content, mobile apps,
online documents, and e-learning. Population with learning disabilities, vision
& language problem can access to this technology without any difficulty.
Hence, text-to-speech technology enables the differently abled population to
minimize the learning obstacles upto a greater extent.
The
market is driven by increase in demand for handheld devices and rise in
government spending towards machine based learning for differently abled
population. Rise in production of consumer electronics supplements the market
demand. Population with learning disability and difficulty is likely to
contribute to the creation of machine based learning devices. Geriatric
population with reading and writing disorders is quite high. Text-to-speech
technology proves very useful for population under this category.
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Challenges
such as non-compatibility of devices, digital incompetency during conversion of
written content to audio and low investment by companies, occur in the
text-to-speech market. Market is segmented by vertical into consumer
electronics, enterprise, healthcare, finance, education, automotive &
transportation, retail and education. Retail & education segment is likely
to account for a higher share in the international market.
Market
is geographically segmented into North America, South America, Europe,
Asia-Pacific, Middle East and Africa. North America market dominates the global
market scenario and is estimated to grow at a higher CAGR during the forecast
period. The U.S. market is consistently expanding due to rise in trend of
machine learning, innovative approach for text-to-speech technology and
constantly rise in government initiatives in the medical and education sector.
Market Segment:
The key players covered in this study
•
Nuance Communication
•
Microsoft
•
Sensory
•
Amazon
•
Neospeech
•
Lumenvox
•
Acapel
•
Cereproc
Market segment by Type, the product can
be split into
•
English
•
French
•
German
•
Italian
•
Korean
•
Others
Market segment by Application, split
into
•
Automotive and transportation
•
Healthcare
•
Consumer electronics
•
Finance
•
Education
•
Retail
•
Enterprise