Text-to-Speech Market by Vertical (Healthcare, Enterprise, Consumer Electronics, Automotive & Transportation, Finance, Education, Retail), and Geography(Americas, Europe, Asia Pacific) - Global Forecast to 2022
[131 Pages Report] The text-to-speech market was valued at USD 1.30 Billion in 2016 and is expected to reach USD 3.03 Billion by 2022, growing at a CAGR of 15.21% between 2017 and 2022. The base year considered for the study is 2016, and the market size forecast is given for the period between 2017 and 2022.
Objectives of the Study:
- To define, describe, and forecast the market on the basis of vertical and geography
- To forecast the market size of the various segments with respect to four main regionsNorth America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the total market
- To strategically profile key players and comprehensively analyze their core competencies, along with detailing the competitive landscape for market leaders
- To analyze competitive developments such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, new product launches, and research and development in the text-to-speech market
Research Methodology:
The research methodology used to estimate and forecast the text-to-speech market begins with capturing data on key vendor revenues through secondary research such as Hoovers, Bloomberg Business, Factiva, and OneSource. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market from the revenue of the key market players. After arriving at the overall market size, the total market was split into several segments and subsegments which were then verified through primary research by conducting extensive interviews with key people such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary respondents is depicted in the figure below:
To know about the assumptions considered for the study, download the pdf brochure
The companies covered in the text-to-speech market are Nuance Communication (US), Microsoft Corporation (US), Sensory Inc. (US), LumenVox LLC (US), NeoSpeech (US), Amazon.Com (US), SESTEK (Turkey), iSpeech Inc. (US), TextSpeak (US), NextUp Technologies (US), Acapela Group (France), CereProc (Scotland), ReadSpeaker (Netherlands), Nexmo (US), and rSpeak (Netherlands).
Key Target Audience
- TV manufacturers
- Defense controlling system manufacturers
- Smart car manufacturers
- Mobile handset manufacturers
- Healthcare industry players
- Industry experts
Scope of the Report:
In this research report, the text-to-speech market has been segmented into the following submarkets:
By Vertical:
- Consumer Electronics
- Automotive and Transportation
- Healthcare
- Education
- Finance
- Retail
- Enterprise
- Others
By Geography:
- Americas
- Europe
- Asia Pacific
- RoW
Available Customizations:
- Detailed analysis and profiling of additional market players (up to five)
- Further break up of subapplications by country
According to MarketsandMarkets, the global text-to-speech market was valued at USD 1.30 Billion in 2016 and is expected to reach USD 3.03 Billion by 2022, growing at a CAGR of 15.21% between 2017 and 2022. The rising demand for handheld devices and increase in government spending for the education of differently abled persons drive the demand for the text-to-speech technology.
This report segments the text-to-speech market on the basis of vertical and geography. On the basis of vertical, the market is segmented into consumer electronics, automotive and transportation, healthcare, education, finance, retail, enterprise, and others. For the market, the consumer electronics vertical market held the largest share of the overall market in 2016. Text-to-speech is widely used in smartphones for navigation and personal assistance apps. Moreover, laptops and televisions have also adopted this technology to help blind and partially sighted people to access the menu with the help of audible instructions. The market for the healthcare vertical is expected to grow at the highest CAGR during the forecasted period. Advancements in medical devices and the growing usage of personal health monitors drive the growth of the market for healthcare.
The Americas is expected to be the largest contributor to the text-to-speech market during the forecast period. The US is expected to be the major contributor to the market in the Americas between 2017 and 2022. Currently, the global market is dominated by the Americas owing to the high adoption rate of artificial intelligence software and large-scale deployment of neural networks across various end-use verticals. The major driving factor in the Americas is the presence of major vendors of text-to-speech technology such as Nuance Communication (US), Microsoft Corp. (US), Neospeech (US), and Sensory Inc. (US). China and India are among the fastest-growing economies in the world. Their financial strength enables them to make significant investments in various growing end-user industries. In Japan and China, text-to-speech systems have been deployed at airports and ATMs. Hence, Asia Pacific is expected to witness the highest growth rate during the forecast period.
However, the lack of prosody and pronunciation of naturally occurring speech is expected to limit the growth of this market.
The major players in the text-to-speech market are Nuance Communication (US), Microsoft Corporation (US), Sensory Inc. (US), LumenVox LLC (US), NeoSpeech (US), Amazon.Com (US), SESTEK (Turkey), iSpeech Inc. (US), TextSpeak (US), NextUp Technologies (US), Acapela Group (France), CereProc (Scotland), ReadSpeaker (Netherlands), Nexmo (US), and rSpeak (Netherlands).
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 12)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitations
1.7 Stakeholders
2 Research Methodology (Page No. - 16)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Secondary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
3 Executive Summary (Page No. - 25)
4 Premium Insights (Page No. - 28)
4.1 Attractive Market Opportunities in the Market
4.2 Vertical-Wise and Region-Wise Snapshot of the Text-to-Speech Market
4.3 Healthcare Vertical Expected to Witness the Highest Growth Rate Between 2017 and 2022
4.4 China Expected to Witness the Highest Growth Rate Between 2017 and 2022
5 Market Overview (Page No. - 32)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Demand for Handheld Devices
5.2.1.2 Increased Government Spending on Education for the Differently Abled
5.2.2 Restraints
5.2.2.1 Lack of Prosody and Pronunciation of Naturally Occurring Speech
5.2.3 Opportunities
5.2.3.1 Enabling Seamless Communication Between Human Beings and Robots
5.2.3.2 Growing Market for Artificial Intelligence
5.2.4 Challenges
5.2.4.1 Creation of A Generic Acoustic Database That Covers Language Variations
5.2.4.2 Slow Network Speed in Some of the Regions Limits the Adoption of Cloud-Based Text-to-Speech Services
6 Industry Trends (Page No. - 37)
6.1 Introduction
6.2 Value Chain Analysis
6.2.1 Core Industry Segments
6.2.1.1 Research and Product Development
6.2.1.2 Manufacturers
6.2.1.3 System Integrators
6.2.1.4 End Users
6.3 Porters Five Forces Analysis
6.3.1 Threat of New Entrants
6.3.2 Bargaining Power of Suppliers
6.3.3 Threat of Substitutes
6.3.4 Bargaining Power of Buyers
6.3.5 Intensity of Competitive Rivalry
7 Text-to-Speech Market, By Vertical (Page No. - 44)
7.1 Introduction
7.2 Automotive & Transportation
7.3 Enterprise
7.4 Consumer Electronics
7.5 Healthcare
7.6 Finance
7.7 Education
7.8 Retail
7.9 Others
8 Geographical Analysis (Page No. - 54)
8.1 Introduction
8.2 Americas
8.3 Europe
8.4 Asia Pacific
8.5 Rest of the World
9 Competitive Landscape (Page No. - 85)
9.1 Overview
9.2 Vendor Dive Overview
9.2.1 Vanguard
9.2.2 Dynamic
9.2.3 Innovator
9.2.4 Emerging
9.3 Business Strategies Adopted By Major Players in the Market
9.4 Analysis of the Product Portfolio of Major Players in the Market
*Top Companies Analyzed for This Study are Nexmo (US), Voxygen (London), Innoetics Text-to-Speech Technologies (Greece), Rspeak (Netherlands), Ispeech (US), Kasisto, Inc. (US), Sunrom Electronics (India), Rubidium (Israel), Cepstral (US) Wizzard Software (US), SESTEK (Turkey), Appen (Australia), Nuance Communications (US), Microsoft Corporation (US), Sensory Inc. (US), Lumenvox, LLC (US), Neospeech (US), Amazon.Com (US), Acapela Group (Belgium), Cereproc (Scotland), Readspeaker (Netherlands), Iflytek (China), Textspeak (US), Pronexus (Canada), Welocalize (US), Nextup Technologies (US)
10 Company Profiles (Page No. - 89)
(Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, MnM View)*
10.1 Introduction
10.2 Nuance Communication
10.3 Microsoft Corporation
10.4 Sensory Inc.
10.5 Amazon.Com Inc.
10.6 Neospeech
10.7 Lumenvox LLC.
10.8 Acapela Group
10.9 Cereproc
10.10 ReadSpeaker
10.11 Speech Enabled Software Technologies (SESTEK)
10.12 Ispeech, Inc.
10.13 Textspeak
10.14 Nextup Technologies, LLC
10.15 Start-Up Ecosystem
10.15.1 Nexmo Inc.
10.15.2 Rspeak Technologies
*Details on Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.
11 Appendix (Page No. - 124)
11.1 Insights of Industry Experts
11.2 Discussion Guide
11.3 Knowledge Store: Marketsandmarkets Subscription Portal
11.4 Introducing RT: Real-Time Market Intelligence
11.5 Available Customizations
11.6 Related Reports
11.7 Author Details
List of Tables (57 Tables)
Table 1 Text-to-Speech Market, By Vertical, 20142022 (USD Million)
Table 2 Market for Automotive & Transportation Vertical, By Application, 20142022 (USD Million)
Table 3 Market for Enterprise Vertical, By Application, 20142022 (USD Million)
Table 4 Text-to-Speech Market for Consumer Electronics Vertical, By Application, 20142022 (USD Million)
Table 5 Market for Healthcare Vertical, By Application, 20142022 (USD Million)
Table 6 Market for Finance Vertical, By Application, 20142022 (USD Million)
Table 7 Text-to-Speech Market for Education Vertical, By Application, 20142022 (USD Million)
Table 8 Market for Retail Vertical, By Application, 20142022 (USD Million)
Table 9 Market, By Region, 20142022 (USD Million)
Table 10 Text-to-Speech Market in Americas, By Country, 20142022 (USD Million)
Table 11 Market in Americas, By Vertical, 20142022 (USD Million)
Table 12 Market for Consumer Electronics Vertical in Americas, By Application, 20142022 (USD Million)
Table 13 Text-to-Speech Market for Automotive & Transportation Vertical in Americas, By Application, 20142022 (USD Million)
Table 14 Market for Healthcare Vertical in Americas, By Application, 20142022 (USD Million)
Table 15 Market for Education Vertical in Americas, By Application, 20142022 (USD Million)
Table 16 Text-to-Speech Market for Finance Vertical in Americas, By Application, 20142022 (USD Million)
Table 17 Market for Retail Vertical in Americas, By Application, 20142022 (USD Million)
Table 18 Market for Enterprise Vertical in Americas, By Application, 20142022 (USD Million)
Table 19 Text-to-Speech Market for Other Verticals in Americas, By Application, 20142022 (USD Million)
Table 20 Market in US, By Vertical, 20142022 (USD Million)
Table 21 Market for Consumer Electronics Vertical in US, By Application, 20142022 (USD Million)
Table 22 Text-to-Speech Market for Automotive Vertical in US, By Application, 20142022 (USD Million)
Table 23 Market for Healthcare Vertical in US, By Application, 20142022 (USD Million)
Table 24 Market for Education Vertical in US, By Application, 20142022 (USD Million)
Table 25 Text-to-Speech Market for Finance Vertical in US, By Application, 20142022 (USD Million)
Table 26 Market for Retail Vertical in US, By Application, 20142022 (USD Million)
Table 27 Market for Enterprise Vertical in US, By Application, 20142022 (USD Million)
Table 28 Text-to-Speech Market in Europe, By Country, 20142022 (USD Million)
Table 29 Market in Europe, By Vertical, 20142022 (USD Million)
Table 30 Market for Consumer Electronics Vertical in Europe, By Application, 20142022 (USD Million)
Table 31 Text-to-Speech Market for Automotive & Transportation Vertical in Europe, By Application, 20142022 (USD Million)
Table 32 Market for Healthcare Vertical in Europe, By Application, 20142022 (USD Million)
Table 33 Market for Education Vertical in Europe, By Application, 20142022 (USD Thousand)
Table 34 Text-to-Speech Market for Finance Vertical in Europe, By Application, 20142022 (USD Million)
Table 35 Market for Retail Vertical in Europe, By Application, 20142022 (USD Million)
Table 36 Market for Enterprise Vertical in Europe, By Application, 20142022 (USD Million)
Table 37 Text-to-Speech Market for Other Verticals in Europe, By Application, 20142022 (USD Million)
Table 38 Market in Asia Pacific, By Country, 20142022 (USD Million)
Table 39 Market in Asia Pacific, By Vertical, 20142022 (USD Million)
Table 40 Text-to-Speech Market for Consumer Electronics Vertical in Asia Pacific, By Application, 20142022 (USD Million)
Table 41 Market for Automotive & Transportation Vertical in Asia Pacific, By Application, 20142022 (USD Million)
Table 42 Market for Healthcare Vertical in Asia Pacific, By Application, 20142022 (USD Million)
Table 43 Text-to-Speech Market for Education Vertical in Asia Pacific, By Application, 20142022 (USD Thousand)
Table 44 Market for Finance Vertical in Asia Pacific, By Application, 20142022 (USD Million)
Table 45 Market for Retail Vertical in Asia Pacific, By Application, 20142022 (USD Million)
Table 46 Text-to-Speech Market for Enterprise Vertical in Asia Pacific, By Application, 20142022 (USD Million)
Table 47 Market for Other Verticals in Asia Pacific, By Application, 20142022 (USD Million)
Table 48 Market in RoW, By Region, 20142022 (USD Million)
Table 49 Text-to-Speech Market in RoW, By Vertical, 20142022 (USD Million)
Table 50 Market for Consumer Electronics Vertical in RoW, By Application, 20142022 (USD Million)
Table 51 Market for Automotive & Transportation Vertical in RoW, By Application, 20142022 (USD Million)
Table 52 Text-to-Speech Market for Healthcare Vertical in RoW, By Application, 20142022 (USD Thousand)
Table 53 Market for Education Vertical in RoW, By Application, 20142022 (USD Thousand)
Table 54 Market for Finance Vertical in RoW, By Application, 20142022 (USD Million)
Table 55 Text-to-Speech Market for Retail Vertical in RoW, By Application, 20142022 (USD Thousand)
Table 56 Market for Enterprise Vertical in RoW, By Application, 20142022 (USD Thousand)
Table 57 Market for Other Verticals in RoW, By Application, 20142022 (USD Thousand)
List of Figures (69 Figures)
Figure 1 Text-to-Speech Segmentation
Figure 2 Text-to-Speech : Research Design
Figure 3 Research Flow
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Text-to-Speech , By Vertical
Figure 7 Text-to-Speech , By Region, 2016
Figure 8 Text-to-Speech Expected to Grow at A High Rate Between 2017 and 2022
Figure 9 Consumer Electronics Held the Largest Share of the Market for Text-to-Speech in 2016
Figure 10 Healthcare Expected to Hold the Largest Share of the Text-to-Speech By 2022
Figure 11 The US Likely to Hold the Largest Share of the Text-to-Speech Between 2017 and 2022
Figure 12 Rising Demand for Handheld Devices and Increased Government Spending on Education Drive the Growth of the Market
Figure 13 Annual Smartphone Shipment, 20132018 (Million Units)
Figure 14 Value Chain Analysis: Text-to-Speech Market (2016)
Figure 15 Overview of Porters Five Forces Analysis (2016)
Figure 16 Porters Five Forces Analysis (2016): Impact Analysis for the Market
Figure 17 High Impact of Threat of New Entrants
Figure 18 Low Impact of Bargaining Power of Suppliers
Figure 19 High Impact of Bargaining Power of Buyers
Figure 20 High Impact of Intensity of Competitive Rivalry
Figure 21 Text-to-Speech Segmentation, By Vertical
Figure 22 Text-to-Speech for Healthcare Expected to Grow at the Highest Rate Between 2017 and 2022
Figure 23 Smartphones Expected to Hold the Largest Share of the Market for Consumer Electronics Between 2017 and 2022
Figure 24 E-Learning Expected to Hold the Largest Share of the Market for Education Vertical Between 2017 and 2022
Figure 25 Text-to-Speech Market Segmentation, By Geography
Figure 26 Americas to Hold the Largest Market Size Between 2016 and 2022
Figure 27 Americas: Text-to-Speech Snapshot
Figure 28 Medical Devices Segment Held the Largest Share of the Market for the Healthcare Vertical in the Americas (2016)
Figure 29 Market for Navigation Segment Expected to Grow at the Highest CAGR for the Market in the Automotive Vertical in the US (20172022)
Figure 30 Germany Expected to Grow at the Highest CAGR Between 2017 and 2022 for the Market in Europe
Figure 31 E-Learning Segment Held the Largest Share of the Market in 2016 for the Market for Education Vertical in Europe
Figure 32 China Expected to Witness the Highest CAGR Between 2016 and 2022 for the Market in Asia Pacific
Figure 33 ATM Segment Held the Largest Share of the Market for the Finance Vertical in Asia Pacific (2016)
Figure 34 Middle East Region Held the Largest Share of the Market in RoW (2016)
Figure 35 Companies Adopted Mergers and Acquisitions, and New Product Launches as Key Growth Strategies Between 2014 and 2016
Figure 36 Dive Chart
Figure 37 Nuance Communication: Company Snapshot
Figure 38 Nuance Communication: Parameters for Product Offering
Figure 39 Nuance Communication: Parameters for Business Strategies
Figure 40 Microsoft Corporation: Company Snapshot
Figure 41 Microsoft Corporation: Parameters for Product Offering
Figure 42 Microsoft Corporation: Parameters for Business Strategies
Figure 43 Sensory Inc.: Parameters for Product Offering
Figure 44 Sensory Inc.: Parameters for Business Strategies
Figure 45 Amazon.Com Inc.: Company Snapshot
Figure 46 Amazon.Com Inc.: Parameters for Product Offering
Figure 47 Amazon.Com Inc.: Parameters for Business Strategies
Figure 48 Neospeech: Parameters for Product Offering
Figure 49 Neospeech: Parameters for Business Strategies
Figure 50 Lumenvox LLC.: Parameters for Product Offerings
Figure 51 Lumenvox LLC.: Parameters for Business Strategies
Figure 52 Acapela Group: Parameters for Product Offering
Figure 53 Acapela Group: Parameters for Business Strategies
Figure 54 Cereproc: Parameters for Product Offering
Figure 55 Cereproc: Parameters for Business Strategies
Figure 56 ReadSpeaker: Parameters for Product Offering
Figure 57 ReadSpeaker: Parameters for Business Strategies
Figure 58 Speech Enabled Software Technologies (SESTEK): Parameters for Product Offering
Figure 59 Speech Enabled Software Technologies (SESTEK): Parameters for Business Strategies
Figure 60 Ispeech, Inc.: Parameters for Product Offerings
Figure 61 Ispeech, Inc.: Parameters for Business Strategies
Figure 62 Textspeak: Parameters for Product Offering
Figure 63 Textspeak: Parameters for Business Strategies
Figure 64 Nextup Technologies, LLC: Parameters for Product Offering
Figure 65 Nextup Technologies, LLC: Parameters for Business Strategies
Figure 66 Nexmo Inc.: Parameters for Product Offering
Figure 67 Nexmo Inc.: Parameters for Business Strategies
Figure 68 Rspeak Technologies: Parameters for Product Offering
Figure 69 Rspeak Technologies: Parameters for Business Strategies
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Growth opportunities and latent adjacency in Text-to-Speech Market