The text-to-speech market was valued at USD 2.0 billion in 2020 and is estimated to reach USD 5.0 billion by 2026; registering a CAGR of 14.6% during the forecast period (2021–2026). The rising demand for handheld devices, increased government spending on education for differently-abled, the dependence of the growing elderly population on technology, and the rising number of people with different learning disabilities or learning styles are factors driving the growth of the text-to-speech market. However, the lack of prosody and pronunciation of naturally occurring speech may restrain the growth of the market during the review period.
In 2020, the text-to-speech market was dominated by Nuance Communication (US), Microsoft Corporation (US), IBM Corporation (US), Google, Inc. (US), Sensory Inc. (US), Amazon.Com (US), Readspeaker (Netherlands), LumenVox LLC (US). The major strategies adopted by the top 5 players in the text-to-speech market included product launches and developments, collaborations, and acquistions which helped them to innovate on their product offerings and broaden their customer base.
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Top 2 players in the text-to-speak Market are:
Nuance Communications is a leading provider of voice recognition solutions and natural language understanding technologies for businesses and consumers globally. The company offers software solutions and applications along with support services and training. It offers customers high accuracy in automated speech recognition, capabilities for natural language understanding, dialog and information management, biometric speaker authentication, text-to-speech, and optical character recognition (OCR) capabilities. The company’s solutions and technologies for the text-to-speech market are Conversational IVR, Nuance Vocalizer, Vocalizer for Embedded Solutions, Vocalizer Expressive Studio, and Loquendo TTS provide high-performance mixed-signal and standard product solutions.
Microsoft Corporation is an international player involved in developing and marketing software, services, and devices. The company specializes in producing business software, design tools, developer tools, entertainment products, hardware, home and educational software, tablets, servers, Windows operating systems, Windows applications and platforms, smartphones, and cloud computing. The company offers text-to-speech voices in three versions: client, server, and mobile. Client voices are available with Windows operating systems (OS); server voices can be downloaded from server applications such as Speech Server and Lync for both Windows clients and server platforms; and mobile voices are available with Windows phones.
Text-to-Speech Market with COVID-19 Impact By Offering (Software, Services), Vertical (Enterprise, Consumer Electronics, Education, Retail), Deployment, Language, Organization Size, Voice Type, and Geography-Forecast 2026
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