Text-To-Speech Market Size is Projected To Reach USD 5790.1 Million By 2028 At A CAGR of 12.3% - Valuates Reports

BANGALORE, India, July 7, 2022 /PRNewswire/ -- Text-to-Speech market is segment by Type - English, French, German, Italian, Korean, Others, by Application - Automotive and transportation, Healthcare, Consumer electronics, Finance, Education, Retail, Enterprise.Global Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the  Software Category.

The global Text-to-Speech market size is projected to reach USD 5790.1 million by 2028, from USD 2543.1 million in 2021, at a CAGR of 12.3% during 2022-2028.

Major factors driving the growth of the text-to-speech market are

The text-to-speech market is expanding due to increasing demand for the text-to-speech feature in handheld devices due to the convenience offered by the technology, increasing government spending on education for people with disabilities, an aging population that is more dependent on technology, and an increase in the number of people with various learning disabilities or learning preferences.

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TRENDS INFLUENCING THE GROWTH OF TEXT TO SPEECH MARKET

Increasing adoption of text-to-speech applications in handheld devices is expected to drive the text-to-speech market growth. Mobile phones, portable digital assistants, mobile devices, and other handheld gadgets all use text-to-speech software. By giving users voice cues and audio instructions for operations, text-to-speech capable devices can also do away with the need to read lengthy user guides or manuals. The integration of text-to-speech technology into handheld devices is anticipated to rise as a result of numerous such developments in smart gadgets.

The increasing number of people suffering from visual impairments and learning disabilities is expected to further fuel the text-to-speech market growth. Text interpretation is challenging for those who have dyslexia or other reading impairments. They might not understand the letters, leaving them unidentified. Such individuals can benefit from text-to-speech technology, which can make texts easier to understand by transforming them into an audio format. For those with learning difficulties, understanding text and content is challenging. Their ability to create and process knowledge suffers as a result. Such individuals will benefit from text-to-speech technology.

The text-to-speech market is anticipated to continue expanding as a result of rising investments and technical improvements. Businesses are making significant investments in the creation of their text-to-speech technologies. They are collecting enormous amounts of data, which is allowing for new business uses of AI. Based on the text read, machine learning algorithms improve the voices' naturalness. Via altering the appropriate tone, mood, and other subtleties discovered by deep learning, this effect is produced.

Automakers are requesting more and more incorporated voice solutions for their telematics, GPS, and navigational systems. By improving control over onboard systems and optimizing safety, productivity, and overall enjoyment, text-to-speech devices improve the in-car experience. This factor is expected to drive the text-to-speech market.

Furthermore, healthcare professionals can dictate without the need for a transcriptionist thanks to speech-to-text software. As a result, recognized text can be added directly to the EHR without the involvement of a third party. Speech recognition technology is capable of understanding even complex medical jargon. Voice-activated shortcuts, which some medical speech recognition technologies provide, make navigating the EHR much faster. These enhancements to the quality of life not only simplify daily tasks for healthcare professionals but also aid in improving documentation.

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TEXT-TO-SPEECH MARKET SHARE ANALYSIS

APAC is expected to be the most lucrative region. Due to the region's increasing adoption of AI, analytics, and IoT devices, speech recognition solutions combined with text-to-speech are seeing considerable momentum. As a result, the market situation is favorable, and Asian markets including India, China, Indonesia, Australia, Japan, and Singapore are increasingly adopting voice-activated technology.

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Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Key players

• Fresenius
• Nikkiso
• B.Braum
• Baxter
• Asahi Kasei
• Nipro
• WEGO
• Toray
• Medtronic (Bellco)
• JMS
• SWS Hemodialysis Care
• Newsol
• Bluesail

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