Text-to-speech is a kind of service that realizes natural language and introduces the audio output full of cadence and intonation. The text language should resemble the voice language to introduce synthesized audio output. Text-to-speech technology supports in the conversion of the written content of any website, e-books, mobile apps, online documents, and e-learning tools to audio output. Individual suffering from learning incapacities, language problems, vision issues can retrieve the written content without any trouble. This technology delivers a simpler manner to reach the worldwide population.
According to the report analysis, ‘Text-to-Speech Market: Current Analysis and Forecast
(2021-2027)’ states that the requirement for Text-to-Speech
is growing on account of the increasing aging population coupled with the decreased
vision. Also, the growing number of individual with a learning disability influences
market growth. Text-to-speech technology has been very cooperative for people
with decreased vision, as this proposes an opportunity to understand the
written content well. Furthermore, the increasing advancements in the
production of digital content and growing consumption of hand-held devices,
coupled with augmenting the internet penetration, are boosting the requirement
for text-to-speech technology. However, some of the limitation in the market
are complexity in creating the prosody and pronunciation of naturally occurring
speech.
Based on Offering, the market is classified into Software and
Services. The Software segment registered the market during 2020 and is predicted
to augment at lucrative throughout the forecasted period owing to the growing
deployment of software as a tool for the improvement of learning experience for
visually impaired individuals. The technology is beneficial for listening to
text from documents while concurrently functioning on other things. The
obtainability of free-of-cost software on the Internet is another foremost aspect
burgeoning the growth of this sector. As per the WHO, Globally, at least 2.2
billion individual have a near or distance vision impairment.
Based on Voice Type, the market is categorized into Neural and
Custom Voice, and Non-Neural. The Neural and custom voice segment controls the
largest share during 2020 and is estimated to register the highest CAGR in the forthcoming
period. Neural and custom voice enables users to introduce branded voices with
the application of Machine Learning (ML) technologies. In addition, the
application of neural networks enables the production of natural-sounding
speech and customized experiences for consumers.
North America will register the Text-to-Speech market on account
of the speedily increasing requirement for text-to-speech technology and increasing
adoption of machine learning and Artificial Intelligence around the United
States. Some of the foremost players functioning in the market include Nuance
Communication, Microsoft Corporation, IBM Corporation, Google, Inc., Sensory
Inc., Amazon.Com, Readspeaker, LumenVox LLC, Acapela Group, and CereProc.
Several M&As along with partnerships have been undertaken by these players to
enhancement their existence in dissimilar regions. Therefore, it is predicted
that the market of test-to-speech will increase around the globe more actively
over the forthcoming future.
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