28 March 2019 - 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.
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.
In
addition, strategic collaborations between key players is highly observed as a
driving factor for the market growth. Asia-Pacific’s market growth is
anticipated at a significant pace due to the higher traction owing to
inclination towards innovative learning. The key players profiled in the
text-to-speech market report are Microsoft Corporation, Nuance Corporation and
NeoSpeech.
Market Segment:
The key players covered in this study
•
Nuance Communication
•
Microsoft
•
Sensory
•
Amazon
•
Neospeech
•
Lumenvox
•
Acapel
•
Cereproc
•
ReadSpeaker
•
Speech Enabled Software Technologies
•
Ispeech
•
Textspeak
•
Nextup Technologies
Market segment by Type, the product can
be split into
•
English
•
French
•
German
•
Italian
•
Korean
•
Others
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