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 text-to-speech market, the consumer electronics vertical market held the largest share of the overall text-to-speech 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 text-to-speech 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 text-to-speech market in the Americas between 2017 and 2022. Currently, the global text-to-speech 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.