Global Text-to-Speech Market Forecast to 2026: Nuance Communication, Microsoft, and IBM Leading the Market

Strategic Insights -

The global text-to-speech market is expected to grow significantly, driven by factors such as the increasing demand for handheld devices, government spending on education for differently-abled, and the dependence of the growing elderly population on technology. The market is valued at USD 2 billion in 2020 and is estimated to reach USD 5 billion by 2026, with a compound annual growth rate (CAGR) of 14.6% during the forecast period. Large enterprises are the leading adopters of text-to-speech software and services, followed by SMEs, which are expected to witness a prominent growth rate due to the availability of cost-effective cloud solutions.

Key Takeaways:

  • The global text-to-speech market was valued at USD 2 billion in 2020 and is estimated to reach USD 5 billion by 2026, with a CAGR of 14.6% during the forecast period.
  • Large enterprises are the leading adopters of text-to-speech software and services, accounting for a significant share in 2020, while SMEs are expected to witness a prominent growth rate during the forecast period.
  • English and Mandarin Chinese will hold the highest and second-highest share in the coming years, respectively, due to their widespread use and the growing demand for speech recognition solutions.
  • APAC is expected to grow at the highest CAGR in the text-to-speech market during the forecast period, driven by the increasing adoption of AI, analytics, and IoT devices in the region.
  • The market is dominated by Nuance Communication, Microsoft Corporation, IBM Corporation, Google, Inc., and Amazon.com, Inc.
  • The drivers of the market include the rising preference for handheld devices, increased government spending on education for differently-abled students, dependence of the growing elderly population on technology, and increasing number of people with different learning disabilities.

Statistics:

  • The global text-to-speech market is expected to grow at a CAGR of 14.6% during the forecast period.
  • The market is valued at USD 2 billion in 2020 and is estimated to reach USD 5 billion by 2026.
  • Large enterprises accounted for a significant share in 2020, while SMEs are expected to witness a prominent growth rate during the forecast period.
  • English and Mandarin Chinese are expected to hold the highest and second-highest share in the coming years, respectively.
  • APAC is expected to grow at the highest CAGR in the text-to-speech market during the forecast period.

Sources:

  • "Global Text-to-Speech Market with COVID-19 Impact Analysis by Offering (Software, Services), Vertical (Enterprise, Consumer Electronics, Education, Retail), Deployment, Language, Organization Size, Voice Type, and Geography - Forecast 2026" report, ResearchAndMarkets.com, 2021.
  • M2 PRESSWIRE, February 16, 2021.