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Software industry

Global Text-to-Speech Market to Reach USD 5 Billion by 2026, Registering a CAGR of 14.6%

Strategic Insights

— 2 min read

The global text-to-speech market was valued at USD 2 billion in 2020 and is estimated to reach USD 5 billion by 2026, driven by factors such as the rising demand for handheld devices, increased government spending on education for differently-abled, and the dependence of the growing elderly population on technology.

Key Takeaways:

  • The global text-to-speech market is expected to grow at a compound annual growth rate (CAGR) of 14.6% from 2020 to 2026, reaching a value of USD 5 billion.
  • Large enterprises are the leading adopters of text-to-speech software and services, accounting for a significant share in 2020, while small and medium-sized enterprises (SMEs) are gradually recognizing the importance of text-to-speech solutions.
  • English and Mandarin Chinese will hold the highest and second-highest share in the text-to-speech market in the coming years, driven by the increasing demand for speech recognition and virtual assistants.
  • The Asia-Pacific (APAC) region is expected to grow at the highest CAGR in the text-to-speech market during the forecast period, driven by the increasing adoption of voice-activated technology in countries such as India, China, Indonesia, Australia, Japan, and Singapore.
  • Key players in the market include Nuance Communication, Microsoft Corporation, IBM Corporation, Google, Inc., and Amazon.com, Inc.
  • The market is driven by factors such as the rising preference for handheld devices, increased government spending on education for differently-abled students, and the dependence of the growing elderly population on technology.
  • However, the market faces challenges such as the complexity in generating prosody and pronunciation of naturally occurring speech and slow network speed in a few regions, limiting the adoption of cloud-based text-to-speech services.
  • The text-to-speech market is expected to witness a prominent growth rate among SMEs during the forecast period, driven by the availability of cost-effective cloud solutions.

Statistics:

  • Global text-to-speech market value: USD 2 billion (2020), USD 5 billion (2026)
  • CAGR: 14.6%
  • Share of large enterprises in the text-to-speech market: Significant
  • Share of SMEs in the text-to-speech market: Gradually increasing
  • Languages in the text-to-speech market: English ( highest share), Mandarin Chinese (second-highest share), Spanish (growth at the highest CAGR)
  • APAC market growth: Highest CAGR
  • Number of people who can speak English: 1.1 billion (15% of the global population)

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 on ResearchAndMarkets.com
  • Businesswire.com
  • Various company profiles and reports (see source list for specific references)

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