How big is the Text-to-Speech Market?

The Text-to-Speech Market size is expected to reach USD 3.42 billion in 2024 and grow at a CAGR of 15.96% to reach USD 7.17 billion by 2029. Read More

What is the current Text-to-Speech Market size?

In 2024, the Text-to-Speech Market size is expected to reach USD 3.42 billion. Read More

Who are the key players in Text-to-Speech Market?

Amazon Web Services, Inc, IBM Corporation, Google LLC, Microsoft Corporation and Synthesys.io are the major companies operating in the Text-to-Speech Market. Read More

Which is the fastest growing region in Text-to-Speech Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Text-to-Speech Market?

In 2024, the North America accounts for the largest market share in Text-to-Speech Market. Read More

What years does this Text-to-Speech Market cover, and what was the market size in 2023?

In 2023, the Text-to-Speech Market size was estimated at USD 2.87 billion. The report covers the Text-to-Speech Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Text-to-Speech Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Text-to-Speech Market Market Trends

Market Trends of Text-to-Speech Industry

The Need for Multilingual Audio and Video Content is Driving the Market

Text-to-speech solutions can convert text into speech across languages, giving businesses a tool to communicate with global audiences by minimizing language barriers, enhancing accessibility, and opening up new business opportunities from effective global engagement, driving the market during the forecast period.
One of the primary benefits of multilanguage text-to-speech for international businesses is improved customer communication. Companies can easily convert text into natural-sounding speech using AI technology-based voice synthesizers across many languages to provide more personalized experiences to customers from different linguistic backgrounds, driving market adoption in small and large enterprises.
Additionally, companies' customer service portals and interactive voice response (IVR) can be integrated with multilingual feature-based text-to-speech solutions to understand and address customers' needs effectively, creating trust in the companies operating on a global scale and improving customer satisfaction and retention.
The need for multilanguage content for e-learning platform to cater to students worldwide fuel the adoption of the market because these solutions can convert text to audio, allowing students to engage with content in many languages and dialects, driving the market growth supported by the mainstreaming of E-learning platform in the educational system worldwide.
For instance, in September 2022, students using the E-learning platform Moodle can listen to learning content in more than 50 languages due to the integration of digital voice and text-to-speech tools from ReadSpeaker, which became a certified integration partner with Moodle to provide TTS solutions to the e-learning platform for its 200 million learners worldwide.

Text-to-Speech Market - Audio Book Purchases in Germany, Million in People, 2019-2023

Understand The Key Trends Shaping This Market

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The North America Region is Registering a Significant Market Share

The growth of E-learning platforms in the North American region, including the USA and Canada, supported by their high percentage of tech-savvy populations, is creating an opportunity for the market because integrating TTS solutions in E-learning platforms, educators in the region can make learning sessions more productive through audio-based content, helping the learners to improve engagement and learning of new skills effectively.
For instance, in February 2023, Duolingo, an American language-learning app, used artificial intelligence (AI) to enhance the learner experience by partnering with Microsoft for its Text-to-speech solutions in creating unique text-to-speech voices, making every lesson more engaging for the learner, which shows the market potential of the TTS solutions in the North American Market.
Text-to-speech solutions can be used to create audiobooks quickly and cost-effectively. With TTS, publishers can convert written books into audio format without the need for a human narrator, which can save both time and money while still providing a listening experience for consumers, creating an opportunity for the market in North America supported by the market expansion of audiobooks in the USA.
For instance, in September 2022, Spotify launched audiobooks on its streaming service, offering a third type of audio content for its customers beyond music and podcasts. Initially, audiobooks would be made available to U.S. users who can access over 300,000 titles, and this trend of audiobooks in the American market would create a demand for text-to-speech software and services due to their application in converting text-based content to audio.
Additionally, American businesses are using TTS solutions to enhance marketing efforts through AI narrators and can create engaging videos, commercials, and other marketing content quickly and easily, which is gaining traction due to the increasing advertising spending per person in the USA. For instance, Oberelo, a marketing company, has stated that US digital ad spending per person is expected to reach USD 869 per internet user in 2023, a 9.5% increase from 2022.