Voice Cloning Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 17.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Voice Cloning Market Analysis
The voice cloning market is expected to grow at a CAGR of 17.2% during the forecast period. Voice cloning is the process of synthesizing someone's voice.The voice-cloning solutions and services allow users to generate a computerized version of their voice. These solutions synthesize someone's voice from a few audio samples. Voice cloning is done with the help of artificial intelligence (AI) and machine learning algorithms.
- Enterprises focus on enhancing their customers' experiences by introducing a familiar voice to their products and services. By using these solutions, businesses can form significant long-term relationships with customers by providing them with a considerably better customer experience. Technology providers are also adopting cutting-edge technologies for developing efficient voice cloning solutions. For example, in November last year, The Noddle System, a tool created by Voxello, enabled hospital patients with speech disorders or impairments to contact and converse with their family members and caregivers. Using a microphone, Tenor.ai listens to discussions between patients and doctors in the exam room.
- A voice cloning procedure typically needs a couple of hours of recorded speech to build a dataset and then use the dataset to train a new model. With the growing adoption of AI and machine learning solutions, developers are working hard to shorten the time it takes to complete a voice cloning process.
- However, the malicious ways in which voice cloning methods can be misused are expected to impede the growth of this market. As voice cloning technology can generate fake audio clips that can be manipulated to spread false insights, it has become a significant matter of concern. While the applications for voice cloning technologies, like synthetic voice and speech-to-text, are still expanding, others highlight the technology's moral dilemmas. For instance, a podcast of a conversation between Steve Jobs and Joe Rogan was published by Podcast.ai. The podcast sounds like it features both people's actual voices; however, it was entirely produced by AI.
- Voice cloning companies are also working on making deep fake detection tools so that voice cloning technology isn't abused as much.For instance, in January this year, Microsoft's latest venture into artificial intelligence was VALL-E. This text-to-speech model uses transformers and can "recreate any voice from a three-second sample clip." According to cybersecurity experts, it may be used to launch more convincing phishing attempts and disseminate false information without the proper safeguards.
- At the time of the COVID-19 pandemic, the requirement for digital education platforms kept increasing across the world. When the pandemic was declared in March, the United States sprang into action, and offices, schools, and public areas were shut down. The need for the education system to go online, from K-12 to college, was enormous. E-learning organizations were taking advantage of the opportunity to conduct uninterrupted online classes through voice cloning technology. For example, Voice.com's voice actors did more than 45,000 voice cloning projects for North America's educational institutions.
Voice Cloning Market Trends
This section covers the major market trends shaping the Voice Cloning Market according to our research experts:
Solutions Segment is Expected to Grow at a Significant Rate Over the Forecast Period
- In recent years, the voice cloning solutions market has grown a lot because more industries are using cloned voice services. These industries include education, healthcare, BFSI, media and entertainment, retail, and others.
- CereProc, a voice cloning technology provider, is providing CereVoice Me, an online voice cloning solution that allows users to create a computer version of their voice. The developers of this cutting-edge technology-enabled solution have simplified CereProc's text-to-speech voice creation process, allowing the users to carry out recordings in their own homes in as little as a couple of hours.
- Typical voice cloning methods require a significantly large amount of recorded speech and extensive post-production work. This gives outstanding results but is expensive and time-consuming, which is a barrier for those needing a TTS voice that sounds like a cloned voice. Several technology vendors on the market are making voice cloning accessible to potential end-users. These solutions are beneficial for voice banking.
- Voice cloning tools can be helpful for various degenerative illnesses like motor neuron disease (MND) and amyotrophic lateral sclerosis (ALS). These tools can also be helpful for critical operations such as a laryngectomy, which can lead to the loss of speech. With the help of a speech-generating tool, a patient can listen to his voice, which was cloned from his previously recorded voice. These emerging technology-enabled solutions are driving the growth of this segment over the forecast period.
North America Geographic Segment is Expected to Hold a Significant Share Throughout the Forecast Period
The primary driving force behind the growth of the North America geographic segment is the significant presence of technology providers and increasing government initiatives towards voice cloning and fraud prevention measures. These players focus on entering into partnerships, merger acquisitions, and innovative solution offerings to stay competitive.
- According to the Resemble.AI website, AI is a potent tool that, with the help of its APIs, can enhance your voice editing in real-time. That's fantastic news for anyone wishing to produce top-notch video material while utilizing TTS. Resemble also transmits speech between real and artificial voices, creating unique effects. Resemble offers a free basic plan that costs $0.006 per second and a paid enterprise package that requires a special request from the company.
- The increasing number of frauds in the region due to the misuse of voice-cloning technology is driving the demand for proper control or prevention tools to fight voice-cloned scams. For instance, the Federal Trade Commission (FTC) hosted a workshop examining voice cloning scams or techniques that generate perfect reproductions of a person's voice.
- One of the significant aspects of this workshop was the different points of view provided by the participating panelists. For example, a representative from SAG-AFTRA also presented their perspective on voice cloning. Also, SAG-AFTRA in the U.S. represents approximately 160,000 actors, broadcast journalists, announcers, recording artists, and other entertainers. From the panelists, these different points of view will show how to prevent voice cloning-related scams in the region in the future.
- The Defense Advanced Research Projects Agency (DARPA) also promotes its Semantic Forensics (Semafor) research program for fighting against voice cloning fraud. This program is looking into rich semantic algorithms that can attribute, find, and describe fake multimodal media in order to protect against large-scale attacks that spread false information.
Voice Cloning Industry Overview
The voice cloning market is moderately competitive and comprises a significant number of global and regional players. These players account for a substantial market share and focus on expanding their customer base across the globe. These players focus on research and development activities, strategic partnerships, and other organic and inorganic growth strategies to earn a competitive edge over the forecast period.
In November 2022, in collaboration with Skit.ai, Oppo India will unveil an artificial intelligence (AI) agent that will offer 24/7 customer service to Oppo smartphone consumers. The agreement would enable Oppo to answer every customer call in real-time. The firms said in a statement that the voice bot would completely resolve common customer queries, cut down on wait times, and increase cost-effectiveness.
Voice Cloning Market Leaders
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IBM Corporation
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Microsoft Corporation
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Smartbox Assistive Technology Ltd
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Descript, Inc.
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CereProc Ltd.
*Disclaimer: Major Players sorted in no particular order
Voice Cloning Market News
- October 2022: To deliver real-time play-by-play, pre-game, in-game, and post-game updates, Stats Perform, the sports tech leader in data and AI, and Veritone, Inc., creator of the hyper-expansive enterprise AI platform aiWARE, have announced a new strategic alliance. The collaboration will combine Stats Perform's dependable Opta sports data with Veritone's award-winning synthetic speech AI technology to provide localized AI voice capabilities to content producers, media outlets, brand agencies, teams, leagues, and betting platforms around the world.
- October 2022: Augnito, a speech-to-text voice AI program, has just been integrated into the transcription and EHR systems at Prime Health Dubai. With a 99.9% accuracy rate, Augnito gathers clinical data, boosts productivity, helps healthcare workers save time, and lessens their administrative workload.
Voice Cloning Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Usage of IoT and Connected Devices
5.1.2 Technological Developments in Solution segment to flourish the market
5.2 Market Challenges
5.2.1 Increasing Cases of Voice Cloning Frauds Across Potential Industries
6. IMPACT OF COVID-19 ON THE VOICE CLONING MARKET
7. MARKET SEGMENTATION
7.1 Deployment Type
7.1.1 On-Premise
7.1.2 Cloud
7.2 End-user Verticals
7.2.1 IT & Telecommunication
7.2.2 BFSI
7.2.3 Educational Institutions
7.2.4 Healthcare
7.2.5 Travel & Tourism
7.2.6 Others (Media & Entertainment, Retail)
7.3 Geography
7.3.1 North America
7.3.1.1 United States
7.3.1.2 Canada
7.3.2 Europe
7.3.2.1 Germany
7.3.2.2 UK
7.3.2.3 France
7.3.2.4 Spain
7.3.2.5 Rest of Europe
7.3.3 Asia Pacific
7.3.3.1 China
7.3.3.2 Japan
7.3.3.3 India
7.3.3.4 Australia
7.3.3.5 Rest of APAC
7.3.4 Rest of the World
8. COMPETITIVE INTELLIGENCE
8.1 Company Profiles*
8.1.1 Microsoft Corporation
8.1.2 IBM Corporation
8.1.3 Smartbox Assistive Technology Ltd
8.1.4 Acapela Group
8.1.5 Descript, Inc.
8.1.6 rSpeak Technologies
8.1.7 VocaliD, Inc.
8.1.8 Resemble AI
8.1.9 CandyVoice
8.1.10 CereProc Ltd.
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
Voice Cloning Industry Segmentation
Voice cloning is the process of duplicating a real person's unique voice by using a computer to generate speech and artificial intelligence.
The Voice Cloning Market is Segmented by Deployment Type (On-Premise, Cloud), End-user Verticals (IT & Telecommunication, BFSI, Educational Institutions, Healthcare, Travel & Tourism), and Geography (North America (United States, Canada), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Rest of the World). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| Deployment Type | |
| On-Premise | |
| Cloud |
| End-user Verticals | |
| IT & Telecommunication | |
| BFSI | |
| Educational Institutions | |
| Healthcare | |
| Travel & Tourism | |
| Others (Media & Entertainment, Retail) |
| Geography | |||||||
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| Rest of the World |
Voice Cloning Market Research FAQs
What is the current Voice Cloning Market size?
The Voice Cloning Market is projected to register a CAGR of 17.20% during the forecast period (2024-2029)
Who are the key players in Voice Cloning Market?
IBM Corporation, Microsoft Corporation, Smartbox Assistive Technology Ltd, Descript, Inc. and CereProc Ltd. are the major companies operating in the Voice Cloning Market.
Which is the fastest growing region in Voice Cloning Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Voice Cloning Market?
In 2024, the North America accounts for the largest market share in Voice Cloning Market.
What years does this Voice Cloning Market cover?
The report covers the Voice Cloning Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Voice Cloning Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Voice Cloning Industry Report
Statistics for the 2024 Voice Cloning market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Voice Cloning analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
