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The text-to-speech market share is expected to increase by USD 3.14 billion from 2020 to 2025, at a CAGR of 16.81%.
This text-to-speech market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers text-to-speech market segmentation by end-user (automotive and transportation, healthcare, consumer electronics, finance, and others) and geography (North America, Europe, APAC, MEA, and South America). The text-to-speech market report also offers information on several market vendors, including Acapela Group SA, Amazon.com Inc., Cepstral, CereProc Ltd., HKUST IFLYTEK Co. Ltd., Innoetics, International Business Machines Corp., iSpeech Inc., LumenVox LLC, and Microsoft Corp. among others.
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The emergence of handheld devices with text-to-speech functionality is notably driving the text-to-speech market growth, although factors such as varied internet cost and coverage globally may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the text-to-speech industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Text-to-Speech Market Driver
One of the key factors driving growth in the text-to-speech market is the emergence of handheld devices with text-to-speech functionality. As international travel and commerce have increased, the market for handheld text-to-speech translation systems has also risen by attracting significant interest from travelers. In recent years, automatic text-to-speech translation has seen maximum development from the developers' side. Tremendous efforts have been put in to achieve reliable and satisfactory translations between texts using powerful resources such as desktop servers and laptop computers. Automatic text-to-speech translation is a highly complex task; it requires a large amount of computation. In this case, the handheld device is used as a system client, and the text data is compressed and transmitted back to an end-server through a wireless telephone network or a wireless LAN connection such as Wi-Fi. The entire text-to-speech translation task is conducted at the server. Thus, the requirement for technological advances will lead to the growth of the global text-to-speech market.
Key Text-to-Speech Market Trend
The cloud-based text-to-speech service is another factor supporting the text-to-speech market share growth. These cloud-based solutions are typically designed to offer access to the application via web-based browsers. These web-based applications give access to the user to log into the portal via any Internet-enabled computer or device. Applications are progressively moving to cloud-based solutions. Hence, the cloud integration trend would lead to more acceptance of cloud-based solutions that serve as cheaper alternatives requiring less processing power. The significant benefit of the cloud-based text-to-speech market is its scalability. A cloud-based solution is developed to be flexible with the means to increase its capacity as a business can scale up according to requirements.
Key Text-to-Speech Market Challenge
The varied Internet cost and coverage globally will be a major challenge for the text-to-speech market during the forecast period. One of the biggest challenges for the text-to-speech market is the latency in data transmission during retrieval from the cloud infrastructure. Latency in the cloud-based network is less predictable and further complicated to measure. When the cloud environment is larger, requires high computation, and increased workload, it leads to variability in service delivery. If WAN on the customer network is busy, it might have a significant effect on latency. Data exchanges between cloud services could lead to much higher latency. This delay in data transfer can result in increased costs to the users of multiple cloud service providers. Organizations can save money on servers and their maintenance by using cloud-based text-to-speech services, but they have to spend more money on the bandwidth. This cost can be low for smaller applications but increases for data-intensive applications.
This text-to-speech market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global text-to-speech market as a part of the global systems software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the text-to-speech market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the text-to-speech market encompasses successful business strategies deployed by the key vendors. The text-to-speech market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The text-to-speech market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the text-to-speech market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the systems software market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
***1. Executive Summary
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 01: Parent market
*Exhibit 02: Market Characteristics
**2.2 Value Chain Analysis
*Exhibit 03: Value chain analysis: Systems Software
*2.2.1 Input
*2.2.1.1 Developers
*2.2.2 Software development
*2.2.2.1 IP licensing
*2.2.2.2 Product research
*2.2.2.3 Product management
*2.2.2.4 Product development
*2.2.2.5 Production and packaging
*2.2.3 Marketing and distribution
*2.2.3.1 Marketing and release
*2.2.3.2 Implementation
*2.2.4 Post-sales services
*2.2.4.1 Training and certification
*2.2.4.2 Maintenance and support
*2.2.5 Market innovation
***3. Market Sizing
**3.1 Market definition
*Exhibit 04: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 05: Market segments
**3.3 Market size 2020
**3.4 Market outlook: Forecast for 2020 - 2025
*3.4.1 Estimating growth rates for emerging and high-growth markets
*3.4.2 Estimating growth rates for mature markets
*Exhibit 06: Global - Market size and forecast 2020 - 2025 (million $)
*Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 08: Five forces analysis 2020 & 2025
**4.2 Bargaining power of buyers
*Exhibit 09: Bargaining power of the buyer
**4.3 Bargaining power of suppliers
*Exhibit 10: Bargaining power of the supplier
**4.4 Threat of new entrants
*Exhibit 11: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 12: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 13: Threat of rivalry
**4.7 Market condition
*Exhibit 14: Market condition - Five forces 2020
***5. Market Segmentation by End user
**5.1 Market segments
*Exhibit 15: End user - Market share 2020-2025 (%)
**5.2 Comparison by End user
*Exhibit 16: Comparison by End user
**5.3 Automotive and transportation - Market size and forecast 2020-2025
*Exhibit 17: Automotive and transportation - Market size and forecast 2020-2025 ($ million)
*Exhibit 18: Automotive and transportation - Year-over-year growth 2020-2025 (%)
**5.4 Healthcare - Market size and forecast 2020-2025
*Exhibit 19: Healthcare- Market size and forecast 2020-2025 ($ million)
*Exhibit 20: Healthcare - Year-over-year growth 2020-2025 (%)
**5.5 Consumer electronics - Market size and forecast 2020-2025
*Exhibit 21: Consumer electronics\ - Market size and forecast 2020-2025 ($ million)
*Exhibit 22: Consumer electronics\ - Year-over-year growth 2020-2025 (%)
**5.6 Finance - Market size and forecast 2020-2025
*Exhibit 23: Finance- Market size and forecast 2020-2025 ($ million)
*Exhibit 24: Finance - Year-over-year growth 2020-2025 (%)
**5.7 Other sports - Market size and forecast 2020-2025
*Exhibit 25: Other sports - Market size and forecast 2020-2025 ($ million)
*Exhibit 26: Other sports - Year-over-year growth 2020-2025 (%)
**5.8 Market opportunity by Software
*Exhibit 27: Market opportunity by Software
***6. Customer landscape
*Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
*Exhibit 28: Customer landscape
***7. Geographic Landscape
**7.1 Geographic segmentation
*Exhibit 29: Market share by geography 2020-2025 (%)
**7.2 Geographic comparison
*Exhibit 30: Geographic comparison
**7.3 North America - Market size and forecast 2020-2025
*Exhibit 31: North America - Market size and forecast 2020-2025 ($ million)
*Exhibit 32: North America - Year-over-year growth 2020-2025 (%)
**7.4 Europe - Market size and forecast 2020-2025
*Exhibit 33: Europe - Market size and forecast 2020-2025 ($ million)
*Exhibit 34: Europe - Year-over-year growth 2020-2025 (%)
**7.5 APAC - Market size and forecast 2020-2025
*Exhibit 35: APAC - Market size and forecast 2020-2025 ($ million)
*Exhibit 36: APAC - Year-over-year growth 2020-2025 (%)
**7.6 MEA - Market size and forecast 2020-2025
*Exhibit 37: MEA - Market size and forecast 2020-2025 ($ million)
*Exhibit 38: MEA - Year-over-year growth 2020-2025 (%)
**7.7 South America - Market size and forecast 2020-2025
*Exhibit 39: South America - Market size and forecast 2020-2025 ($ million
*Exhibit 40: South America - Year-over-year growth 2020-2025 (%)
**7.8 Key leading countries
*Exhibit 41: Key leading countries
**7.9 Market opportunity by geography
*Exhibit 42: Market opportunity by geography ($ million)
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Emergence of handheld devices with text-to-speech functionality
*8.1.2 Information and communications technology (ICT) penetration in education sector
*8.1.3 Numerous benefits for content creator
**8.2 Market challenges
*8.2.1 Varied Internet cost and coverage globally
*8.2.2 Limitations of text-to-speech technology
*8.2.3 Competition from free sources of text-to-speech software
*Exhibit 43: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Cloud-based text-to-speech service
*8.3.2 Surge in speech analytics
*8.3.3 AI applications in text-to-speech software
***9. Vendor Landscape
**9.1 Landscape
*Exhibit 44: Vendor landscape
**9.2 Landscape disruption
*Exhibit 45: ?Landscape disruption?
*Exhibit 46: Industry Risk
**9.3 Competitive Scenario
***10. Vendor Analysis
**10.1 Vendors Covered
*Exhibit 47: Vendor Landscape
**10.2 Market positioning of vendors
*Exhibit 48: ?Market positioning of vendors?
**10.3 Acapela Group SA
*Exhibit 49: Acapela Group SA - Overview
*Exhibit 50: Acapela Group SA - Product and service
*Exhibit 51: Acapela Group SA - Key news
*Exhibit 52: Acapela Group SA - Key offerings
**10.4 Amazon.com Inc.
*Exhibit 53: Amazon.com Inc. - Overview
*Exhibit 54: Amazon.com Inc. - Business segments
*Exhibit 55: Amazon.com Inc. - Key offerings
*Exhibit 56: Amazon.com Inc. - Segment focus
**10.5 Cepstral
*Exhibit 57: Cepstral - Overview
*Exhibit 58: Cepstral - Product and service
*Exhibit 59: Cepstral - Key offerings
**10.6 CereProc Ltd.
*Exhibit 60: CereProc Ltd. - Overview
*Exhibit 61: CereProc Ltd. - Product and service
*Exhibit 62: CereProc Ltd. - Key offerings
**10.7 HKUST IFLYTEK Co. Ltd.
*Exhibit 63: HKUST IFLYTEK Co. Ltd. - Overview
*Exhibit 64: HKUST IFLYTEK Co. Ltd. - Product and service
*Exhibit 65: HKUST IFLYTEK Co. Ltd. - Key offerings
**10.8 Innoetics
*Exhibit 66: Innoetics - Overview
*Exhibit 67: Innoetics - Product and service
*Exhibit 68: Innoetics - Key offerings
**10.9 International Business Machines Corp.
*Exhibit 69: International Business Machines Corp. - Overview
*Exhibit 70: International Business Machines Corp. - Business segments
*Exhibit 71: International Business Machines Corp. - Key offerings
*Exhibit 72: International Business Machines Corp. - Segment focus
**10.10 iSpeech Inc.
*Exhibit 73: iSpeech Inc. - Overview
*Exhibit 74: iSpeech Inc. - Product and service
*Exhibit 75: iSpeech Inc. - Key offerings
**10.11 LumenVox LLC
*Exhibit 76: LumenVox LLC - Overview
*Exhibit 77: LumenVox LLC - Product and service
*Exhibit 78: LumenVox LLC - Key offerings
**10.12 Microsoft Corp.
*Exhibit 79: Microsoft Corp. - Overview
*Exhibit 80: Microsoft Corp. - Business segments
*Exhibit 81: Microsoft Corp. - Key offerings
*Exhibit 82: Microsoft Corp. - Segment focus
***11. Appendix
**11.1 Scope of the report
*11.1.1 ????Market definition
*11.1.2 ????Objectives
*11.1.3 ????Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 83: ?Currency conversion rates for US$?
**11.3 Research Methodology
*Exhibit 84: ?Research Methodology
*Exhibit 85: ??Validation techniques employed for market sizing?
*Exhibit 86: ??Information sources
**11.4 List of abbreviations
*Exhibit 87: List of abbreviations
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