The global market for text-to-speech technologies is expected to nearly triple in the next five years, according to a report from Markets and Markets.
Research firm Markets and Markets has valued the global text-to-speech (TTS) market at $1.3 billion and predicts that it will reach $3.03 billion by 2022, growing at a compound annual rate of 15.2 percent.
The market scope, presented in the firm's "Text-to- Speech Market by Vertical (Healthcare, Enterprise, Consumer Electronics, Automotive & Transportation, Finance, Education, Retail & Other) and Geography - Global Forecast to 2022" report, cites rising demand for handheld devices and an increase in government spending for assistive technologies for students as the major factors driving the market growth.
It also notes that TTS is widely used in smartphones for navigation and personal assistant apps and in laptops and televisions to help blind people access programs and information.
In terms of geography, Markets and Markets expects the United States to continue as the major contributor to the TTS market. Increased adoption of machine learning, increased medical spending, and government funding for education further contribute to the growth of this market in the region.
The report lists Nuance Communications, Microsoft, Sensory, LumenVox, NeoSpeech, Amazon, SESTEK, iSpeech, TextSpeak, NextUp Technologies, Acapela Group, CereProc, ReadSpeaker, Nexmo, and rSpeak as some of the leading providers of the technology.