TTS Market to Nearly Double in 5 Years

Market research firm MarketsandMarkets valued the worldwide text-to-speech (TTS) market at $4 billion and expects it to reach $7.6 billion by 2029, growing at a compound annual rate of 13.7 percent.

Marketsand Markets credits the increasing demand for voice-activated virtual assistants and smart devices, advancements in natural language processing (NLP), and the rising need for efficient transcription services as key drivers fueling the expansion.

Among business, the report noted that small and medium-sized companies are accounting for a large portion of the TTS market growth, recognizing its value in enhancing customer engagement, streamlining communication, and staying competitive in the digital landscape. The affordability and accessibility of cloud-based TTS solutions make them particularly attractive to SMEs, as they eliminate the need for significant upfront investments in infrastructure. Additionally, the scalability of TTS services allows SMEs to adapt to evolving business needs without  complex implementations.

"As SMEs seek innovative ways to improve user experiences and communication channels, the adoption of text-to-speech technology becomes a strategic imperative, driving the high growth observed in this market segment," it said.</p/>

Cloud based deployments also made up a larger share of the growth than on-premise options, primarily attributed to the numerous advantages the cloud offers. Cloud-based solutions provide unparalleled scalability, allowing businesses to adjust resources according to demand, without extensive infrastructure investments. The cost-effectiveness and accessibility of cloud deployments make advanced speech synthesis capabilities available to a broader range of enterprises, including those with limited IT resources. Furthermore, cloud-based TTTS solutions facilitate seamless updates and maintenance, ensuring that organizations always have access to the latest innovations in voice technology.

"As businesses increasingly prioritize flexibility, efficiency, and rapid implementation, the growth of cloud-based deployment in the text-to-speech market is driven by its ability to meet these evolving needs," MarketsandMarkets concluded in the report.

The report also noted that widespread integration of voice-enabled technologies across various sectors, including healthcare, automotive, and consumer electronics, has spurred the demand for TTS solutions.

The report identified major Tier I and Tier II players like Microsoft, Google, Amazon, IBM, and Baidu as the key players in the market.