Technavio Predicts Strong Growth for TTS in Schools
The global text-to-speech education technology market is expected to reach $3.92 billion by 2020, growing at a compound annual growth rate of close to 9 percent, according to the latest market study released by Technavio.
The report found that text-to-speech software offers significant advantages for educational institutions that employ online/blended learning. These solutions provide students with flexible learning and spare faculties from providing repetitive in-person sessions. They also allow the creation and storage of the speech as a part of the licenses provided to institutions.
In 2015, schools for students with special needs led the global text-to-speech education technology market with a 59.37 percent share. Higher education institutions followed with 25.1 percent, and K-12 institutions held 15.53 percent of the market.
"Text-to-speech technology has become an integral part of the e-learning platform. This software technology helps in improving word recognition, vocabulary, comprehension, fluency, accuracy, and recall, which help students in gaining confidence over the subject. The accessibility of the software both on and off campus helps the student in listening to the course work at any convenient time," said Jhansi Mary, a lead education technology analyst from Technavio, in a statement.
The global text-to-speech education technology market by K-12 schools is projected to grow at a normal rate during the forecast period. The slow penetration of e-learning at the global level is the primary factor for text-to-speech technology to be still in the nascent stage.
The text-to-speech technology for the K-12 segment is expected to grow in non-English speaking Asian countries like China and India, where these software solutions will be helpful in understanding and speaking the English language.
The top vendors highlighted by Technavio's research analysts in this report are Amazon's IVONA Software, NaturalReader, and NextUp Technologies.