Valuates Sees TTS Technology Topping $5.79 Billion by 2028
Valuates Reports has projected the global text-to-speech market to reach $5.79 billion by 2028, up from $2.54 b illion in 2021, growing at a compound annual rate at 12.3 percent.
The research firm notes that the text-to-speech market is expanding due to increasing demand in handheld devices, increasing government spending on education for people with disabilities, and an aging population that is more dependent on technology.
Within the devices market, giving users voice cues and audio instructions for operations, text-to-speech-capable devices can do away with lengthy user guides or manuals, it said.
As the market for assistive technologies grows, text-to-speech technology can make printed words easier to understand by transforming them into an audio format, according to Valuates.
The text-to-speech market is anticipated to continue expanding as a result of rising investments and technical improvements, the firm also noted, pointing out that businesses are making significant investments in their text-to-speech technologies, collecting enormous amounts of data, which is allowing for new business uses of AI. Based on the text read, machine learning algorithms improve the voices' naturalness.
Valuates also found that automakers are requesting moreincorporated voice solutions for their telematics, GPS, and navigational systems. By improving control over onboard systems and optimizing safety, productivity, and overall enjoyment, text-to-speech devices improve the in-car experience, it concluded.