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The rising demand for handheld devices, increased government spending on education for differently-abled, the dependence of the growing elderly population on technology, and the rising number of people with different learning disabilities or learning styles are factors driving the growth of the text-to-speech market. However, the lack of prosody and pronunciation of naturally occurring speech may restrain the growth of the market during the review period.
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Industry Trends of the Global Text-to-Speech Market:
1. Nuance Communications partnered with Rakuten Mobile, Inc. to add
Nuance Intelligent Engagement AI Services to the Rakuten Communications
Platform (RCP). Through this partnership, both the companies will be
leveraging Conversational AI Services and Engagement AI Services. Also,
Rakuten's native communication app based on Rich Communication Services
(RCS) standards will be able to provide Rakuten Mobile customers with
the ability to access self-service features by voice or by text using
the Nuance Conversational IVR.
2. Nuance Communications
announced that the Nuance Intelligent Engagement Platform will expand
its open, cloud-agnostic framework, adding new Intelligent Engagement
Services and broadening back-end integration capabilities.
What are the Driving Factors of Evolution of technologies and consolidation of Text-to-Speech Market?
The text-to-speech market is estimated to reach USD 5.0 billion by 2026, registering a CAGR of 14.6%, the Report provides crucial industry insights that will help your business grow.
Browse 103 market data Tables and 49 Figures spread through 197 Pages and in-depth TOC on "Text-to-Speech Market by Offering, Vertical, Deployment, Language, Organization Size, Voice Type, and Geography-Forecast 2026"
Services are projected to witness the highest CAGR for the forecast period
Services are expected to hold a major share during the forecast period. Services play a vital role in the functionality of text-to-speech software. They are an integral step in deploying tools and are taken care of by solution, platform, and service providers. The major companies in various industries are adopting text-to-speech to deal with the rapidly increasing audio/video-based content.
Text-to-Speech Market : Top Leading Companies Profiles:
Neural and Custom voice type to account for largest share of text-to-speech market during forecast period
The neural and custom voice type is expected to account for a larger market size during the forecast period owing to its ability to generate speech with humanlike intonation, engagement, and personalized user experience, which is expected to drive the adoption of neural and custom voice systems and software during the forecast period.
Major players in the Text-to-Speech market was dominated by Nuance Communication (US), Microsoft Corporation (US), IBM Corporation (US), Google, Inc. (US) and Amazon.com (US).
Text-to-Speech Market - Geographical Regional Vision by MarketsandmarketsTM
APAC is attributed to grow at the highest CAGR in the text-to-speech market during ther forecast period (2021-2026)
APAC
is witnessing increased traction for speech recognition solutions
integrated with text-to-speech due to the growing penetration of AI,
analytics, and IoT devices in the region. This is creating a favorable
market environment, and the region is witnessing rising adoption of
voice-activated technology in the Asian markets, such as India, China,
Indonesia, Australia, Japan, and Singapore. In Japan and China,
text-to-speech systems have been deployed at airports and ATMs.
Regions & Countries Covered:
North America - (U.S., Canada, Mexico)
Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)
Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
Latin America - (Brazil, Argentina, Rest Of Latin America)
The Middle East & Africa - (GCC Countries, South Africa, Rest Of the Middle East & Africa)
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