“Rising demand for handheld devices drives the growth of the text-to-speech market”
Mobile devices have shifted from voice-calling devices to more advanced personal computing devices that allow users to perform activities such as browsing the Internet, capturing photographs, language translation, navigation guidance, and managing entertainment and multimedia content. The growing need for automation and convenience drives the adoption of text-to-speech in everyday applications. The text-to-speech software is deployed in mobile devices, smartphones, portable devices, digital assistants, and other handheld devices.
“Growing usage of personal health monitors drives the growth of the text-to-speech market for healthcare”
The text-to-speech market for the healthcare vertical is expected to grow at the highest CAGR between 2017 and 2022. Personal assistant apps have witnessed a wide deployment of TTS software to change lifestyle with voice notifications encouraging people to exercise, stay hydrated, take medication, and so on. For the elderly and visually impaired, text-to-speech helps in prescription label reading. Using the TTS technology, the prescription is recorded into a label reading device and is played back whenever needed. Moreover, it is also used in health monitors to provide voice feedback from heart rate monitors, blood glucose meters, and blood pressure monitors.
“Text-to-speech market in Asia-Pacific to grow at a high rate”
The text-to-speech market in APAC is expected to witness the highest growth owing to technological advancements as well as the growing consumer electronics and automotive industry. China and India are among the fastest-growing economies in the world. Their financial strength enables them to make significant investments in various growing end-user industries. In Japan and China, text-to-speech systems have been deployed at airports and ATMs.
The breakup of the profile of primary participants has been given below:
- By Companies: Tier 1 – 20 %, Tier 2 – 35%, and Tier 3 – 45%
- By Designation: C-level Executives – 25%, Directors – 35%, and Others – 40%
- By Region: America – 50%, Europe – 30%, Asia Pacific – 10%, and RoW – 10%
The companies covered in the text-to-speech market are Nuance Communication (US), Microsoft Corporation (US), Sensory Inc. (US), LumenVox LLC (US), NeoSpeech (US), Amazon.Com (US), SESTEK (Turkey), iSpeech Inc. (US), TextSpeak (US), NextUp Technologies (US), Acapela Group (France), CereProc (Scotland), ReadSpeaker (Netherlands), Nexmo (US), and rSpeak (Netherlands).
The text-to-speech market has been segmented on the basis of vertical and geography. The market has been further segmented on the basis of vertical into consumer electronics, automotive and transportation, healthcare, education, finance, retail, enterprise, and others. On the basis of geography, the market has been segmented into the Americas, Europe, Asia Pacific, and Rest of the World.
Reasons To Buy the Report:
The report would help the market leaders/new entrants in this market in the following ways:
- This report segments the text-to-speech market comprehensively and provides the closest approximations of the market sizes for the overall market and sub-segments across the different applications and regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.