The increasing demand for automation and consumer convenience is at the forefront of the growth of the TTS (Text to Speech) market. According to the latest reports from Emergen Research, the global TTS market is expected to grow from USD 2.0 billion to USD 7.06 billion by 2028, at a steady CAGR of 14.7%, while the overall Speech and Voice Recognition Market is expected to reach USD 31.82 billion by 2025, at a CAGR of 17.2%. This market growth can be attributed to the leaps in innovation in neural networking and custom voice cloning in recent years. With the latest announcement of Open AI’s GPT 3 language prediction model, these advancements are bound to continue.
While large enterprise accounts are the leading adopters of TTS services as of now, SMEs are expected to grow their purchasing interest in TTS substantially during the forecast period (2020 ~ 2027), primarily driven by the increasing awareness of the cost-efficiency of adopting TTS with existing CRM tools. These adoptions can come in the form of Intelligent Virtual Assistants (IVA), interactive chatbots, and branded custom voices.
While SME usage grows, the TTS market for the healthcare vertical is predicted to grow with the highest component CAGR, as personalized healthcare applications for an increasing elderly and visually impaired population require high-quality voice notifications.
According to the Brouton Lab, there has been a substantive spike in demand for TTS with the rise of COVID, as the technology allows for rapid publishing of explainer videos and audio manuals, crucial to persuade active engagement from patients and increase awareness of health guidelines, especially for audiences with visual disabilities and language constraints.
In fact, LOVO recently partnered with Stanford MedIC to accelerate their content production process by allowing them to easily localize education videos around COVID.
With the global transition from physical classrooms to virtual ones, the TTS industry has seen a wave of support from government education funds. For example, through the Individuals with Disabilities Act, the US Department of Education annually grants USD 10,000 ~ 20,000 to each student with a disability, in coordination with service packages including adoption of accessibility technology, and TTS-powered media services and curriculums.
Several Learning Management Systems (LMS), textbook publishers, and MOOCs are also leveraging TTS by applying it to their services, providing a more audio-interactive blended learning experience for students.
Emergence of APAC
In Asian markets such as India, China, Australia, Japan, South Korea, Indonesia, and Singapore, TTS services have been able to penetrate the consumer sector, with wide adoption of voice-activated technology in daily life. But while AI-enabled TTS has been deployed in public airports and ATMs, the surge can also be witnessed in the private sector, especially in the form of cloud-based TTS solutions. The scalability and applicability of these cloud applications has grown interest in APAC-based SaaS enterprises, with companies integrating branded AI Voices into their products to build personalized user experiences.
The TTS industry may be packed, but Genny differentiates itself with its user-friendly platform and industry-leading HD synthesis technology. It not only includes over 400 voices in 100 languages for content creators to choose from, it also allows users to easily integrate TTS with their APIs, and build natural-sounding clones of their voice with just 5 minutes of recording data.
Not sure how to use Genny or AI voiceover tools yet? Check out these blogs!
– A Guide to Using AI Tools in Your Content Creation Flow
– How to Create a Professional Voiceover in 5 Minutes