According to the research report titled ‘Global Text-to-Speech Market Size study, By Component (Software/Solution, Services), By Deployment Mode (Cloud based, On-Premise), By Type (Non-neural, Neural and Custom), By Vertical (Consumer, Automotive & Transportation, Healthcare, Education, BFSI, Retail, Enterprise, Travel and Hospitality, Others), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global text-to-speech market is projected to witness a healthy CAGR during 2022-2028.

The increasing government expenditure on the education of students with special needs, the growing population with multiple learning disabilities, and the rapid penetration of various handheld devices like smartphones are some of the key factors driving the expansion of global text-to-speech market.

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For the uninitiated, the term text-to-speech refers to a series of systems that can understand natural language and produce audio output with cadence and intonation. The written content of any mobile apps, online documents, e-books, websites, and e-learning tools is converted to audio output using text-to-speech software.

Additionally, growing communication between humans and robots and a growing preference for cloud-based deployment options are expected to augment the market growth throughout the projection period.

Based on the component type, the market is divided into services and software & solution segments. Moving on to the deployment mode, the industry is bifurcated into on-premises and cloud-based segments.

In terms of type, the market is segmented into neural & custom and non-neural segments. By vertical, the industry is fragmented into Automotive and transportation, education, retail, travel and hospitality, consumer, health care, BFSI, enterprise, and others.

The geographical analysis of this business space extends to North America, Europe, Asia-Pacific, as well as Latin America with key emphasis on the U.S., Canada, U.K., Germany, France, Italy, Spain, India, China, Japan, South Korea, Australia, Brazil, and Mexico, and the rest of the world.

Meanwhile, North America is expected to account for the largest market share over the forecast period owing to increasing investment in technological developments by the major market participants and the growing adoption of AI among businesses to improve customer experience and industrial performance.

Asia-Pacific text-to-speech industry is also anticipated to display a modest CAGR over the analysis timeframe due to the growing adoption of artificial intelligence, IoT devices, and analytics as well as increasing awareness of voice-activated technology in regions like Australia, India, Indonesia, China, Japan, and Singapore.

Nexmo Inc., Nextup Technologies Pvt. Ltd., Acapela Group, LumenVox LLC, Amazon.Com Inc., Sensory Inc., Google Inc., International Business Machines Corporation, Microsoft Corporation, and Nuance Communication Inc. are the leading players in global text-to-speech landscape.