In recent years, the demand for text-to-speech services has increased. With a consistent CAGR of 14.7%, the market size of text-to-speech globally is predicted to become $7.06 billion in 2028. Text-to-speech technology is beneficial in many aspects, hence, its high demand. It is also why there is an increased focus on its improvement.
Text-to-speech market penetrates smart handheld devices
Among the reasons behind the growing market of text-to-speech technology is its rising penetration of internet-enabled handheld smart devices. One thing that drives this result is global tourism and trade.
Another thing supporting market growth is the rising government investment to stimulate machine learning that can assist people with disabilities. In a way, it provides inclusion in the same way that websites utilize an accessibility overlay. This tool automatically finds and fixes accessibility issues on a website faster and cheaper than the traditional way.
Text-to-speech encourages inclusion
Text-to-speech technology is also applied in converting online documents, website content, and e-learning. It assists people with visual and learning disabilities by minimizing their challenges. At the same time, it enables a better learning approach. This technology is also beneficial to individuals of the older population who have difficulty reading due to impaired eyesight or other conditions.
Since it is needed by many and provides excellent relief for many people, tech companies are putting effort into improving text-to-speech technology. Today, tech-to-speech software is accessible on mobile devices, providing the opportunity to access audio content easier for users. It is beneficial for people who prefer to access eBooks, PDFs, and web content in audio format.
Some people read in audio format as they find it easier to understand, especially in situations where they have to keep their eyes on other things. The convenience offered by text-to-speech technology is currently driving significant revenue growth in the software segment.
Cloud-based text-to-speech services
Another reason for the increased focus on improving text-to-speech technology is the booming number of cloud-based text-to-speech services. Through cloud-based technology, the software and applications people use are now able to send and receive audio files, which can be played back using internet-enabled devices and applications. What’s amazing is that users can directly playback with a high-quality voice in various languages.
Text-to-speech for all scales of enterprises
Large enterprises apply text-to-speech technology for speech recognition, virtual assistance, and chatbots. Meanwhile, small and medium-scale enterprises recognize their potential benefits and explore investing options.
The retail sector has also started to utilize voice-first strategies, which involve text-to-speech. The retail industry is developing custom-branded text-to-speech voice technologies like Amazon to carry out in-store and online tasks. Users will find custom voices more interactive, ensuring brand loyalty and fostering brand affinity.
Overall, text-to-speech technology provides great convenience for both abled and differently-abled individuals. It’s no wonder why its market is constantly booming and is set to grow tremendously in the following years. Tech companies continuously improve text-to-speech technology’s accuracy and usability to meet its growing demand.