This market research report segments the global text-to-speech market into the following end-users, including automotive and transportation, healthcare, consumer electronics, education, enterprise, finance, and retail and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the emergence of handheld devices with text-to-speech functionality as a key factor contributing to the growth of the market:
Emergence of handheld devices with text-to-speech functionality
The increase in international travel and commerce has augmented the market for handheld text-to speech translation systems by attracting significant interest from the travelers. In the past few years, automatic text-to-speech translation has been witnessing major development from developers' side. Extensive efforts have been put in to achieve reliable and satisfactory translations between texts using powerful resources such as desktop servers and laptop computers. In addition, the increased adoption of machine learning in various end-user industries is a major driver for the growth of the handheld text-to speech market.
According to a senior analyst at Technavio for education technology, “Automatic text-to-speech translation is an extremely difficult task and it requires a large amount of computation. The handheld device is used as a system client, and the text data is compressed and transmitted back to an end-server through a wireless telephone network or a wireless LAN connection such as Wi-Fi. The entire text-to-speech translation task is conducted at the server. Therefore, the necessity of technological advances will lead to the growth of the global text-to-speech market.”
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Global text-to-speech market segmentation
Of the seven major end-users, the automotive and transportation segment held the largest market share in 2017, accounting for nearly 26% of the market. The market share for this end-user is expected to increase nearly 2% by 2022. The fastest growing end-user is consumer electronics, which will account for nearly 17% of the total market share by 2022.
The Americas was the leading region for the global text-to-speech market in 2017, accounting for a market share of nearly 50%. By 2022, The emerging economies of the Americas are expected to become the most significant markets for text-to-speech software.
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