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Text To Speech (TTS) Market Size - By Offering (Software, Services), Deployment Type (Cloud, On-premises), Organization Size (Large Enterprises, Small & Medium Enterprises (SMEs)), Voice Type (Neutral, Non-neutral), Language, Vertical & Forecast, 2024 – 2032

  • Report ID: GMI8327
  • Published Date: Feb 2024
  • Report Format: PDF

Text to Speech Market Size

Text To Speech (TTS) Market size was valued at USD 4 billion in 2023 and is estimated to register a CAGR of over 14% between 2023 and 2032, due to rising need for AI-based tools and Natural Language Processing (NLP) technologies. As demands for more sophisticated and human-like synthesized speech increase, AI and NLP play crucial roles in enhancing TTS systems.

Text To Speech (TTS) Market

AI algorithms enable TTS platforms to analyze and understand textual content more accurately, resulting in high quality speech synthesis. The market is experiencing a surge in demand for accessibility tools due to increasing awareness and regulatory requirements. These tools cater to individuals with visual impairments, learning disabilities, and those who prefer auditory learning methods.

TTS technology also enables the conversion of digital text into speech, making content more accessible through audio output. As organizations prioritize inclusivity and compliance with accessibility standards, the adoption of TTS solutions grows across sectors such as education, government, healthcare, and technology. For instance, in November 2023, Microsoft launched a text-to-speech avatar tool to create talking videos. The tool offers features such as vision capabilities to aid users in creating synthetic videos of a 2D photorealistic avatar speaking. The avatar also builds chatbots, conversational agents, virtual assistants, and other technologies that facilitate engaging digital interactions.           

Ethical concerns and potential misuse pose substantial difficulties for the TTS market. The possibility of using synthetic voices maliciously to produce deepfake videos, disseminate false information, or create fake audio content for deceptive or fraudulent actions are a major concern in this market. Serious repercussions from this misuse can include harm to one's reputation, invasions of privacy, and the dissemination of false information. Unauthorized use of an individual’s voice to create synthetic audio content raises privacy and identity theft issues, infringing individual rights to control their voice and likeness.

Text to Speech Market Trends

Cloud-based solutions are revolutionizing the market by offering scalable, flexible, and accessible services. These solutions leverage cloud computing infrastructure to provide on-demand access to TTS capabilities, eliminating the need for users to invest in costly hardware or software installations. By leveraging cloud resources, TTS providers can offer real-time updates, improved performance, and seamless integration with other cloud-based applications. Furthermore, cloud-based TTS solutions enable easy deployment across various platforms and devices, facilitating widespread adoption in sectors such as e-learning, accessibility tools, virtual assistants, and IoT devices.

Rising e-learning platforms and the increasing demand for audio content are driving significant growth in the TTS market. E-learning has become increasingly popular due to its flexibility, accessibility, and scalability, especially accelerated by the COVID-19 pandemic. The sheer volume of e-learning platforms and the demand for high-quality TTS narration in audiobooks are driving market growth.

Text to Speech Market Analysis

Text to Speech Market, By Offering, 2022-2032, (USD Billion)

Based on offering, the software segment recorded around 60% of the market share in 2023, owing to the advancements in NLP and machine learning algorithms which have significantly improved the quality & naturalness of synthesized speech, making TTS technology more appealing for various applications. Additionally, the development of cloud-based TTS solutions has made it easier for businesses to integrate speech synthesis capabilities into their products & services without the need for complex infrastructure or significant upfront investment.

Text-to-Speech Market Share, By Vertical, 2023

Based on vertical, the text to speech market from education segment is projected to expand at 14% CAGR during the forecast period.  The TTS business is witnessing strong growth in the education sector as TTS tools provide crucial support for students with visual impairments, dyslexia, or other reading difficulties, promoting equal access to educational materials and fostering independent learning. Text-to-speech technology enables learners of different languages to access content in their native tongue, bridging cultural and linguistic barriers in classrooms.

The tools enable students to adjust reading speed and voice characteristics to personalize the learning experience & cater to individual preferences. Audio versions of textbooks and learning materials can be accessed anytime, anywhere, enabling flexible & self-paced learning. The technology enhances engagement by converting text into a multi-sensory experience, combining auditory and visual input to improve information retention. Engaging narration and different character voices can make learning materials more exciting & interactive, particularly for younger students.

U.S. Text-to-Speech Market Size, By Region, 2021-2032, (USD Billion)

North America text to speech market accounted for 33% of the market share in 2023, attributed to its large population, strong technology adoption, and government focus on accessibility. Text to speech technology plays a crucial role in making digital content accessible to individuals with visual impairments, learning disabilities, or language barriers, thereby enhancing inclusivity and compliance with accessibility regulations such as the Americans with Disabilities Act (ADA).

The North American region boasts a robust ecosystem of technology companies, research institutions, and startups focused on advancing speech synthesis technologies. This ecosystem fosters innovation and collaboration, leading to the development of high-quality TTS solutions with improved naturalness, accuracy & customization options.

Text to Speech Market Share

In 2023, Google Inc. held a significant share in the text to speech industry. MURF.AI is a cloud-based platform that uses AI to generate realistic-sounding human voiceovers for various purposes. For text-to-speech purposes, one can convert any written text into natural-sounding audio with over 120 different voices in 20+ languages.

The market can be characterized by the presence of many prominent players, driving industry competition by implementing several strategies focused on long-term market position sustainability.

Text to Speech Market Companies

Major companies operating in the text to speech industry are:

  • Google Inc.
  • Microsoft Corporation
  • IBM Corporation
  • Amazon.com Inc.
  • Baidu Inc.
  • TextSpeak
  • Nuance Communication

Text to Speech Industry News

  • In January 2024, Hyundai, an automobile company, launched its Contextual AI Assistant focusing on proactive assistance and predicting user needs based on contextual understanding. Traditional TTS in cars relies on users issuing explicit commands. This assistant proactively anticipates needs based on context such as the time of day (suggesting coffee in the morning), and location (recommending restaurants near the destination). The assistant also leverages contextual understanding to tailor its responses and TTS delivery such as using a friendly & informal tone for casual conversations vs. a more informative and professional tone for work calls, adjusting the speaking pace and volume based on background noise or passenger presence.


  • For instance, in January 2024, Docebo partnered with Acapela Group to revolutionize online learning by integrating Acapela's personalized TTS technology into Docebo's Learning Management System (LMS). Learners can choose voices based on their preferences, language, and even accents, fostering a more engaging & culturally relevant experience.

The text to speech (TTS) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

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Market, By Offering

  • Software
  • Services

Market, By Deployment Type

  • Cloud
  • On-premises

Market, By Organization Size

  • Large enterprises
  • Small and Medium Enterprises (SMEs)

Market, By Voice Type

  • Neutral
  • Non-neutral

Market, By Language

  • English
  • Hindi
  • Spanish
  • Latin
  • Arabic
  • Others

Market, By Vertical

  • Education
    • eLearning companies
    • Academic institution 
  • BFSI
  • Travel & tourism
  • IT and telecom
  • Media and entertainment
  • Transportation & logistics
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America 
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA


Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size of text to speech reached USD 4 billion in 2023 and is set to witness 14% CAGR from 2024 to 2032, owing to rising need for AI-based tools and Natural Language Processing (NLP) technologies worldwide.

The software segment recorded over 60% market share in 2023, due to the advancements in NLP and machine learning algorithms, improving the quality & naturalness of synthesized speech.

North America market held over 33% share in 2023, attributed to the presence of a large population, strong technology adoption, and government focus on accessibility in the region.

Google Inc., Microsoft Corporation, IBM Corporation, Amazon.com Inc., Baidu Inc., TextSpeak, and Nuance Communication, are some of the major text to speech companies worldwide.

Text To Speech Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 13
  • Tables & Figures: 35
  • Countries covered: 22
  • Pages: 230
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