Summary
The global Speech Synthesis Software Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
Overview
Speech synthesis is the natural generation of human speech by a computer. A computer machine for this purpose can be called a speech recognition computer or speech synthesis processor, which is generally implemented in hardware or software products. It is a process by which a user's spoken words are transformed into data that can then be stored and retrieved by others or used to generate speech. The global speech synthesis software market focuses on six regions namely North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The global speech synthesis software market is expected to witness significant growth during the forecast period, growing impact of artificial intelligence on the accuracy of speech and voice recognition.
Market Drivers
Increasing applications in the banking sector are expected to drive growth of the global speech synthesis software market during the forecast period. A number of banks and financial institutions are increasingly adopting AI-based automatic speech recognition for testing security features. This novel technology can easily confirm the identity of the customer and the moment they call into customer contact users. The banking and finance sector has witnessed massive growth in the recent past. Hence, these factors are expected to drive growth of the global speech synthesis software market during the forecast period. Furthermore, growing impact of artificial intelligence on the accuracy of speech and voice recognition is expected to propel the global speech synthesis software market growth over the forecast period.
Market Restraint
Significant cost of a high-end voice recognition system and lack of accuracy in speech recognition is expected to restrain growth of the global speech synthesis software market during the forecast period.
Regional Insights
Among regions, North America is expected to witness significant growth in the global speech synthesis software market during the forecast period. This is owing to the presence of major market players such as Synfonica LLC in the region. Furthermore, Asia Pacific is expected to register a robust growth rate, owing to increasing demand for voice-authentication in mobile banking applications in the region.
Competitive Section
Major companies operating in the global speech synthesis software market are Acapela, Speechmorphing, Linguatec, MaryTTS, Synfonica LLC, Claro Software, Lyrebird, CereProc, Voicery, FueTrek, and VocaliD.
The Speech Synthesis Software Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Speech Synthesis Software Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- Acapela
- Linguatec
- Lyrebird
- Synfonica LLC
- Voicery
- VocaliD
- FueTrek
- ModelTalker
- CereProc
- Claro Software
- MaryTTS
- Speechmorphing
By the Product Type, the market is primarily segmented into:
- Concatenation Synthesis
- Formant Synthesis
By Applications, the market is segmented into:
- Visually Impaired
- Dysreaders
- Student
- Other
The Report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Speech Synthesis Software Market Report:
- To assess the size of the market by value and volume
- Analyze the Speech Synthesis Software Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Speech Synthesis Software Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Speech Synthesis Software Market
The Speech Synthesis Software Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Speech Synthesis Software Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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