Cloud, SaaS-based Text-to-speech (TTS) technology and their growing popularity
At a Glance
Text-to-speech (TTS) involves generating synthesized speech from text. This technology today has been gaining more attention and increase in adoption. Statistics state that the TTS market would reach $5 billion by 2026, growing at a CAGR of 14.6 percent, with cloud and SaaS-deployed models gaining traction.
Today, the impacts of the growing demand for automation have trickled down to various sectors. One notable trend is the increasing adoption of text-to-speech (TTS) technology in everyday applications. In the contemporary world, shaped by technological advancements, people with just a few clicks or swipes can perform various activities such as language translation, navigation guidance, managing entertainment and multimedia content, and much more. Many such advancements in smart devices are only increasing the integration of text-to-speech technology into desktops and handheld devices.
TTS is available in almost all smartphones, portable devices and digital assistants, and other handheld devices, eliminating the need for reading long user guides or manuals by providing users with verbal prompts and audio directions for operations. According to a market research, the TTS market is expected to touch $5 billion by 2026 at a Compound Annual Growth Rate (CAGR) of 14.6 percent, from $2 billion in 2020. The research further enunciated that of the predicted growth, it would be the cloud and SaaS-based deployments that would have the greatest impact compared to the on-premise deployments.
The study highlighted that the growing adoption of SaaS applications by enterprises generates huge growth prospects for cloud-based TTS software. Riding on the features such as increased scalability, speed, around-the-clock service and enhanced IT security, the cloud-based deployment mode is expected to account for a larger market share in the aforementioned forecast period of study (2020-2026) at a higher CAGR. The estimated trends were further filliped by the ongoing COVID-19 crisis, adding to the overall positive impact on the text-to-speech market.
Reports suggest that TTS servers are ideal for being deployed on the cloud as high-quality natural voice requires good computing power on demand. According to ReadSpeaker, a provider of SaaS-based TTS solutions, users leveraging TTS software could avail various benefits ranging from enhanced customer experience to employee performance. It states that online TTS provides personalized services, speeds up throughput, reduces operational cost, provides increased autonomy for digital content owners, offers easy implementation, minimal maintenance, and enhances employee performance by making e-learning professionals train their workforce easily and efficiently.
The use cases for the popularly rising tech are many. For instance, Amazon provides Amazon Polly that leverages advanced deep learning technologies to synthesize natural-sounding speech (one resembling human voice). It provides dozens of lifelike voices across various languages and states that today’s TTS tech is widely used to communicate with users for whom reading a screen is impossible or inconvenient. Such an application paves the way for the usage of information in many different ways, making the world a better place for many individuals.
The technology behind text-to-speech has evolved over the last few decades. Using deep learning, it is now possible to produce very natural-sounding speech that includes changes to pitch, rate, pronunciation, and inflection. Today, computer-generated speech is used in various use cases and is turning into a ubiquitous element of user interfaces. Newsreaders, gaming, public announcement systems, e-learning, telephony, IoT apps & devices and personal assistants are just a few starting points,Amazon writes in its blog.
The aforementioned markets research stated that the TTS market is dominated by the likes of Nuance Communications, Microsoft, IBM, Google Cloud and Amazon. With respect to industry verticals, the consumer electronics industry is likely to account for the largest market size, followed by healthcare and education. As mentioned before in the RapidSpeaker-stressed applications, the intrusion of TTS into e-learning, further accelerated by the pandemic, has offered a lucrative market for text-to-speech in the education vertical. For those who have dyslexia, text-to-speech software provides significant assistance in hearing texts that would be read out aloud in a natural-sounding voice.
As statistics point to an increase in adoption, it would be interesting to observe how the application of TTS evolves in the future, especially in the forecast industry verticals and types of deployment.