The Growing Market of Voice-to-text

Voice recognition software has taken over the world by a storm and has evolved to become one of the front-running tech industries in the last decade or so. With everyone being short on time, any sort of technology or service that helps you save on time becomes invaluable. People seldom have hours to waste on reading their emails or browsing through their favourite magazine. But very rarely can we totally avoid group messages or articles because these things keep us updated of what’s going on around us and helps us stay in the loop. That’s precisely where such technology comes into the picture because it helps you multitask by allowing you to listen to your emails while you drive or take care of your child. Helping you do all these things at once, thereby, in the long run, helps in increasing your productivity. This is why such technology has become disruptors within the industry capable now of battling it out with the big boys such as search engine software and AI software. Here’s a look at how the market has grown and what the future holds for such technology.

What is Text-to-Speech Software

Text-to-speech helps you convert the natural language into an audio output that has the right intonation, pronunciation and cadence. The text, therefore, matches with the voice to create a sort of synthesised audio. This industry has undergone tremendous upheaval due to the influx of newer and better technology, and experts believe that the growth will only continue and double in the years to come.

Why It Is So Useful

  • This technology helps you convert written material from anywhere, including but not exclusive of websites, forums, applications and even online PDFs.
  • People with learning disabilities have issues with a particular language, and even ones with visual impairments benefit significantly from such technology as it makes the information on such forum more accessible to them.
  • Hence, the written word can now reach a larger number of people than ever before. Therefore, everything from poetry to instructions on how to install a particular game now has a more natural way to reach the public.
  • Senior citizens also have a hard time reading such small font on phones and tabs, and such technology helps them understand what’s happening and keep themselves updated.
  • The percentage of the market share who fall above the 60-year mark has also consistently been on the rise since the last few years, and this has to be one of the primary reasons for the popularity of such technology.

Top Companies in this Field

  • Microsoft
  • Amazon
  • Lumenvox
  • Cerepro
  • Ispeech
  • Nextup Technologies

Global Scenario

1. A Global Forecast to 2024 published by the analyst group MarketsandMarkets predicts that the market for such technology will grow by 19.8% to hit the 21.5 billion USD mark by 2024.

2. Such a high growth rate may be linked to the growing demand for such software in the field of healthcare, authentication and banking sector. The rapid proliferation of smart devices such as smart speakers and the potential of AI-powered devices and the accuracy it provides have also been contributing factors.  

3. The advancements in the field of digital marketing, content writing and also a rise in the sales of handheld devices have been the primary factors that have decided the growth of the voice industry.

4. Moreover, the rise in popularity and usage of voice recognition in the field of micro-linguistics and education has also spearheaded this growth. The growing importance of the role that voice recognition technology plays in the audio systems in cars is also expected to create even more extensive growth opportunities for the market players in the years to come.

5. The increasing demand for virtual assistants are will also be crucial in deciding the growth rate for the industry, as most smart devices rely on voice recognition software to gain input from the user.  Smart speakers of the likes of Amazon Echo, Google Home, and even the Apple HomePod have achieved triple-digit growth rates both in North America and Europe in the last two years, and they are cited to replicate the same growth curve in Asia and South America. The significant growth we have been able to achieve in the field of personal robotics market will also act as a fuel for the voice recognition market.

6. America has led the way with regards to advancements in this field and has responded very positively to the growth of AI and IoT. The industry is dominated by the Americans thanks to their involvement with neural networking and production lines which utilise AI. Also having the giants of voice recognition technology like IBM, Microsoft and Amazon help significantly in promoting the field. Whatever may be the result of this rapid growth, it is safe to say that the industry is highly likely o grow at massive rates in the years to come and the market is only expected to become more substantial owing to the benefits that this technology provides.

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