Market overview of Artificial Intelligence (AI) speech generators
“The Business Research Company recently released a comprehensive report on the global Artificial Intelligence (AI) Voice Generator market size and trend analysis with forecast for 2024-2033. This latest market research report provides a wealth of valuable insights and data including global market size, regional competitors’ shares and market share. In addition, it covers current trends, future opportunities and essential data for success in the industry.
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According to The Business Research Company, the artificial intelligence (AI) speech generator market size has grown rapidly in recent years. The economy will grow from $1.73 billion in 2023 to $2.07 billion in 2024 at a compound annual growth rate (CAGR) of 19.8%. The growth in the historical period can be attributed to the increased demand for virtual assistants, the increasing need for customer service automation, the increasing adoption of gaming applications, and improved accessibility tools for the visually impaired.
The artificial intelligence (AI) speech generator market size is expected to grow exponentially in the coming years. This will grow to $4.3 billion by 2028 at a compound annual growth rate (CAGR) of 20%. The growth over the forecast period can be attributed to the integration of AI voice generators into various devices, the expansion of virtual assistant functionalities, the demand for personalized customer experiences, the emergence of new gaming trends and applications, an increasing focus on inclusive design and accessibility standards , and the rising popularity of audiobooks and podcasts. Key trends over the forecast period include advances in natural language processing, expansion of multilingual support, customizable voice styles, integration with IoT devices, improved emotional intelligence capabilities, and improved voice cloning technology.
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Market factors and trends:
Major companies operating in the artificial intelligence (AI) voice generator market are focusing on voice cloning tools to increase the realism and versatility of the voices generated, with the aim of providing more natural and personalized experiences to users in different applications and industries. Voice cloning tools are software solutions that replicate the unique vocal characteristics of individuals for various applications, such as virtual assistants and creating personalized audio content. For example, in March 2024, OpenAI, a US-based artificial intelligence research organization, launched Voice Engine, a voice cloning tool designed to replicate speech patterns with remarkable accuracy. OpenAI aims to use voice AI for reading assistance, for non-readers and children, and for therapeutic and educational support for non-verbal individuals and people with learning needs.
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Key players in the market:
Google LLC, Amazon Web Services Inc., Microsoft Azure, International Business Machines Corporation, Oracle Corporation, Baidu Inc., Iflytek Co. Ltd., Lingraphica Inc., Veritone Voice Inc., Descript Inc., Speechify Inc., Clipchamp Pty Ltd, ElevenLabs SAS, Murf Ai Inc., WellSaid Labs Inc., Resemble AI Pty Ltd, iSpeech Inc., CereProc Ltd, Speechelo Inc., VocaliD Inc., Voicery Inc., Replica Studios Inc., Voxygen Productions, Voicebooking.com BV, Lovo Inc., NaturalReader
Artificial Intelligence (AI) Speech Generator Market 2024 Key Insights:
• The market size of artificial intelligence (AI) for speech generators is expected to grow exponentially in the coming years. This will grow to $4.3 billion by 2028 at a compound annual growth rate (CAGR) of 20%.
• The market for AI speech generators is booming amid growing advertising and media demand
• Technological advances in AI voice generators with emphasis on voice cloning and ethical considerations
• North America was the largest region in the artificial intelligence (AI) speech generators market in 2023.
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