Artificial intelligence (AI) voice generator is a technology that utilizes artificial intelligence algorithms to generate human-like speech from text inputs. This technology finds applications across diverse sectors, such as virtual assistants, customer service automation, gaming, accessibility tools, and entertainment, enabling computers to produce natural and authentic speech.
Sizing and Forecast
The artificial intelligence (AI) voice generator market size has grown rapidly in recent years. It 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 historic period can be attributed to, increased demand for virtual assistants, rising need for customer service automation, growing adoption of gaming applications, enhanced accessibility tools for visually impaired individuals.
The artificial intelligence (AI) voice generator market size is expected to see exponential growth in the next few years. It will grow to $4.3 billion in 2028 at a compound annual growth rate (CAGR) of 20%. The growth in 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 and the rising popularity of audiobooks and podcasts. Major trends in the forecast period include natural language processing advancements, multilingual support expansion, customizable voice styles, integration with IoT devices, enhanced emotional intelligence capabilities, and improved voice cloning technology.
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Segmentation & Regional Insights
The artificial intelligence (AI) voice generator market covered in this report is segmented –
1) By Type: Text To Speech, Voice Changer
2) By Deployment: On-premise , Cloud Based
3) By End-User: Healthcare, Banking, Financial Services And Insurance (BFSI), Manufacturing, Advertising And Media, Retail, Automotive, Transportation, Other End-Use Industries
North America was the largest region in the artificial intelligence (AI) voice generator market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) voice generator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in demand for AI in advertising and media is expected to propel the growth of the artificial intelligence (AI) voice generator market going forward. AI in advertising and media has gained presence with its ability to optimize target audience, curate personalize content, and analyze vast amounts of data to enhance audience engagement and ROI. AI voice generators revolutionize advertising and media by swiftly creating high-quality voiceovers and personalized content, enhancing brand communication, and engaging audiences effectively. For instance, in November 2023, according to MediaRadar, a US-based customizable advertising intelligence platform, between June 2023 and August 2023, there was a substantial surge in the number of active AI advertisers, with 120 AI brands engaging in advertising activities. This showed a substantial 87% increase from the preceding summer of 2022, during which only 70 AI advertisers were observed. Therefore, the increase in demand for AI in advertising and media will drive the growth of the artificial intelligence (AI) voice generator market.
Key Industry Players
Major companies operating in the artificial intelligence (AI) voice generator market are 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
The artificial intelligence (ai) voice generator market report table of contents includes:
1. Executive Summary
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