What’s Driving Growth in the Artificial Intelligence (AI) Voice Generator Market? Insights into Key Trends and Opportunities
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What fueled the previous growth in the artificial intelligence (ai) voice generator market?
The artificial intelligence (AI) voice generator market has experienced significant growth in recent years. It will grow from $2.07 billion in 2024 to $2.49 billion in 2025, reflecting a compound annual growth rate (CAGR) of 20.1%. This growth is driven by the increasing demand for virtual assistants, the need for customer service automation, the adoption of gaming applications, and improved accessibility for visually impaired individuals.
What will be the artificial intelligence (ai) voice generator market size in the future?
The artificial intelligence (AI) voice generator market is projected to grow rapidly, reaching $5.15 billion by 2029 at a CAGR of 19.9%. This growth is attributed to the integration of AI voice generators into devices, expanding virtual assistant functionalities, personalized customer experiences, gaming trends, and growing demand for audiobooks and podcasts. Trends include advancements in natural language processing, multilingual support, customizable voices, IoT device integration, emotional intelligence capabilities, and improved voice cloning technology.
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What main drivers are fueling expansion in the artificial intelligence (ai) voice generator market?
The growth of the artificial intelligence (AI) voice generator market is expected to be driven by the rising demand for AI in advertising and media. AI’s ability to optimize audience targeting, create personalized content, and analyze data to boost engagement and ROI is gaining traction. AI voice generators are transforming this space by generating high-quality voiceovers and personalized content, improving brand communication. For example, between June and August 2023, a report by MediaRadar revealed an 87% increase in the number of active AI advertisers, with 120 AI brands involved, compared to 70 in the summer of 2022. This surge highlights the growing demand for AI in advertising, which will continue to fuel the AI voice generator market’s expansion.
What key areas define the segmentation of the global artificial intelligence (ai) voice generator market?
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
Subsegments:
1) By Text To Speech: Neural Tts (Text-To-Speech), Standard Tts, Speech Synthesis Markup Language (Ssml) Tts
2) By Voice Changer: Real-Time Voice Changer, Post-Processing Voice Changer, Customizable Voice Changer
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Who are the dominant players expanding their reach in the artificial intelligence (ai) voice generator market?
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
How are evolving market trends shaping artificial intelligence (ai) voice generator Strategies?
Companies in the AI voice generator market are focusing on voice cloning technologies to make generated voices more realistic and versatile, providing more personalized user experiences across various industries. For example, in March 2024, OpenAI, a US-based AI research organization, launched Voice Engine, a voice cloning tool that replicates speech patterns with exceptional accuracy. This tool aims to provide voice assistance for people with reading difficulties, as well as therapeutic and educational support for non-verbal individuals and those with learning challenges.
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Which regions are emerging as leaders in the artificial intelligence (ai) voice generator market?
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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