Voice Cloning Market by Component (Solutions (Software Tools & Platforms) and Services), Application (Chatbots & Assistants, Accessibility, Digital Games, Interactive learning), Deployment Mode, Vertical, and Region - Global Forecast to 2023
Global voice cloning market is expected to grow at a CAGR of 30.7% during the forecast period
MarketsandMarkets expects the global voice cloning market size to grow from USD 456 million in 2018 to USD 1,739 million by 2023, at a Compound Annual Growth Rate (CAGR) of 30.7% during the forecast period. Major growth drivers for the market include the rapid surge in the demand for Internet of Things (IoT) and connected devices, and the growth in the number of initiatives in voice cloning projects. However, complexities in recreating natural speech are the major restraining factors in this market.
Services segment is expected to grow at a higher CAGR during the forecast period
In the voice cloning market by component, the services segment is expected grow at a higher CAGR during the forecast period. Most of the voice cloning vendors support their customers in the efficient use of voice cloning solutions and help maintain these solutions with voice cloning services. The voice cloning market includes services that help users replicate human voices with realistic voice quality, emotion, and unique speaking styles.
Cloud segment is expected to grow at a higher CAGR during the forecast period
In the voice cloning market by deployment mode, the cloud segment is expected to grow at a higher CAGR during the forecast period. Various vendors have started offering cloud-based voice cloning solutions. The demand for cloud-based voice cloning solutions is expected to grow due to various benefits offered by cloud, such as flexibility, scalability, and cost-effectiveness.
APAC is expected to grow at the highest CAGR during the forecast period
Among regions, APAC is expected to grow at the highest CAGR in the global voice cloning market during the forecast period. Various players across the region are focusing on Research and Development (R&D) in the voice cloning technology.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the global voice cloning market.
By Company Type: Tier I: 12%, Tier II: 48%, and Tier III: 40%
By Designation: C-Level: 34%, Director Level: 38%, and Others: 28%
By Region: North America: 36%, Europe: 25%, APAC: 29%, MEA: 5%, and Latin America: 5%
The report profiles major vendors in the global voice cloning market, including Google (US), Microsoft (US), IBM (US), AWS (US), AT&T (US), Baidu (China), Nuance Communications (US), iSpeech (US), NeoSpeech (US), CereProc (Scotland), Cepstral (US), Lyrebird (Canada), Kata.ai (Indonesia), alt Inc. (Japan), Aristech GmbH (Germany), Acapela Group (Belgium), VocaliD (US), Voicery (US), Voctro Labs (Spain), exClone (US), CandyVoice (France), LumenVox (US), rSpeak (Netherlands), Smartbox Assistive Technology (UK), and VivoText (Israel). The report includes an in-depth competitive analysis of these key voice cloning market players, along with their company profiles that include business overviews, product offerings, recent developments, and market strategies.
The report segments the global voice cloning market by component, application, deployment mode, vertical, and region. The market by type includes access, analytics, and engagement. The component segment covers solutions and services. The application segment includes chatbots and assistants, accessibility, digital games, interactive learning, and other applications. The market by deployment mode comprises cloud and on-premises categories. The vertical segment of the market includes healthcare and life sciences; education; telecom; Banking, Financial Services, and Insurance (BFSI); travel and hospitality; media and entertainment; and others (energy and utilities, and government and defense). The report covers the voice cloning market in 5 major regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
The report would help the market leaders and new entrants in the global voice cloning market in the following ways:
1. The report segments the market into various subsegments, hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across various applications and regions.
2. The report helps in understanding the overall growth of the market. It provides information on key market drivers, restraints, challenges, and opportunities.
3. The report helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.