According to new market research report “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”, The global voice cloning market size is expected 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.
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 are expected to be the major growth drivers of the market. Integrating Artificial Intelligence (AI) technologies with voice cloning solutions and personalization in human-device interaction would provide opportunities for the voice cloning market.
Digital games applications help children make the learning process an easy experience. Various vendors in the market are focusing on integrating voice cloning capabilities into games and toys. In the current scenario, digital games engage their users with excellent visual and sound effects, and vendors are focusing to further enhance the engagement level of users by enabling them to clone their own voice in the game as a playable character.
In the voice cloning market by components, the solution segment is expected to hold larger market size during the forecast period.
There is an increasing demand for integrating the voice cloning technology into various speech-enabled solutions to generate more realistic and personalized outputs. Moreover, voice cloning solutions have various practical implementation areas, such as public announcement systems, integration into Augmentative and Alternative Communication (AAC) devices, speech-enabled websites, and audiobooks, which are further driving the adoption, as well as the growth rate of voice cloning solutions by the major verticals in the market.
The cloud segment is projected to grow at a higher CAGR during the forecast period, as it is a cost-effective and scalable solution.
In the voice cloning market by vertical, the healthcare and life sciences vertical is projected to hold the largest market size by growing at the highest rate during the forecast period
Applications for the voice cloning technology in the healthcare and life sciences vertical is gaining traction due to its ability to offer voices to those people who have lost their ability to speak. Moreover, voice cloning solutions and services are expected to have several applications in the healthcare and life sciences vertical, such as appointment reminders, electronic prescribing, health monitors, personal assistant applications, and medical devices
North America is expected to hold the largest market size in the global voice cloning market while APAC would grow at the highest CAGR during the forecast period. In APAC, the highest growth rate can be attributed to the heavy investments made by private and public sectors for enhancing their marketing technologies, resulting in the increased demand for voice cloning solutions to deliver a personalized experience to their customers. North America is expected to be the leading region in terms of adoption and development of the voice cloning technology. Factors such as the growth in the investments in voice cloning technologies, the presence of a maximum number of voice cloning providers, and the increase in the government spending on healthcare are expected to contribute to the growth of the market during the forecast period.
Major vendors in the global voice cloning market include 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.ai (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). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to further expand their presence in the global voice cloning market