The emergence of advanced and connected systems is expected to provide opportunities for the Voice Cloning market growth
The global Voice Cloning market size is projected to reach nearly USD 2,121.0 million by 2028. Also, it is projected to gather a CAGR of above 19.23% over the forecast years 2020-2028. Voice cloning is a technique that allows the user to produce a digital representation of their voice over traditional text-to-speech voice creation at reduced expense and time. It enables a person's voice to be replicated and further used in various applications, such as personal assistants, humanoids, voice assistance, and artificial intelligence. In various implementations, such as chatbots, computer sports, immersive learning sessions, and others, this technology is used.
The future and existing Voice Cloning market progress are outlined to know the market attractiveness. Key influencing factors focus on the Voice Cloning of market opportunities over the forecast years. Factors such as the increase in the adoption of mobility solutions are driving the market growth. Also, the increasing need to provide better and enhanced customer service to consumers is responsible for the growth of the global Voice Cloning market growth.
The report also outlines the various characteristics of the global Voice Cloning industry by assessing the market from value chain analysis. Moreover, the Voice Cloning market report comprises various qualitative parts of the Voice Cloning industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The Voice Cloning market has solid competition amongst the already existing players. Also, the Voice Cloning industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the component segment, the market is bifurcated into services and solutions. In the year 2020, the services segment gathered the major growth and it is likely to maintain its position during the forecast years. The market growth of this segment is primarily ascribed to the increasing demand for voice cloning services especially in sectors that deal with consumers daily and use customer care services to answer customer queries.
Based on the industry vertical, the market is bifurcated into BFSI, healthcare, IT & Telecomm, Media & Entertainment, travel & hospitality, and others. In the year 2020, the BFSI segment has the major market share as compared to other industry verticals in terms of Voice Cloning adoption. As the BFSI sector has to deal with consumers day in and day out thus to make the process more economic companies are trying to adopt chatbots and other voice assistance technologies to make human involvement zero and improve the efficiency of the process.
The North America region is projected to hold the highest growth during the forecast years. The market growth in this region is mainly ascribed to the presence of developed economies (the US and Canada), which give it an upper hand over other regions in terms of adoption and usage of extremely high technologies. The significant prevalence of suppliers of technologies and rising government programs for voice cloning and fraud prevention measures. To remain in the competitive landscape, these players concentrate on entering into alliances, merger-acquisitions, and creative solutions.
The major players of the global Voice Cloning market are International Business Corporation, Google, Inc., Lyrebird, Nuance Communication, Baidu, Microsoft Corporation, Amazon Web Services, AT&T Inc., Smartbox Assistive Technology, and Acapela Group.
Segment Overview of Global Voice Cloning Market
Component Overview, 2018-2028 (USD Million)
Deployment Type Overview, 2018-2028 (USD Million)
Industry Vertical Overview, 2018-2028 (USD Million)
- IT & Telecommunication
- Travel & hospitality
- Media & Entertainment
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America