Voice Cloning Market Size Projected To Reach USD 11,462.2 Million at a CAGR of 30.7%, By 2030

 

The Global Voice Cloning Market is forecast to reach USD 11,462.2 Million by 2030, according to a new report by Reports and Data. The artificial intelligence technology of voice cloning is the essential computer technology used for Chatbots & Assistants, Accessibility, Digital Games, and Interactive learning. Growing demand for new voice technology in telecommunication, banking, BFSI, media and entertainment, education, defense, and energy and utility sectors among others will not only enhance the market growth but will take voice cloning business to new scalable paramount with the growth curve of the voice cloning market touching highest peak of growth.

The favorable circumstances in the Voice Cloning Market lie with the need for Internet of Things (IoT) and connected devices. The rising applications in energy & utilities, government, defense, education, industry verticals are boosting the market of such technology. Rapid escalation in the adoption of AI infrastructure in voice cloning and integration of AI technologies in voice cloning solutions are anticipated to provide lucrative opportunities for growth. The lack of subsidies & high initial investment and lack of appropriateness of AI-Enabled Voice Cloning assessment processes is acting as a market restraint.

The factors mentioned above jointly create opportunities for the market growth, while factors such as the requirement of standard speech repository act challenge in the implementation of such a solution add limitations in the market. However, each element would have a specific impact on the market during the forecast period.

In Europe, due to the sudden rise in adoption of Voice Cloning solutions by various verticals, along with growing demand for delivering personalized experience, the market for such a technologically advanced speech technologies market is propelling at a fast rate. The rising economy in counties like Germany, France, and the United Kingdom due to favorable political, social, and economic conditions is helping the market to grow.

Key participants IBM Corporation, Microsoft Corporation, Google, iSpeech, Cepstral, CereProc, Nuance Communication Inc., Baidu, AT&T, and NeoSpeech.

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Further key findings from the report suggest

• BFSI industry vertical held the largest market share of 20.8% in the year 2020. The current trend of digitalization and the Voice-Enabled ATM are booming the market of speech cloning technology.
• The Chatbots & Assistants segment is forecasted to witness the highest CAGR of 26.2% during the forecast period. This segment is rising since the demand for games and simulations that make the conversations sound more natural and personalized.
• Solution Component is forecasted to witness the highest CAGR of 25.8% during the forecast period. China became the largest consumer of this segment, as this technology helps software tools to integrate the cloned voices into multiple applications.
• Europe is expected to witness the highest CAGR of 27.9% during the forecast period. Countries like Germany, United Kingdom, France, and Poland are rapidly catching up with the growth in the Digital Games, Interactive Learning, and Chatbots and Assistants application. The countries in this region have a high demand for technological system, which is propelling the market growth.

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For the purpose of this report, Reports and Data have segmented into the global Voice Cloning Market on the basis of Component, deployment type, application, End-Users, and region:

Component Type Outlook (Revenue, USD Million; 2019–2030)

• Solutions
• Services

Deployment Type Outlook (Revenue, USD Million; 2019–2030)

• Cloud
• On-premises

Application Outlook (Revenue, USD Million; 2019–2030)

• Chatbots & Assistants
• Digital Games
• Accessibility
• Interactive learning
• Others

End-use Outlook (Revenue, USD Million; 2019–2030)

• BFSI
• Media & Entertainment
• Healthcare
• Others

Regional Outlook (Revenue, USD Million; 2019–2030)

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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