Global Text-To-Speech Market Expected to Reach $5.0 Billion By 2026, Registering a CAGR of 14.6%
PALM BEACH, Fla., Feb. 2, 2021 /PRNewswire/ -- The COVID-19 situation has positively affected R&R and the introduction of various text-to0speech software and solutions. The demand for such solutions has significantly risen to social distancing and stay-at-home regulations worldwide. The increased demand for these solutions is expected to exhibit a higher adoption in industries and healthcare, e-learning and media and entertainment, to optimize the overall executions of their respective operations. A report from MarketsAndMarkets projected that the text-to-speech market was valued at USD 2.0 billion in 2020 and is estimated to reach USD 5.0 billion by 2026, registering a CAGR of 14.6% during the forecast period. The report said: "Services are expected to hold a major share during the forecast period. Services play a vital role in the functionality of text-to-speech software. They are an integral step in deploying tools and are taken care of by solution, platform, and service providers. The major companies in various industries are adopting text-to-speech to deal with the rapidly increasing audio/video-based content. This is helping companies find new ways to tap the wealth of data to develop new products, services, and processes, thus gaining a competitive advantage... The neural and custom voice type is expected to account for a larger market size during the forecast period owing to its ability to generate speech with humanlike intonation, engagement, and personalized user experience, which is expected to drive the adoption of neural and custom voice systems and software during the forecast period." Active tech companies in the market this week include Zoom Video Communication, Inc (NASDAQ: ZM), Moovly Media Inc. (OTCPK: MVVYF) (TSX-V: MVY), Slack Technologies Inc (NYSE: WORK), Fastly, Inc. (NYSE: FSLY), RingCentral, Inc (NYSE: RNG).
MarketsAndMarkets continued: "The cloud segment, on the contrary, benefits organizations with increased scalability, speed, 24/7 service, and enhanced IT security. The growing adoption of SaaS applications by enterprises is generating huge growth prospects for cloud-based text-to-speech software. The cloud-based deployment mode is expected to account for larger market size and its market is growing at a higher CAGR. The COVID-19 crisis has also driven the growth of the market for cloud-based deployment mode due to its scalability, security, reliability, and cost-effectiveness."
Moovly Media Inc. (OTCPK: MVVYF) (TSX-V: MVY) BREAKING NEWS: Moovly's Expands its AI-Enabled Text-to-Speech Feature, now available in 100+ languages - Moovly Media Inc. ("Moovly" or the "Company") is pleased to announce that, due to demand from an increasingly international client base, the Moovly AI-enabled text-to-speech feature is available in over a hundred languages. Moovly has also added a large number of new voices to its text-to-speak feature, via automatic AI driven translations.
As an online video creation platform enabling users of all experience levels to easily create professional-looking videos, Moovly is currently used by over 3.6 million users in hundreds of countries.
This significant development was driven in large part by the increasing demand from multinational Moovly clients for localized content and tools in multiple languages. The result is an invaluable asset now available to all Moovly clients. Get more information by visiting: https://youtu.be/K4j6DnR1WvM
Moovly CTO Geert Coppens explained that "We are delighted to announce the addition of over 300 artificial text-to-speech voices in over 100 languages, enabling our users to simply enter text to stand alongside their videos, all with natural sounding voice-overs." Read this full release and more news for Moovly at: https://www.financialnewsmedia.com/news-mvy/
Other recent developments in the tech industry include:
Slack Technologies Inc (NYSE: WORK) recently reported financial results for its fiscal quarter ended October 31, 2020. "We had a phenomenal quarter, headlined by continued acceleration in new paid customer growth, with 12,000 net paid customer additions, up 140% from the same quarter last year," said Stewart Butterfield, Chief Executive Officer and Co-Founder at Slack. "The accelerating growth is partly driven by increased awareness and demand due to the work from home environment, but we believe the larger portion comes from continued product momentum which shows up in the new user experience and, especially, from Slack Connect driving viral growth. Finally, we're thrilled by the continued momentum in the enterprise segment where we're seeing market leaders overwhelmingly choosing Slack for its unmatched security, scalability, flexibility, and user experience."
"We saw improving trends in the overall buying environment and large enterprises continue to standardize on Slack. We ended the quarter with 1,080 customers spending more than $100,000 annually, up 32% year-on-year," said Allen Shim, Chief Financial Officer at Slack. "Our focus remains on investing as we help define the future of work. We also continue to drive leverage and delivered record free cash flow in the quarter."
Fastly, Inc. (NYSE: FSLY) recently announced that it has joined Pledge 1%, a corporate philanthropy movement dedicated to making the community a key stakeholder in every business. In honor of Martin Luther King Jr. Day and Fastly's commitment to corporate giving, Fastly is kicking off the new year with its inaugural Global Week of Service, running from Jan. 18 to Jan. 24, empowering its worldwide workforce to volunteer virtually and safely. This event will kick off a greater focus in 2021 on expanding corporate philanthropy and volunteerism efforts.
During the COVID-19 pandemic, corporate volunteer hours declined by 58% from the same time period in 2019. Fastly has set a goal of 2,000 employee volunteer hours during the Global Week of Service. The week will be an opportunity for the global Fastly workforce to come together and serve our employees' respective communities during a once-a-century public health and economic crisis.
RingCentral, Inc (NYSE: RNG), a leading provider of global enterprise cloud communications, video meetings, collaboration, and contact center solutions and TELUS (NYSE: TU), a world-leading communications and information technology company recently announced an expansion of their partnership to serve broader sizes of businesses recently announced that they will work together to now enable Canadian small businesses to easily transition their legacy phone systems to the cloud via TELUS Business Connect, an all-in-one communications solution for message, video, and phone. Offered as part of TELUS Business Connect, the new Business Connect Voice and Business Connect Voice Plus plans are built for small businesses who want to replace their basic legacy services with a cost-effective, trusted business solution and richer functionality that enables remote work and easy online management.
"Small businesses are the backbone of our economy and we want to provide them with solutions that enable them to run their business smoothly so they can focus on what matters most, and not worry about the technology," said Marshall Berkin, vice-president of Business Products and Services at TELUS. "Through our partnership with RingCentral, small businesses can now manage their phone systems remotely, whether that's from their in-store phone to a mobile phone or manage call routing from wherever they are, unlike traditional phone lines."
Zoom Video Communications, Inc (NASDAQ: ZM), a leading provider of video-first unified communications, recently announced the pricing of an underwritten public offering of 5,147,059 shares of its Class A common stock at a price to the public of $340.00 per share. The aggregate gross proceeds from the offering are expected to be approximately $1.75 billion, before deducting the underwriting discounts and commissions and estimated offering expenses. The offering is expected to close on or about January 15, 2021, subject to customary closing conditions. In connection with the offering, Zoom has granted the underwriter a 30-day option to purchase up to an additional 735,294 shares of its Class A common stock at the public offering price, less underwriting discounts and commissions.
The shares described above are being offered by Zoom pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was filed by Zoom with the Securities and Exchange Commission (the "SEC") and that became automatically effective on January 12, 2021.
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