Portland, OR , Aug. 21, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Voice Cloning Market by Component (Solution and Service), Deployment Mode (On-Premise and Cloud), Application (Digital Games, Accessibility, Chatbots and Assistants, Interactive Games, and Others), and Industry Vertical (BFSI, IT & Telecom, Education, Media and Entertainment, Healthcare, Travel and Hospitality, and Others): Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the Voice Cloning industry generated $1.5 billion in 2022 and is anticipated to generate $16.2 billion by 2032, witnessing a CAGR of 27.3% from 2023 to 2032.
Prime determinants of growth
Growth in demand for personalized experiences across several industries, an increase in initiatives in voice cloning projects, and the rise in popularity of virtual assistants and chatbots are the major factors that drive the growth of the global voice cloning market. However, high cost and scalability concerns and an increase in risks associated with mock speech are the major factors that impede the growth of the global market. Furthermore, advancements in artificial intelligence (AI) and machine learning (ML) are anticipated to provide lucrative growth opportunities for the global Voice Cloning market in the upcoming years.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1.5 Billion |
| Market Size in 2032 | $16.2 Billion |
| CAGR | 27.3% |
| No. of Pages in Report | 302 |
| Segments covered | Component, Deployment Mode, Application, Industry Vertical and Region. |
| Drivers | Growth in demand for personalized experiences across several industries. Increase in initiatives in voice cloning projects. The rise in popularity of virtual assistants and chatbots. |
| Opportunities | Advancements in artificial intelligence (AI) and machine learning (ML) |
| Restraints | High cost and scalability concerns. Increase in risks associated with mock speech. |
Covid-19 Scenario
- The global COVID-19 pandemic significantly impacted several industries including the voice cloning market, as the increased in demand for remote communication and virtual interactions during lockdowns. One of the positive impacts of the pandemic on the voice cloning market was the increased demand for remote working mode.
- In addition, the pandemic has increased the adoption of virtual assistants and chatbots as companies strive to provide contactless customer service and support, further fueling the adoption of voice cloning solutions. As businesses looked to adapt to the changing landscape, they increasingly turned to voice cloning applications and services to optimize operations and enhance customer experiences. This surge in virtual assistants and chatbot implementation created numerous opportunities for voice cloning service providers, solution developers, and service providers.
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The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2022, accounting for around two-thirds of the voice cloning market revenue and is estimated to maintain its leadership status throughout the forecast period. Increasing collaboration strategies adopted by key players in the market. It further enables companies to offer comprehensive solutions and strengthen their competitive position. However, the service segment is projected to manifest the highest CAGR of 30.4% from 2023 to 2032, as voice cloning services help to grow digital transformation initiatives and increase the focus on customer experience.
The on-premise segment to maintain its lead position during the forecast period
Based on deployment mode, the on-premise segment accounted for the largest share in 2022, contributing to more than three-fifths of the voice cloning market revenue, owing to its numerous advantages such as faster processing times, lower latency, and the ability to customize and tailor the technology to specific requirements. However, the cloud segment is expected to portray the largest CAGR of 30.3% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Cloud-based solutions offer the convenience of remote access, automatic updates, and the ability to leverage cloud computing resources for processing-intensive tasks.
The chatbots and assistants segment to maintain its leadership status throughout the forecast period
Based on application, the chatbots and assistants segment held the highest market share in 2022, accounting for more than one-third of the voice cloning market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to their capacity for conversational user interaction and customized assistance chatbots and virtual assistants have become more popular across a range of businesses. However, the interactive games segment is projected to manifest the highest CAGR of 33.7% from 2023 to 2032. The increasing demand for immersive gameplay and advancements in voice recognition and synthesis technologies is expected to provide lucrative opportunities for the market.
North America region garnered the major share in 2022
Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the voice cloning market revenue. The increase in investment in advanced technologies from companies and research institutions, and universities that have made significant investments in voice cloning research and development is anticipated to propel the growth of the market in this region. However, the Asia-Pacific is expected to witness the fastest CAGR of 32.4% from 2023 to 2032 and is likely to enhance the market growth during the forecast period, the region is home to a large and diverse market with a significant population and a wide range of languages and accents.
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Leading Market Players: -
- LumenVox
- iSpeech
- Baidu, Inc.
- CandyVoice
- Descript
- Google LLC
- Microsoft Corporation
- IBM Corporation
- AWS, Inc.
- AT&T Inc.
The report provides a detailed analysis of these key players in the voice cloning market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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