Delray Beach, FL, Sept. 23, 2024 (GLOBE NEWSWIRE) -- The AI Voice Generator Market will increase from USD 3.0 billion in 2024 to USD 20.4 billion by 2030, with a compound annual growth rate (CAGR) of 37.1% during the forecast period., according to a new report by MarketsandMarkets™. Government initiatives and regulatory frameworks, development in deep learning algorithms, and the growing need for personalized customer experiences are all driving the growth of the AI voice generator market.
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AI Voice Generator Market Dynamics:
Drivers:
- Increasing demand for voice-enabled devices and virtual assistants
- Advancements in NLP and machine learning technologies to enhance capabilities of gen AI in audio and speech
- Growing need for accessibility solutions in digital content
Restraints:
- Lack of explainability in AI decision-making processes for audio generation
- High cost of developing and implementing advanced generative AI solutions to hinder market growth
- Ethical concerns surrounding use of AI-generated voices to lead to increased scrutiny
Opportunities:
- Integration of gen AI with emerging technologies like 5G and edge computing to enable real-time audio and speech generation
- Increasing demand for localized content and multilingual support in global markets to offer growth potential for AI-powered translation and dubbing services
- Growing market for personalized and emotionally intelligent AI assistants to present opportunities for advanced generative AI speech technologies
List of Key Companies in AI Voice Generator Market:
- IBM (US)
- NVIDIA (US)
- OpenAI (US)
- Meta (US)
- Microsoft (US)
- Google (US)
- AWS (US)
- Cisco (US)
- SoundHound (US)
- Speechify (US)
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AI audio generator and AI speech generator is undergoing a significant transformation owing to recent technological advancements and regulatory changes. Human-like audio and speech synthesis is now possible because of the advancements in deep learning algorithms and neural network architectures. Advances like self-supervised learning and transformer models have sped up the creation of advanced voice assistants, real-time language translation, and customized speech synthesis applications. Global regulatory bodies are simultaneously strengthening ethical standards and data privacy laws calling for increased accountability and transparency in AI implementations. European Union's GDPR and newly launched AI Act helps to prioritize user consent data protection and bias mitigation. These laws guarantee that generative AI applications meet strict ethical guidelines. The market is moving towards AI solutions that are more secure, robust, and ethically responsible by technological advancements and regulatory changes.
Based on Software type segment, transformer models are expected to have the highest compound annual growth rate (CAGR) in the AI voice generator market over the course of the forecast period. Transformer models help in processing and producing sequential data unlike traditional models. These models have capabilities like voice synthesis, natural language processing and real-time translation. The increasing demand for high-quality AI-driven applications is met by their capacity to handle massive datasets and learn context over extended sequences which improves the accuracy and fluency of generated speech. Transformer architectures like BERT GPT and T5 are also becoming extremely popular across a range of industries due to the ongoing evolution and advances in computing power and cloud-based AI services.
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Voice conversion and cloning is predicted to grow at the fastest compound annual growth rate (CAGR) in the AI voice generator market over the course of the forecast period. With amazing accuracy these applications can replicate and alter voices providing a host of advantages in terms of entertainment, customer support accessibility, and customized experiences. Voice cloning technologies are becoming increasingly popular due to the growing demand for personalized voice assistants, digital avatars, and automated customer support solutions. Their quick development is further supported by the incorporation of voice conversion and cloning into audiobooks, content creation platforms, and language learning aids.
AI voice generators offers many opportunities for industry players to explore and take advantage of. The need for customized voice assistants, language translation services, and immersive sound experiences in gaming and virtual reality are some of the focus areas in AI voice generator market. Businesses can explore these opportunities by utilizing technologies such as transformer models and neural networks to create speech synthesis and recognition systems. AI solutions have the potential to improve communication for people with speech impairments by addressing their accessibility needs. Organizations have the opportunity to collaborate with content creators, media companies, and educational institutions to offer tailored audio solutions for individual user requirements. Engaging in research and development, forming strategic partnerships, and introducing innovative products will help businesses grab a greater portion of the growing market and maintain continuous growth.
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