The global voice cloning market size to grow from USD 456 million in 2018 to 1,739 million by 2023, at a Compound Annual Growth Rate (CAGR) of 30.7% during the forecast period (2018–2023). The rapid surge in the demand for Internet of Things (IoT) and connected devices, and the growth in the number of initiatives in voice cloning projects are expected to drive the market in the coming years.
Voice cloning solutions enable enterprises to provide personalized experience, as these solutions help create a copy of human voice in a digital format which can be integrated into various applications. Enterprises that belong to various verticals, including media and entertainment; Banking, Financial Services, and Insurance (BFSI); telecom; travel and hospitality; healthcare and life sciences; education; and others (energy and utilities, and government and defense), by deploying voice cloning solutions can provide personalized experience to their customers. Moreover, with the integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies into voice cloning solutions, enterprises can enhance the quality of voice cloned, as well as reduce the time required for the voice cloning process.
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Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, as the growth in the digitalization and the use of IoT devices would create opportunities to deliver a seamless experience across various channels, such as web and mobile.
The voice cloning market by component is divided into solutions and services. The solutions segment is expected to account for the largest market size during the forecast period. Voice cloning solutions are becoming integral in various applications to create realistic speech output. The services segment is expected to have the highest growth rate during the forecast period.
The voice cloning market by application includes chatbots and assistants, accessibility, digital games, interactive learning, and others (public announcement systems, text readers, and talking avatars). The digital games segment is expected to grow at the highest rate during the forecast period, as it is also becoming crucial in toys to help children make the learning process easy. The chatbots and assistants segment is expected to hold the largest market size during the forecast period.
The voice cloning market by deployment mode is classified into cloud and on-premises. The cloud segment is expected to hold a larger market size and grow at a higher CAGR during the forecast period. Cloud-based solutions are expected to gain traction, due to various advantages offered, such as pay-per-use, and low installation and maintenance costs.
Among the verticals, the healthcare and life sciences vertical is expected to grow at the highest rate during the forecast period. In the healthcare and life sciences vertical, voice cloning solutions can help offer voices to those people who have lost or about to lose their ability to speak.
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