According to a new market research report “Voice Cloning Market by Component (Solutions (Software Tools & Platforms) and Services), Application (Chatbots & Assistants, Accessibility, Digital Games, Interactive learning), Deployment Mode, Vertical, and Region – Global Forecast to 2023″, published by MarketsandMarkets, The global voice cloning market size is expected to grow from USD 456 million in 2018 to USD 1,739 million by 2023, at a Compound Annual Growth Rate (CAGR) of 30.7% during the forecast period.
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 be the major growth drivers of the market. Integrating Artificial Intelligence (AI) technologies with voice cloning solutions and personalization in human-device interaction would provide opportunities for the voice cloning market.
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Chatbots and assistants segment is expected to hold the largest market size during the forecast period
Chatbots and assistants are becoming crucial to deliver a seamless experience and are becoming fundamental in conversational interfaces. Hence, vendors across the globe are focusing on enhancing the conversational capabilities of chatbots and assistants by integrating the AI-powered voice cloning technology. Voice cloning solutions would help enterprises add voice cloning capabilities to make chatbots or assistants’ sound more natural.
Media and entertainment vertical to hold the largest market size during the forecast period
The media and entertainment vertical is expected to provide maximum opportunities for voice cloning solutions in various applications. For instance, this vertical by integrating cloned voices of celebrities into various applications can create a delightful experience for audience. In addition, there are various applications of the voice cloning technology that are growing in the media and entertainment vertical.
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North America is expected to hold for the largest market size during the forecast period
North America shows a major adoption of voice cloning solutions as compared to the other regions. Maximum vendors in North America are engaged in product innovation and development. These vendors are also focusing on integrating AI capabilities into voice cloning solutions to develop more natural sounding voice cloning samples. Various research initiatives across the region are expected to fuel the adoption of voice cloning solutions across several verticals.
Major vendors in the voice cloning market include Google (US), Microsoft (US), IBM (US), AWS (US), AT&T (US), Baidu (China), Nuance Communications (US), iSpeech (US), NeoSpeech (US), CereProc (Scotland), Cepstral (US), Lyrebird (Canada), Kata.ai (Indonesia), alt Inc. (Japan), Aristech GmbH (Germany), Acapela Group (Belgium), VocaliD (US), Voicery (US), Voctro Labs (Spain), exClone (US), CandyVoice (France), LumenVox (US), rSpeak (Netherlands), Smartbox Assistive Technology (UK), and VivoText (Israel).
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