Accordingto a market research report "Voice Cloning Market by Component (Solutions (SoftwareTools & Platforms) and Services), Application (Chatbots & Assistants,Accessibility, Digital Games, Interactive learning), Deployment Mode, Vertical,and Region - Global Forecast to 2023", The global voice cloning market size is expected to growfrom USD 456 million in 2018 to USD 1,739 million by 2023, at a Compound AnnualGrowth Rate (CAGR) of 30.7% during the forecast period.
Therapid surge in the demand for Internet of Things (IoT) and connected devices,and the growth in the number of initiatives in voice cloning projects areexpected to be the major growth drivers of the market. Integrating ArtificialIntelligence (AI) technologies with voice cloning solutions and personalizationin human-device interaction would provide opportunities for the voice cloningmarket.
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Chatbots andassistants segment is expected to hold the largest market size during theforecast period
Chatbots andassistants are becoming crucial to deliver a seamless experience and arebecoming fundamental in conversational interfaces. Hence, vendors across theglobe are focusing on enhancing the conversational capabilities of chatbots andassistants by integrating the AI-powered voice cloning technology. Voicecloning solutions would help enterprises add voice cloning capabilities to makechatbots or assistants’ sound more natural.
Media andentertainment vertical to hold the largest market size during the forecastperiod
The media andentertainment vertical is expected to provide maximum opportunities for voicecloning solutions in various applications. For instance, this vertical byintegrating cloned voices of celebrities into various applications can create adelightful experience for audience. In addition, there are various applicationsof the voice cloning technology that are growing in the media and entertainmentvertical.
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North America isexpected to hold for the largest market size during the forecast period
North America showsa major adoption of voice cloning solutions as compared to the other regions.Maximum vendors in North America are engaged in product innovation anddevelopment. These vendors are also focusing on integrating AI capabilitiesinto voice cloning solutions to develop more natural sounding voice cloningsamples. Various research initiatives across the region are expected to fuelthe adoption of voice cloning solutions across several verticals.
Major vendors inthe 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 AssistiveTechnology (UK), and VivoText (Israel).
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