AI Voice Generator Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

AI Voice Generator Industry Prospective:

The global AI voice generator market size was evaluated at $3.57 billion in 2023 and is slated to hit $10.59 billion by the end of 2032 with a CAGR of nearly 20% between 2024 and 2032.

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AI Voice Generator Market: Overview

AI voice generators are a new technology that helps in converting written text into human speech with the help of the natural language processing algorithm of artificial intelligence. These products are utilized in content creation and voiceovers as well as accessibility enhancements. Reportedly, AI voice generators are available in various forms, such as PlayHT, ElevenLabs, Narakeet, VEED.IO, Murf AI, and Resemble AI.

Key Insights

• As per the analysis shared by our research analyst, the global AI voice generator market is projected to expand annually at the annual growth rate of around 20% over the forecast timespan (2024-2032)
• In terms of revenue, the global AI voice generator market size was evaluated at nearly $3.57 billion in 2023 and is expected to reach $10.59 billion by 2032.
• The global AI voice generator market is anticipated to grow rapidly over the forecast timeline owing to the surging use of virtual assistants in consumer electronics products, healthcare, content creation, customer service, and e-learning activities.
•  In terms of deployment mode, the cloud-based segment is slated to register the highest CAGR over the forecast period.
•  Based on type, the text-to-speech segment is predicted to contribute majorly towards the global industry size in the upcoming years.
• On the basis of end-user, the media & entertainment segment is projected to dominate segmental landscape over 2024-2032.
• Region-wise, the Asia-Pacific AI voice generator industry is projected to register the fastest CAGR during the projected timespan.

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AI Voice Generator Market: Growth Factors

Humungous use of virtual assistants in various end-use sectors to boost global market trends

Surging use of virtual assistants in consumer electronics products, healthcare, content creation, customer service, and e-learning activities will proliferate the size of the global AI voice generator market. Apart from this, operational benefits and the need for a uniform brand voice, along with growing demand for cost-efficacy, will drive the growth of the market across the globe. Furthermore, breakthroughs in machine learning systems and the growing popularity of improving personal experiences, as well as demand for customized solutions, will prompt the growth of the market globally. Need for improving product promotions and brand loyalty along with the necessity of enhancing customer satisfaction will augment the elevation of the global market. Massive product use in the entertainment and gaming sector can perpetuate the global market surge in the years to come.

AI Voice Generator Market: Restraints

Growing concerns about maintaining data confidentiality can restrict the industry surge by 2032

AI voice generators cannot cope up with particular kinds of accents and certain forms of dialects and this can obstruct the expansion of the global AI voice generator industry. In addition to this, surging data security concerns and issues related to data privacy can curtail the demand for AI voice generators across the globe.

AI Voice Generator Market: Opportunities

Growing focus of companies on AI-generated voices to promote their brands can generate new vistas of growth for the market globally

AI voice generators can fulfill the demands of people as it supports multiple languages as well as accents. Moreover, firms can create multilingual virtual assistants, interactive content, and customer service bots. All these aforementioned aspects are likely to create new dimensions of growth for the global AI voice generator market. Firms are developing exceptional AI-generated voices for representing their brands and this can prop up the growth of the market globally.

AI Voice Generator Market: Challenges

Growing challenge of fraudulent activities can put brakes on the growth of the industry globally over 2024-2032

Misuse of AI voice generators for committing fraud and use of the product in commercial applications requiring licenses or patents can lead to a big challenge in the growth of the global AI voice generator industry. Additionally, acquiring a low-latency synthesis of voice for real-time applications can prove to be a key challenge in the growth path of the global industry.

AI Voice Generator Market: Segmentation

The global AI voice generator market is divided into deployment mode, type, end-user, and region.                                          

In terms of deployment mode, the AI voice generator market across the globe is bifurcated into cloud-based and on-premise segments. Additionally, the cloud-based segment, which gained nearly 69% of the global market share in 2023, is expected to record the highest CAGR during the coming eight years due to the easy accessibility, scalability, and cost-efficacy of cloud-based solutions.  

Based on the type, the global AI voice generator industry is divided into voice cloning and text-to-speech segments. Furthermore, the text-to-speech segment, which accrued about 70% of the global industry earnings in 2023, is likely to account for noticeably towards the global industry size in the coming couple of years, subject to a rise in the use of text-to-speech AI voice generator in educational tools, customer support service, digital content creation, and assisted technologies for disabled.

On the basis of end-user, the AI voice generator market is sectored into BFSI, automotive, media & entertainment, IT & telecommunications, retail, and e-commerce segments. Moreover, the media & entertainment segment, which led the segmental space in 2023, is likely to retain its dominant status even during the forecast period owing to the large-scale use of AI technology for creating immersive & seamless experiences for end users in the media & entertainment sector.

AI Voice Generator Market: Report Scope

AI Voice Generator Market: Regional Insights

North America is prognosis to maintain dominating status in the global market during 2024-2032

North America, which accounted for 74% of the global AI voice generator market revenue in 2023, is expected to establish a leadership position in the global market in the next couple of years. In addition to this, the regional market expansion in the forecast timeline can be credited to a rise in the proportion of acceptance of new AI technologies along with a large-scale increase in AI research. Apart from this, technological innovations such as launching new AI voice assistants and interactive customer self-service technologies.

The Asia-Pacific AI voice generator industry is slated to record the highest gains annually in the coming few years. The expansion of the industry in the APAC region can be a result of the surging use of AI tools in the flourishing tech and IT sectors in Asian countries.  Moreover, countries such as Japan, China, and India are projected to be the key regional revenue pockets of the industry in the APAC zone.

Key Developments

• In May 2024, Inworld AI, an AI gaming startup firm, introduced Inworld Voice, a new kind of AI voice generator.
• In February 2024, Benztown, an audio imaging firm, introduced an AI listener voice generator.  

AI Voice Generator Market: Competitive Space

The global AI voice generator market profiles key players such as:

• Resemble AI
• Amazon Web Services Inc.
• OpenAI
• Cisco Systems Inc.
• Google LLC
• International Business Machines Corporation
• ElevenLabs
• Inworld AI
• Microsoft Corporation
• SoundHound AI Inc.

The global AI voice generator market is segmented as follows:

By Deployment Mode

• Cloud-Based
• On-Premise

By Type

• Voice Cloning
• Text-To-Speech

By End-User

• BFSI
• Automotive
• Media & Entertainment
•  IT & Telecommunications
• Retail
• E-Commerce

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa