Global Voice Cloning Market Report, Industry Analysis and Forecast to 2029

The global Voice cloning market was valued at USD 10.12 Billion in 2021 and is projected to reach USD 11.5 Billion in 2029, at a Compound Annual Growth Rate (CAGR) of 28.2% during the forecast period 2022-2029.

Voice cloning is the process in which one uses a computer to generate the speech of a real individual, creating a clone of their specific, unique voice using artificial intelligence (AI). When done well, the natural and synthetic voices are confusingly similar. Often this cloning model is applied to voices for text-to-speech technologies. Voice cloning technology has experienced a dramatic evolution over the past decade. These advancements have given way to the technology’s growing popularity in multiple industries including entertainment, movies, marketing, healthcare, and customer service.

There are different types of components and applications in voice cloning market such as chatbox & assistants, digital games, accessibility, Interactive games and others. Additionally, there are different deployment models across various industry verticals under voice cloning market. This report emphasise the type of component, application, deployment model of voice cloning solutions in different regions and countries over the forecast period.

Global Voice Cloning Market Overview

The global demand of voice cloning is driven by the increasing number of opportunities in voice cloning projects in the global market along with rising penetration of technologies like machine learning, artificial intelligence in information technology and the need of strengthening work synergy even in the absence of face-to-face contact.  However, high cost associated with voice cloning devices is the major factor which will obstruct the market growth during the forecast period.

Voice Cloning Market Dynamics

Voice cloning software are utilized for high tech customer relationship among various organizations. Businesses tends to provide a familiar voice to their customers to build long-term relationships and better customer experience. Organizations across the globe are adopting interactive virtual assistants to increase their efficiency, hence there were 4.2 billion digital voice assistants used in various devices in the world by 2020. Besides, organizations are adopting voice synthesis to facilitate digital avatars in online meetings so that participants are not required to attend such meetings in person.

Additionally, numerous benefits offered by voice cloning software such as, interactive training and learning, speaking text aloud, accessibility text to speech, and familiar voice addition in navigation systems are the major factors among others driving the voice cloning market. Increasing technological advancements and rising penetration of AI technologies with voice cloning solutions will further create new opportunities for voice cloning market in the forecasted period of 2021-2029. Demand of online learning among students has increased during the pandemic and voice cloning can help the teachers to create high quality content such as recorded classes, e - books among others.

High cost associated with voice cloning devices, increasing concerns over potential misuse of the voice cloning technology will further challenge the growth of voice cloning market during the forecast period.

Voice Cloning Market Report Outlook

The voice cloning market report focuses on different aspects regarding component of voice cloning solutions, deployment model and application across various industry verticals. The research analyses the different types of components, deployment model, application and industry vertical of the voice cloning market in order to obtain a better understanding regarding the growth and trends of the market since 2019 which also facilitates the estimation of the upcoming growth of the market in the next 7 years.

Voice Cloning Market Competitive Landscape

The report also holds competitive analysis which can be used to differentiate different types of solutions; technologies used in building the solutions; prices; innovation in R&D; organic and inorganic growth strategies; financial analysis to determine the revenue generation and other key aspects of the finance; new partnership, joint ventures, collaborations, and acquisitions; market share of the top competitors in the market; and understand the growth strategies being undertaken by these major players to analyse the future market trends.

For instance, in February 2020, Amazon Web Services, Inc. launched a new feature called Brand Voice to its cloud service Amazon Polly, which turns text into lifelike speech and allows customers to work with Amazon engineers to create voice creations based on AI. Brand Voice allows companies to differentiate their brands by incorporating distinctive voices into their products and services.

Other major players holding prominent share in the automotive lubricants market include Microsoft, IBM, Amazon Web Services, Inc., Nuance Communications, Inc, iSpeech, Inc., ReadSpeaker Holding B.V, CereProc Ltd, Cepstral, Descript, Kata.ai, ALT Creative, Inc., Aristech GmbH and VocaliD, Inc. There are several regional and local players in this market across the globe which are contributing towards the revenue growth of the market and thus expected to flourish with new launches and expansion in the upcoming years.

Voice Cloning Market Regional Analysis

The market synopsis will also cover the regional dynamics and growth prospects which would include regions- North America, Asia Pacific, Europe, Latin America, Middle East and Africa. These regions will be analysed per countries on the basis of market drivers, restraints, opportunities, and trends to get a closer view of the market studied.

North America is expected to account for the largest revenue share in the global market during the forecast period. This is due to increasing presence of major market players, such as Google LLC, IBM Corporation, Microsoft Corporation among others. In addition, increasing internet penetration and established IT environment has helped companies to develop advanced voice cloning software. Pandemic has led adoption of e-learning platforms, among various institutions for conducting online classes, continuously using voice cloning technology.

The Asia Pacific market is expected to generate a significant growth with a significant CAGR during the forecast period due to increasing use of voice clone technology for entertainment purposes such as mimicking voice of content editors and actors. The Europe market is also expected to grow significantly during the forecast period owing to growing adoption of smart devices, such as voice assistants and robots, in manufacturing industries specially in countries like Germany with a huge automotive market. Scrutinizing these factors for the countries are expected to enhance the value chain of the Automotive Lubricants market and aid us with better insights about the same.

Voice Cloning Market In-depth Analysis Aspects

To mention certain other aspects which will include the Porter Five Forces, Pricing analysis, PESTEL Analysis, Export-Import data, and Industry Value Chain will also bind the analysis of the report.

Research Methodology

The study period of the market is considered to be 7 years (2022-2029) which will be analysed through the two major research techniques – Primary and Secondary Research methods. The primary research method includes the interviews of the key personnel in the industry considered as the industry experts, major distributors, suppliers, and consumer base sample survey to understand the direct perspective of the market. Additionally, these data are backed by the secondary research method which includes company overview through websites, annual reports, SEC filings, investor presentations, news, and databases. The growth trends are always measured on the basis of current and past scenarios considering any recent news which can drastically impact the growth rate of the market studied. Moreover, the consumption forecast depends on the company’s upcoming plans and revenue generation aspects.

Benefits of The Report

• The report is designed to understand the past, present and future market scenarios considering all the growth, restraining, and other factors influencing the market studied.
• The report is designed with the assistance of the industry experts for better understanding on the market studied
• The market is analysed with in-depth study of the company’s view on the market considering the present economic, political, social, geographical, and legal factors.
• To gain a clear insight for better future perspective of the market studied in 360-degree synopsis.
• Understand the competition in the market being a part of the market or a new entrant in the market.
• Analyse the different aspects in different geographies influencing the growth of the market through diverse consumer base.