BANGALORE, India, Nov. 14, 2023 /PRNewswire/ -- Voice Cloning Market is Segmented by Type (On-premises, Cloud), by Application (Healthcare and life sciences, Education, Media and entertainment, Telecom, Travel and hospitality, Banking, Financial Services and Insurance (BFSI)): Global Opportunity Analysis and Industry Forecast, 2023-2029.
The Global Voice Cloning Market is projected to grow from USD 461.6 Million in 2023 to USD 1723.9 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 24.6% during the forecast period.
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Major Factors Driving the Growth of the Voice Cloning Market:
Positive trends in digital technology adoption, a rise in the need for intelligent virtual assistants, and a rise in the use of cutting-edge technology are all contributing to the Voice Cloning Market expansion. Additionally, the market is anticipated to develop as a result of the rapid uptake of smart devices, improvements in inventive applications, and rising demand for virtual chatbots.
The Voice Cloning Market is also anticipated to benefit from the expanding conversational AI technology and the rise of smart applications across several sectors. Additionally, developing a distinctive and recognizable voice for a brand aids in brand identity development, brand recognition enhancement, and the creation of a seamless user experience across many touchpoints.
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TRENDS INFLUENCING THE GROWTH OF THE VOICE CLONING MARKET:
One of the main factors propelling the market expansion for voice cloning is the swift progress being made in speech synthesis technologies. Advances in natural language processing, deep learning, and neural networks have greatly raised the caliber and realism of synthesized voices. This has increased the use of voice cloning in a variety of businesses by producing more lifelike and natural-sounding voice clones. Voice cloning is becoming more and more popular due to the growing need for personalized user experiences across a variety of applications, such as chatbots, virtual assistants, and customer support interactions. Voice cloning is being used by companies and developers to generate personalized and interesting interactions that increase user pleasure and promote a more human-like relationship between users and technology.
The use of voice cloning technology by the entertainment sector is a significant driver of market expansion. Through voice cloning, famous voices of video game characters, animation characters, and even deceased celebrities can be recreated, adding a whole new level of entertainment and narrative. There has been a great deal of interest in this use, which has increased demand for voice cloning software. For people with disabilities or speech impairments, voice cloning is essential to increasing inclusivity and accessibility. Voice cloning technology empowers people who might have trouble using traditional communication methods by enabling the development of customized and natural-sounding synthetic voices, promoting a more inclusive digital world.
Voice cloning is becoming more and more popular across a range of businesses due to the need for automated and efficient content development procedures. Voice cloning is a useful tool for podcasters, video producers, and content creators to quickly create voice overs or narration. This facilitates the easy development of content in different languages or voices while also saving time and money. Voice cloning is used in the field of education and training to create dynamic and captivating e-learning resources. Teachers can use synthetic voices as a flexible tool to present knowledge in a more personalized and interactive way by customizing them to fit various educational circumstances. In this age of online and distance learning, this trend is especially pertinent.
One innovative use propelling the voice cloning business is the rise of virtual influencers and personalities in social media and marketing. Voice cloning is being used by influencers and brands to establish distinct personalities for virtual entities, which improves engagement and brand recognition. In the digital sphere, this creative method creates new opportunities for marketing and content production.
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VOICE CLONING MARKET SHARE ANALYSIS
By geographic share, the voice cloning market was dominated by North America in 2022. The market for voice cloning is expected to rise as a result of the rising investment in advanced technologies from businesses, research institutes, and colleges that have made major investments in voice cloning research and development. However, during the forecast period, Asia-Pacific is anticipated to experience the fastest growth. With a sizable population, a variety of languages, and accents, the area has a sizable and diverse market that is predicted to offer the industry in this area profitable growth potential.
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Key Companies:
- IBM
- Lyrebird
- Nuance Communications
- Baidu
- Microsoft
- AWS
- AT&T
- NeoSpeech
- Smartbox Assistive Technology
- exClone
- LumenVox
- Kata.Ai
- Alt.Ai
- CereProc
- Acapela Group
- VocaliD
- Voicery
- Aristech
- Cepstral
- Ispeech
- VivoText
- Voctro Labs
- rSpeak
- CandyVoice
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- Large Language Model (LLM) Market was valued at 10.5 Billion USD in 2022 and is anticipated to reach 40.8 Billion USD by 2029, witnessing a CAGR of 21.4% during the forecast period 2023-2029.
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