“North America Leads Voice Cloning Market in 2022, Asia-Pacific Emerges as Growth Powerhouse
The growth of the voice cloning market has been notable and is expected to continue on an upward trajectory.
PORTLAND, PORTLAND, OR, UNITED STATES, November 28, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Voice Cloning Market,” The voice cloning market was valued at $1.5 billion in 2022, and is estimated to reach $16.2 billion by 2032, growing at a CAGR of 27.3% from 2023 to 2032.
Voice cloning involves using a computer and artificial intelligence to replicate the speech of a real person. It has gained significance in industries like gaming, media, and entertainment, offering a detailed analysis and extraction of a target voice’s features. The demand for intelligent systems in urbanized settings is on the rise, driving the need for realistic and expressive voices in real-time interactions.
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The global voice cloning market is experiencing growth due to the rising demand for personalized experiences across various industries, a surge in initiatives related to voice cloning projects, and the increasing popularity of virtual assistants and chatbots. Despite these positive factors, challenges such as high costs, scalability concerns, and heightened risks associated with mock speech are hindering market growth. However, the market is expected to witness lucrative opportunities in the future, driven by advancements in artificial intelligence (AI) and machine learning (ML).
The market players operating in the voice cloning market analysis are LumenVox, iSpeech, CereProc Ltd., CandyVoice, Descript, Google LLC, Microsoft Corporation, IBM Corporation, AWS, Inc., and AT&T Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the voice cloning industry globally.
The on-premise deployment mode dominated the voice cloning market in 2022, driven by advantages like faster processing, lower latency, and customization options. However, the cloud segment is expected to witness the highest growth due to benefits such as remote access, automatic updates, and the utilization of cloud computing resources for processing-intensive tasks.
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North America led the voice cloning market in 2022, attributed to the presence of major players like Google, IBM, Microsoft, and Amazon Web Services. Meanwhile, Asia-Pacific is anticipated to experience the highest growth, fueled by increased internet penetration, synthetic voice adoption, and the use of smart devices.
Based on deployment mode, the on-premise segment accounted for the largest share in 2022, contributing to more than three-fifths of the voice cloning market revenue, owing to its numerous advantages such as faster processing times, lower latency, and the ability to customize and tailor the technology to specific requirements. However, the cloud segment is expected to portray the largest CAGR of 30.3% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Cloud-based solutions offer the convenience of remote access, automatic updates, and the ability to leverage cloud computing resources for processing-intensive tasks.
Based on application, the chatbots and assistants segment held the highest market share in 2022, accounting for more than one-third of the voice cloning market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to their capacity for conversational user interaction and customized assistance chatbots and virtual assistants have become more popular across a range of businesses. However, the interactive games segment is projected to manifest the highest CAGR of 33.7% from 2023 to 2032. The increasing demand for immersive gameplay and advancements in voice recognition and synthesis technologies is expected to provide lucrative opportunities for the market.
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The COVID-19 outbreak is expected to open new growth avenues for the voice cloning market. The pandemic has spurred research and development in machine learning, synthetic voice, and AI, enhancing the precision and expressiveness of voice cloning models. Companies are deploying technologies like natural language processing to improve efficiency and reduce delays in media operations during the crisis.
The market is witnessing a surge in demand for emerging technologies that cater to consumer needs. Companies are incorporating advanced solutions and industry-specific executions in media operations. Notably, strategic collaborations, such as the one between Alt. Inc and Space Factory Begin in July 2021 for audio data production, contribute to the industry’s growth prospects in the coming years.
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