Voices are Abuzz: Voice Market & Key Players
In my first article, I discussed biometrics, data security, and my thoughts on AI. Then in my last article, I talked about the meaning, technology, usage, concerns, and my two cents around voice conversion. Now that the table is set: so, who does what?
Let's discuss the broader [Speech and Voice Recognition market] first.
Grand View Research, on November of last year, asserted that "Speech and Voice Recognition Market" will be worth $31.82bn by 2025, with CAGR of 17.2%.
Markets and Markets, on January 9th, 2019, reported that "Speech and Voice Recognition Market" will be worth $21.5bn by 2024, growing at CAGR of 19.18%.
IDTech Ex Research, on January 15th, claimed that Smart Speech / Voice-Based Technology Market will reach $15.5bn by 2029.
This market encompasses every technology related to voice and speech, whether it's recognition, synthesis, converting, etc. (e.g.; from automated voice recordings and IoT kitchenware to smart-speakers and talking robots)
Now for markets that hit closer to home for us:
1) Text-to-Speech Market
Markets and Markets, in 2017, summarized the TTS market was valued at $1.3bn in 2016 and will reach $3.03bn by 2022, a CAGR of 15.21%.
Other reports from this year are pointing at the 15.9~16% CAGR as well.
2) Voice Conversion (Voice-Over) & Cloning Market
Voices.Com found in 2017 that the Voice-Over Market was worth $4.4bn in 2015.
BusinessWire wrote that the Voice Cloning Market was to reach $1.74bn by 2023, up from $456mm in 2018, a CAGR of 30.7%.
TikTok has seen 150mm+ searches and 34bn+ views on contents related to voice changing and voice conversion in 2018 alone.
3) Speech-to-Speech Market
There isn't much data here because this is a new and challenging technology, and quite frankly, nobody has really produced a successful commercial-grade service yet!
I probably shouldn't give free plugs for these companies, but in the spirit of fairness, I shall provide objective information here. No bias. (Scout's honor!)
LOVO (Berkeley SkyDeck, CA, USA)
That's it. LOVO is the only player in the market.
... Just Kidding.
Lyrebird (Canada / US - YC, acquired by Descript, another YC company)
Respeecher (Ukraine / US - Techstars)
Some of these companies have been around since 2014, while others are as recent as 2019. Each company has different proprietary tech stack, target audience, branding, and most importantly, variance in the quality of output.
Our main product LOVO, which stands for "Love Your Voice", is a voice conversion, creation, and cloning platform that provides the perfect voice for any content. From individual YouTubers and Podcasters to corporations looking to create engaging adverts and interactive products, anyone can easily utilize our voice conversion and replication services at the fraction of the cost and time spent on going back and forth.
Unlike simple TTS tools that simply translate written words, we can take the style of a person’s speech, the emotion, and the delivery, and transplant them onto a new voice. This creates a much more emphatic end result, leading to a content that is more authentic, relatable, and likable. Check it out for yourself @ LOVO Studio!