Voice cloning refers to the ability to create someone else’s voice synthetically. Voice cloning solutions allow users to generate the computer version of their own voice. These solutions synthesize the individual’s voice from only a few audio samples. This is done with the help of machine learning algorithms.
Companies are focusing on enhancing their customer relationships by introducing a pleasant or familiar voice on the applications, products and services they offer. By adopting these solutions, the companies are able to form long-term relationships with clients by providing them with a better customer experience. This is one of the major driving factors of the global voice cloning solutions market. Advancements in technologies such as machine learning, artificial intelligence, natural language programming, etc. are further supporting the growth of the voice cloning solutions market.
However, the malicious ways in which voice cloning technology can be misused are expected to act as a restraining factor for this market. Since, voice cloning can generate fake audio clips, it can be manipulated to spread false information and therefore has become a matter of concern. Nevertheless, the positive aspects of the technology are anticipated to outweigh the negative ones in the near future, thus aiding the growth of the voice cloning solutions market.
The voice cloning solutions market can be segmented based on component, enterprise size, end-use industry, and region. Based on component, the voice cloning solutions market can be classified into solutions and services. The services segment can be categorized into consulting, integration & Implementation, operations, and maintenance. In terms of enterprise size, the voice cloning solutions market can be bifurcated into small- & medium-sized enterprises and large enterprises.
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The large enterprises segment is anticipated to constitute a prominent share in the market, owing to a significant amount of spending on digital technologies. Based on end-use industry, the market can be segmented into banking, financial services and insurance (BFSI), manufacturing, retail, health care, media & entertainment, IT & telecom, and others. The BFSI and retail segments are expected to account for a key share in the voice cloning solutions market. Companies in these industries are expected to adopt these solutions as customer interaction is one of the core business processes of their day-to-day work process.
In terms of region, the global voice cloning solution market can be classified into North America, Europe, Middle East & Africa, Asia Pacific, and South America. Currently, North America dominates the global market, in terms of revenue, followed by Europe. North America is estimated to hold a prominent share of the global voice cloning solutions market during the forecast period. The market in North America is anticipated to expand significantly due to an increase in spending on technology by companies in the U.S. and Canada.
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Asia Pacific is also expected to offer attractive growth opportunities to key players operating in the global voice cloning solutions market in the next few years. This is due to an increase in the number of enterprises in the region. South Korea, India, Japan, Malaysia, Thailand, China, Singapore, and Australia are major countries boosting the growth of the market, due to an increase in investment in technology by companies in the region. Expansion in the retail and BFSI industries in South America and Middle East & Africa is expected to drive the voice cloning solution market in these regions.
The voice cloning solutions market is in the nascent stage, as companies in the market are developing innovative solutions in order to meet the constantly changing demands of customers. Vendors in this market are focusing on improving their marketing strategy and enhancing their customer base into untapped markets. Key players operating in the global voice cloning solutions market include International Business Corporation, Google, Inc., Lyrebird, Nuance Communication, Baidu, Microsoft Coropration, Amazon Web Services, AT&T Inc., Smartbox Assistive Technology, and Acapela Group.
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