Voice Cloning Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The voice cloning market is expected to grow at 17.2% CAGR during the forecast period of 2021-2026. Voice cloning is the technology to create someone’s voice synthetically. The voice cloning solutions and services allow users to generate the computerized version of their voice. These solutions synthesize someone’s voice from a few audio samples. Voice cloning is done with the help of artificial intelligence (AI) and machine learning algorithms.

• Enterprises are focusing on enhancing their customer experiences by introducing a familiar voice on the products and services they provide. By using these solutions, businesses can form significant long-term relationships with customers by providing them with a considerably better customer experience. Technology providers are also adopting cutting-edge technologies for developing efficient voice cloning solutions. For example, in 2019, Deepsync Technologies, an Indian technology startup, has embarked on a journey to leverage artificial intelligence to create audio content through voice cloning.
• A voice cloning procedure typically needs a couple of hours of recorded speech to build a dataset and then to use the dataset to train a new model. With the increasing adoption of AI & machine learning solutions, the developers are putting in their effort to reduce the time taken to complete a voice cloning process. For instance, in 2019, a new Github project introduces a real-time voice cloning toolbox, enabling a user to clone a voice in a timeframe of five seconds of sample audio.
• However, the malicious ways in which the voice cloning methods can be misused are expected to impede the growth of this market. As voice cloning technology can generate fake audio clips, which can be manipulated to spread false insights, it has become a significant matter of concern. For instance, in August 2019, the CEO of an unnamed United Kingdom-based energy & power firm was scammed by a fraudster who has cloned his chief executive’s voice. The CEO believed he was on a call with his chief executive of the company’s German parent company after the CEO followed the orders to immediately transfer EUR 220,000 to the bank account of a European supplier.
• The voice cloning players are also focusing on the development of deepfake detection tools to reduce the misuse of voice cloning technology. For instance, in December 2019, Resemble AI team has developed an open-source tool called Resemblyzer, which uses machine learning to detect deepfakes by deriving significantly high-level representations of voice samples.
• At the time of the COVID-19 pandemic, the requirement of digital education platforms is increasing across the world. In March, when the pandemic was declared, the United States sprang into action, and offices, schools, and public areas were shut down. The need to go online with the education system, K-12 to college, in a big way. E-learning organizations are taking an opportunity to conduct uninterrupted online classes through voice cloning technology. For example, Voice.com’s voice actors have done more than 45,000 voice cloning projects for North America’s educational institutions.

Scope of the Report

The market scope of voice cloning tracks down the adoption of different voice cloning solutions and services used by several end-user verticals such as IT & telecommunication, BFSI, educational institutions, healthcare, etc. The study also focuses on the impact of COVID-19 on the market ecosystem. In the report scope, the existing technology provider landscape also covered, which consists of major players operating in the market.

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Key Market Trends

Solutions Segment is Expected to Grow at a Significant Rate Over the Forecast Period

• The voice cloning solutions segment has observed a significant growth in recent years owing to the increasing adoption of cloned voice services in education, healthcare, BFSI, media & entertainment, retail, and other potential industries.
• CereProc, a voice cloning technology provider, is providing CereVoice Me, an online voice cloning solution allowing the users to create a computer version of their voice. The developers of this cutting-edge technology-enabled solution have simplified CereProc’s text-to-speech voice creation process, allowing the users to carry out recordings in their own home in as little as a couple of hours.
• Typical voice cloning methods require a significantly large amount of recorded speech and extensive post-production work. This gives outstanding results, but it is expensive and time-consuming, which is a barrier for those with the need for a TTS voice that sounds like a cloned voice. Several technology vendors in the market are making voice cloning accessible to potential end-users. These solutions are especially useful for voice banking.
• Voice cloning tools can be useful for various degenerative illnesses like Motor neuron disease (MND), Amyotrophic lateral sclerosis (ALS). These tools can also be helpful for critical operations such as a laryngectomy, which can lead to the loss of speech. With the help of a speech-generating tool, a patient can listen to his voice, which was cloned from their previously recorded voice. These emerging technology-enabled solutions are driving the growth of this segment over the forecast period.

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