AI Voice Generator Market to Be Worth $20.71 Billion by 2031

Research firm MarketsandMarkets valued the artificial intelligence voice generator market at $4.16 billion and expects it to reach $20.71 billion by 2031, growing at a compound annual rate of 30.7 percent.

That growth, it said, is driven by demand for hyper-personalized customer engagement, conversational AI, voice automation, and omnichannel voice experiences.

The AI voice generator market is advancing quickly as vendors adopt multilingual speech pipelines powered by self-supervised models that support up to 100 languages and rare dialects, enabling large-scale localization for global companies, it said, noting that at the same time, gaming studios are increasingly using AI voices and dynamic dialogue engines.

Additionally, the industry's shift toward API-first voice infrastructure allows developers to integrate high-quality synthetic voices across applications with minimal effort, accelerating adoption across media, gaming, and enterprise platforms, MarketsandMarkets reported.

MarketsandMarkets expects the synthetic voice segment to register a higher CAGR than the natural voice segment, driven by rapid advances in neural text-to-speech, diffusion-based audio models, and real-time voice cloning technologies.

Companies across media, gaming, advertising, and e-learning are increasingly replacing traditional voice recording workflows with AI-generated voices that can scale across multiple languages, tones, and content formats, it said.

Synthetic voices now deliver expressive prosody, emotion control, multilingual accuracy, and near-human fidelity, enabling faster production cycles and substantial cost reduction, the firm said further, noting that this shift is especially pronounced in high-volume content environments such as over-the-top platforms, training modules, podcast production, and marketing campaigns, where synthetic voices drastically reduce turnaround time from weeks to minutes.

Additionally, API-first platforms further accelerate adoption by allowing seamless integration of synthetic voices into customer service tools, creator applications, and enterprise software, according to MarketsandMarkets, which also reported growing demand for personalized and brand-specific voice identities that encourage organizations to adopt synthetic voice generation to maintain consistent messaging across channels. The segment, it added, is also benefiting from growing acceptance of AI-generated voices in global localization pipelines, where scalable, multi-language output is increasingly essential.

As quality improves and ethical safeguards, such as watermarking and consent-based voice cloning, mature, enterprises are rapidly shifting their budgets toward synthetic voice technology, reinforcing its position as the fastest-growing segment.

MarketsandMarkets estimates that the media and entertainment segment holds the largest market share in 2025, supported by its high-volume demand for multilingual dubbing, voiceovers, narration, character creation, and dynamic audio production. Streaming platforms, film studios, and broadcasters are aggressively adopting AI voice generators to reduce production costs, localize content across languages, and accelerate global release timelines, it said.

As audience expectations shift toward global, localized, and multilingual content, AI voice technology has become a strategic asset for accelerating production cycles, reducing dependencies on physical studios, and ensuring creative flexibility, cementing the media & entertainment sector as the largest end user enterprise segment in 2025.

Advertising and digital marketing teams also increasingly rely on AI voices to produce personalized audio ads tailored to audience segments,. The rise of short-form content platforms and creator ecosystems further boosts demand for fast, consistent voice generation for narration and branded content. Media companies also benefit from the ability to maintain consistent voice personas across campaigns using custom AI voice models, the firm reported.

The top companies in AI voice generation include Google, Microsoft, IBM, AWS, Adobe, NVIDIA, Meta, OpenAI, ElevenLabs, Cisco, SoundHound, AssemblyAI, Freepik, Deepdub, Voicemod, Murf AI, Speechify, Musico, Stability AI, Descript, Runway, WellSaid Labs, Podcastle, Respeecher, Synthesia, Soundful, AMAI, Camb.ai, PlayHT, Resemble AI, Lovo AI, AI Studios, Beatoven.AI, Aiva Technologies, Beyondwords, Picovoice, Soundraw, Dubverse, Listnr, and Simplified, according to MarketsandMarkets.