Speech recognition is the ability of a machine or a program to receive and interpret dictation, or to recognize/realize and carry out spoken commands. Text-to-speech (TTS) is a technology that converts digital text into speech. Text-to-speech system was primarily developed to help the visually impaired. The TTS technology is used for applications in reading or writing, particularly for those who read slowly or with difficulty, have difficulty concentrating when reading, require feedback when writing, have visual stress when reading a paper or a screen, and so on. With the technological advancement, TTS is now used for a broad range of applications—from voices giving directions on navigation devices to voices for public announcement systems and virtual assistants. 1. Micromarkets are defined as the further segments and subsegments of the text-to-speech market included in the report. 2. The core competencies of the companies are captured in terms of their key developments, and key strategies adopted by them to sustain their position in the market.