Global Speech-to-text API Market

Global Speech-to-text API Market Size, Share, Growth Analysis, By Deployment(Cloud Based, On premise), By Application(Content Transcription, Customer Management), By Industry Vertical(BFSI, Healthcare) - Industry Forecast 2023-2030


Report ID: SQMIG45E2195 | Region: Global | Published Date: February, 2024
Pages: 260 | Tables: 102 | Figures: 76

Global Speech-to-text API Market Insights

Global Speech-to-text API Market size was valued at USD 2.32 billion in 2021 and is poised to grow from USD 2.77 billion in 2022 to USD 8.56 billion by 2030, growing at a CAGR of 15.2% in the forecast period (2023-2030).

Due to improved user experiences and expanding legal constraints, the speech-to-text API is gaining momentum. Speech-to-text solutions are required for applications involving risk and fraud control, customer management, and transcription of information. During the forecast period, the speech-to-text API market is projected to be impacted by technical advancements at a rapid pace and a growing demand for automated customer support.

The proliferation of smartphones, the growing demand for voice authentication in mobile banking applications during COVID-19, and the expanding demand for speech-based devices are the main reasons propelling the market's growth. Additionally, the development of speech-to-text programmes for students who are both temporarily and permanently disabled and the growing preference for cloud-based speech-to-text programmes are the main elements enhancing the value of speech-to-text API offerings, which is anticipated to present opportunities for businesses engaged in a variety of speech-to-text API market verticals. Because companies are now using Software-as-a-Service (SaaS) to supply cloud-based solutions, cloud usage is reportedly on the rise. Business users are constantly searching for the most efficient yet cost-effective solutions. The opportunity to outsource operational IT tasks to another organisation is offered by cloud-based solutions. Any video or audio-based information can be captioned and subtitled with the aid of the speech-to-text API technology, assisting learners with visual impairments or difficult listeners to understand accurately and complete their work independently.

US Speech-To-Text Api Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 2.32 billion

Largest Segment

Cloud Based

Fastest Growth

Cloud Based

Growth Rate

15.2% CAGR

Global Speech-To-Text API Market ($ Bn)
Country Share for North America Region (%)
Global Speech-To-Text API Market By Deployment ($ Bn)
Global Speech-To-Text API Market By Deployment (%)

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Global Speech-to-text API Market Segmental Analysis

The global speech-to-text API market is segmented based on product type, application, and region. Based on deployment Speech-to-Text API Market is categorized into cloud based, on- premise. Based on application Speech-to-Text API Market is categorized into: content transcription, customer management, risk and compliance management, fraud detection and prevention, others. On the basis of industry vertical, Speech-to-Text API Market is segmented into BFSI, healthcare, retail, IT and telecom, media and entertainment, retail and E-commerce, travel and hospitality, and others. Based on region Speech-to-Text API Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Speech-to-Text API Market Analysis by Deployment 

The cloud category is anticipated to account for the biggest revenue share during the projected period, according to deployment mode. Utilizing the cloud deployment strategy is made simpler by the benefits of cloud deployment, including its simple integration and inexpensive capital requirements. Enterprises are likely to transition to cloud-based speech-to-text API solutions that can be managed remotely because to the Covid-19 epidemic and social distance norms. Another important aspect fueling the expansion of this market is the increasing demand for scalable, user-friendly, and affordable speech-to-text API.

Speech-to-Text API Market Analysis by Application 

The transcription segment is anticipated to outperform other segments in terms of revenue share during the forecast period. Many businesses, organisations, and individuals can benefit from the time and money that transcription services can save them. In order to swiftly receive written versions of presentations, speeches, and interviews, media professionals use transcription services. In the educational field, instant, searchable notes are helpful for students and teachers, while in the medical field, doctors can gain more patients and save time by taking notes during sessions.

Global Speech-To-Text API Market By Deployment, 2021 (%)

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Global Speech-to-text API Market Regional Insights

North America held the largest global speech to text market share and generated USD 425 million in revenue from these in 2019. The regional growth is attributed to increased use of cutting-edge voice technologies as well as associated applications across a variety of industry verticals.

The use of cutting-edge technologies is at the forefront in industrialised nations, particularly Canada and the United States. The growing use of speech technologies is fueling market growth in the banking and electronics industries as well.

With a CAGR of 16%, the market in Europe will develop due to the existence of two large companies: Google LLC and Microsoft Corporation.

Over the projected period, the Asia-Pacific speech-to-text API market is anticipated to experience the quickest revenue CAGR of 18%. The main drivers of market expansion in APAC are the widespread use of voice-controlled connected devices and the rising popularity of smart devices. APAC market growth is also being aided by rising spending on technical development in the region's developing nations and rising demand for technological tools across a variety of industries.

Global Speech-To-Text API Market By Region, 2023-2030
  • Largest
  • Fastest

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Global Speech-to-text API Market Dynamics

Speech-to-Text API Market Driver

  • Since the previous decade, there has been a growing need for smart devices like smart speakers and mobile phones. This has led to an increased requirement for making online video content available to everyone due to the vast proliferation of internet-based content and growing technological adoption. Users can now access instructional, entertaining, and other information through their smart devices thanks to a number of new advanced devices that have voice-controlled features, including voice processing features like content transcription and conference call analysis. As a result, the need for speech-to-text apps has grown along with the need to understand customer preferences.
  • Due to a number of variables, such as rising internet usage, technological improvements, and greater awareness of automation, there is an increased demand for smart homes and smart appliances. Almost every facet of daily life now uses smart appliances and devices as a result of the COVID-19 epidemic. People are being compelled to work remotely, which is driving up demand for speech-to-text API.

Speech-to-Text API Market Restraint 

  • The difficulty of establishing many things makes it difficult to accurately transcribe or caption audio from several channels, which is a key limitation for this technology. The accuracy of the transcription may also be hampered by background noise, poor-quality microphones, reverb and echo, and accent changes. It is important to train speech-to-text APIs for multi-channel speech recognition using a range of data sets, but it can be challenging for businesses to collect these data sets in order to develop a methodology and solution that accurately translates speech to text for various channels.

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Global Speech-to-text API Market Competitive Landscape

There are a few worldwide players that are acting in larger part of the nations and a developing number of more modest players in the provincial level, who are offering moderate quality items in a reasonable scope of costs. The major players in the market are Google (US), Microsoft (US), AWS (US), IBM (US), Verint (US), Baidu (China), Twilio (US), Speechmatics (UK), VoiceCloud (US), VoiceBase (US), Voci (US), Kasisto (US), Nexmo (US), Verbit (US), Behavioral Signals (US), Chorus.ai (US), Gnani.ai (India), Sayint.ai (India), and Amberscript (Netherlands)

Top Players in the Global Speech to Text API Market

Speech-to-Text API Market Recent Developments

  • In September 2021, to strengthen the bank's commitment to cloud computing and to expedite its worldwide data and analytics strategy, Google Cloud and Scotiabank have formed a strategic alliance. Customers of Scotiabank in the Americas and throughout the world will benefit from a more customised and foresighted banking experience thanks to Google Cloud.
  • In September 2021, to set up and test a voice agent and a new agent app intended to enable a seamless hand-off to a live agent while keeping the context of the discussion, IBM worked with IntelePeer, one of the top communications platform-as-a-service providers.
  • In September 2021, Baidu and China Gas Holdings signed a strategic cooperation agreement to advance digital and intelligent transformation in the energy and power sector with cutting-edge solutions based on Baidu AI Cloud. China Gas Holdings is a leading gas operator and service provider in China.

Global Speech-to-text API Key Market Trends

  • Major players and new entrants in the global market can expect lucrative business opportunities to continue to arise as a result of the focus on developing programmes that can enhance word error rate accuracy, speaker diarization, spoken language translation, and multilingual compatibility, as well as the provision of client-specific language models that have been trained using customer text data. Future market expansion is anticipated to be further fueled by rising adoption of technology that makes work and accessibility easier.

Global Speech-to-text API Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global speech to text market analysis, by application, the transcription segment is estimated to have the largest share of the market. Deployment-wise, the cloud based segment dominated the global market. Region-wise, the North America region accounted highest market share with more than 38% of total market revenue.

Report Metric Details
Market size value in 2021 USD 2.32 billion
Market size value in 2030 USD 8.56 billion
Growth Rate 15.2%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Deployment
    • Cloud Based, On premise
  • Application
    • Content Transcription, Customer Management, Risk, Compliance Management, Fraud Detection, Prevention, Others
  • Industry Vertical
    • BFSI, Healthcare, Retail, IT, Telecom, Media, Entertainment, Retail, E-commerce, Travel, Hospitality, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Speech-to-text API Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Speech-to-text API Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Speech-to-text API Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Speech-to-text API Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Speech-to-text API Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Speech-to-text API Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Speech-to-text API Market size was valued at USD 2.32 billion in 2021 and is poised to grow from USD 2.77 billion in 2022 to USD 8.56 billion by 2030, growing at a CAGR of 15.2% in the forecast period (2023-2030).

There are a few worldwide players that are acting in larger part of the nations and a developing number of more modest players in the provincial level, who are offering moderate quality items in a reasonable scope of costs. The major players in the market are Google (US), Microsoft (US), AWS (US), IBM (US), Verint (US), Baidu (China), Twilio (US), Speechmatics (UK), VoiceCloud (US), VoiceBase (US), Voci (US), Kasisto (US), Nexmo (US), Verbit (US), Behavioral Signals (US), Chorus.ai (US), Gnani.ai (India), Sayint.ai (India), and Amberscript (Netherlands) 'Google Cloud Speech-to-Text', 'Amazon Transcribe', 'Microsoft Azure Speech Services', 'IBM Watson Speech to Text', 'Speechmatics', 'Nuance Communications', 'Otter.ai', 'Trint', 'Verbit.ai', 'Deepgram', 'AssemblyAI', 'Rev.ai', 'VoiceBase', 'Kaldi', 'Hugging Face', 'PaddlePaddle', 'Wit.ai', 'Apple Speech Recognition', 'Baidu Speech Recognition', 'iFLYTEK Speech Recognition'

Since the previous decade, there has been a growing need for smart devices like smart speakers and mobile phones. This has led to an increased requirement for making online video content available to everyone due to the vast proliferation of internet-based content and growing technological adoption. Users can now access instructional, entertaining, and other information through their smart devices thanks to a number of new advanced devices that have voice-controlled features, including voice processing features like content transcription and conference call analysis. As a result, the need for speech-to-text apps has grown along with the need to understand customer preferences.

Major players and new entrants in the global market can expect lucrative business opportunities to continue to arise as a result of the focus on developing programmes that can enhance word error rate accuracy, speaker diarization, spoken language translation, and multilingual compatibility, as well as the provision of client-specific language models that have been trained using customer text data. Future market expansion is anticipated to be further fueled by rising adoption of technology that makes work and accessibility easier.

North America held the largest global speech to text market share and generated USD 425 million in revenue from these in 2019. The regional growth is attributed to increased use of cutting-edge voice technologies as well as associated applications across a variety of industry verticals.

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