USD 2.32 billion
Report ID: SQSG45E2053 | Region: Global | Published Date: November, 2022 | Pages: 260 | Tables: 102 | Figures: 76
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.
Global Market Size
USD 2.32 billion
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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.
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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.
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Speech-to-Text API Market Driver
Speech-to-Text API Market Restraint
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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
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.
|Market size value in 2021||USD 2.32 billion|
|Market size value in 2030||USD 2.77 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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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.
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