What is the global market size of Speech-to-text API Market?

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).

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 2024-2031

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

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 Report Snapshots

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Global Speech-to-text API Market size was valued at USD 2.32 billion in 2019 and is poised to grow from USD 2.77 billion in 2023 to USD 8.56 billion by 2031, growing at a CAGR of 15.2% in the forecast period (2024-2031).

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.

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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 2024-2031

Global Speech-to-text API Market Regional Insights

Global Speech-to-text API Market Report Snapshots

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