Product Code: GVR-4-68039-963-7
Speech-to-text API Market Growth &Trends:
The global speech-to-text API market size is expected to reach USD 8.56 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 15.2% from 2022 to 2030. The rising popularity of smart speakers and smart mobile phones has led to the adoption of voice-enabled systems. The increasing demand for voice-enabled devices is leveraging augmented reality (AR), machine learning (ML), and natural language processing (NLP) to automate conversations.
Moreover, the popularity of transcription and real-time support services motivates the industry giant to develop speech-to-text API solutions. For instance, in April 2022, Google LLC launched a new model for its Speech to text API, improving accuracy in 61 of the supported locales and 23 languages; the model supports different kinds of noise, voices, acoustic, and environmental conditions.
The market is expected to grow due to an increase in the number of virtual or digital conferences and events by technology giants. Speech-to-text solutions offer low cost, high accuracy, and faster transcription; multiple enterprises adopt these solutions to speed up the processes. For instance, in May 2022, PEGA is hosting a digital event, PegaWorldiNspire, where viewers from more than 78 countries are expected to join. They are using a number of AI technologies, including speech-to-text solutions, to make the event successful.
The speech-to-text API industry is developing due to growth-promoting factors such as advancements in the field of artificial intelligence and the rising popularity of cloud-based services. The industry is projected to rise owing to the increasing use of smart speakers and mobile phones. The speech-to-text solution allows people with disabilities to hear the written words on a device or computer. When a speech-to-text system is combined with a screen reader, a visually impaired user can use an auditory interface to interpret and perform computer activities.
Several companies presently operating in the market are aiming to improve their current product range by merging it with advanced technologies such as artificial intelligence and machine learning. For instance, in March 2020, IBM Corporation announced that it upgraded its speech-to-text recognition service. It allows keeping track of every action related to using the asynchronous HTTP interface. Additionally, it enables speaker labels for the Korean and German language models.
Speech-to-text API Market Report Highlights:
- The increasing demand for voice-enabled devices is leveraging Augmented Reality (AR), Machine Learning (ML), and Natural Language Processing (NLP) to automate conversations
- The service component segment is expected to expand at the highest CAGR of 16.6% during the projected period
- The cloud segment by deployment is expected to advance at a significant CAGR of 16.2%
- The Asia Pacific region is expected to witness significant growth during the forecast period with a CAGR of more than 17.2%
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Information Procurement and Research Scope
- 1.2 Information Analysis
- 1.3 Market Formulation & Data Visualization
- 1.4 Market Scope and Assumptions
- 1.4.1 Secondary Sources
- 1.4.2 Primary Sources
Chapter 2 Executive Summary
- 2.1 Market Outlook
- 2.2 Global
- 2.2.1 Global Speech-to-text API Market, 2017 - 2030
- 2.2.2 Global Speech-to-text API Market, by Region, 2017 - 2030
- 2.2.3 Global Speech-to-text API Market, by Component, 2017 - 2030
- 2.2.4 Global Speech-to-text API Market, by Deployment, 2017 - 2030
- 2.2.5 Global Speech-to-text API Market, by Organization size, 2017 - 2030
- 2.2.6 Global Speech-to-text API Market, by Application, 2017 - 2030
- 2.2.7 Global Speech-to-text API Market, by Verticals, 2017 - 2030
- 2.3 Segmental Trends
Chapter 3 Speech-to-text API Market Variables, Trends & Scope
- 3.1 Market Segmentation & Scope
- 3.2 Speech-to-text API Market - Value Chain Analysis
- 3.3 Market Dynamics
- 3.3.1 Market Drivers
- 3.3.1.1 Rising need for voice-based devices coupled with the development of smartphones
- 3.3.2 Market Restraints
- 3.3.2.1 Transcribing audio from many channels may restrict the market for speech-to-text API.
- 3.3.3 Market Opportunities
- 3.3.3.1 Adoption of speech-to-text solutions for training specially-abled students.
- 3.4 Industry Analysis - Porter's
- 3.4.1 Supplier Power:
- 3.4.2 Buyer Power:
- 3.4.3 Substitution Threat:
- 3.4.4 Threat From New Entrant:
- 3.4.5 Competitive Rivalry:
- 3.5 Key Opportunities - Prioritized
- 3.6 Speech-to-text API Market - PEST Analysis
- 3.6.1 Political
- 3.6.2 Economic
- 3.6.3 Social
- 3.6.4 Technological
Chapter 4 Speech-to-text API Market: Component Outlook
- 4.1 Speech-to-text API Market Share by Component, 2021 & 2030
- 4.2 Software
- 4.2.1 Software Speech-to-text API Market, by Region, 2017 - 2030
- 4.3 Services
- 4.3.1 Services Speech-to-text API Market, by Region, 2017 - 2030
Chapter 5 Speech-to-text API Market: Deployment Outlook
- 5.1 Speech-to-text API Market Share by Deployment, 2021 & 2030
- 5.1.1 Cloud
- 5.1.1.1 Cloud Speech-to-text API Market, bY Region, 2017 - 2030
- 5.1.2 On-Premise
- 5.1.2.1 On-Premise Speech-to-text API Market, bY Region, 2017 - 2030
Chapter 6 Speech-to-text API Market: Organization size Outlook
- 6.1 Speech-to-text API Market Share by Organization size, 2021 & 2030
- 6.2 SMEs
- 6.2.1 SMEs Speech-to-text API Market, by Region, 2017 - 2030
- 6.3 Large enterprises
- 6.3.1 Large enterprises Speech-to-text API Market, by Region, 2017 - 2030
Chapter 7 Speech-to-text API Market: Application Outlook
- 7.1 Speech-to-text API Market Share by Application, 2021 & 2030
- 7.2 Fraud Detection & Prevention
- 7.2.1 Fraud Detection & Prevention Speech-to-text API Market, by Region, 2017 - 2030
- 7.3 Contact Center and Customer Management
- 7.3.1 Contact Center and Customer Management Speech-to-text API Market, by Region, 2017 - 2030
- 7.4 Risk & Compliance Management
- 7.4.1 Risk & Compliance Management Speech-to-text API Market, by Region, 2017 - 2030
- 7.5 Content Transcription
- 7.5.1 Content Transcription Speech-to-text API Market, by Region, 2017 - 2030
- 7.6 Subtitle Generation
- 7.6.1 Subtitle Generation Speech-to-text API Market, by Region, 2017 - 2030
- 7.7 Others (Conference Call Analysis, Business Process Monitoring, and Quality Management)
- 7.7.1 Others Speech-to-text API Market, by Region, 2017 - 2030
Chapter 8 Speech-to-text API Market: Verticals Outlook
- 8.1 Speech-to-text API Market Share by Verticals, 2021 & 2030
- 8.2 BFSI
- 8.2.1 BFSI Speech-to-text API Market, by Region, 2017 - 2030
- 8.3 Healthcare
- 8.3.1 Healthcare Speech-to-text API Market, by Region, 2017 - 2030
- 8.4 IT and Telecom
- 8.4.1 IT and Telecom Speech-to-text API Market, by Region, 2017 - 2030
- 8.5 Retail and eCommerce
- 8.5.1 Retail and eCommerce Speech-to-text API Market, by Region, 2017 - 2030
- 8.6 Government and Defense
- 8.6.1 Government and Defense Speech-to-text API Market, by Region, 2017 - 2030
- 8.7 Media & Entertainment
- 8.7.1 Media & Entertainment Speech-to-text API Market, by Region, 2017 - 2030
- 8.8 Travel & Hospitality
- 8.8.1 Travel & Hospitality Speech-to-text API Market, by Region, 2017 - 2030
- 8.9 Others
- 8.9.1 Others Speech-to-text API Market, by Region, 2017 - 2030
Chapter 9 Speech-to-text API Market: Regional Outlook
- 9.1 North America
- 9.1.1 North America Speech-to-text API Market, by Component, 2017 - 2030
- 9.1.2 North America Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.1.3 North America Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.1.4 North America Speech-to-text API Market, by Application, 2017 - 2030
- 9.1.5 North America Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.1.8 U.S.
- 9.1.8.1 U.S. Speech-to-text API Market, by Component, 2017 - 2030
- 9.1.8.2 U.S. Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.1.8.3 U.S. Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.1.8.4 U.S. Speech-to-text API Market, by Application, 2017 - 2030
- 9.1.8.5 U.S. Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.1.9 Canada
- 9.1.9.1 Canada Speech-to-text API Market, by Component, 2017 - 2030
- 9.1.9.2 Canada Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.1.9.3 Canada Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.1.9.4 Canada Speech-to-text API Market, by Application, 2017 - 2030
- 9.1.9.5 Canada Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.1.10 Mexico
- 9.1.10.1 Mexico Speech-to-text API Market, by Component, 2017 - 2030
- 9.1.10.2 Mexico Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.1.10.3 Mexico Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.1.10.4 Mexico Speech-to-text API Market, by Application, 2017 - 2030
- 9.1.10.5 Mexico Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.2 Europe
- 9.2.1 Europe Speech-to-text API Market, by Component, 2017 - 2030
- 9.2.2 Europe Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.2.3 Europe Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.2.4 Europe Speech-to-text API Market, by Application, 2017 - 2030
- 9.2.5 Europe Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.2.8 Germany
- 9.2.8.1 Germany Speech-to-text API Market, by Component, 2017 - 2030
- 9.2.8.2 Germany Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.2.8.3 Germany Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.2.8.4 Germany Speech-to-text API Market, by Application, 2017 - 2030
- 9.2.8.5 Germany Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.2.9 U.K.
- 9.2.9.1 U.K. Speech-to-text API Market, by Component, 2017 - 2030
- 9.2.9.2 U.K. Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.2.9.3 U.K. Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.2.9.4 U.K. Speech-to-text API Market, by Application, 2017 - 2030
- 9.2.9.5 U.K. Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.2.10 France
- 9.2.10.1 France Speech-to-text API Market, by Component, 2017 - 2030
- 9.2.10.2 France Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.2.10.3 France Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.2.10.4 France Speech-to-text API Market, by Application, 2017 - 2030
- 9.2.10.5 France Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.3 Asia Pacific
- 9.3.1 Asia Pacific Speech-to-text API Market, by Component, 2017 - 2030
- 9.3.2 Asia Pacific Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.3.3 Asia Pacific Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.3.4 Asia Pacific Speech-to-text API Market, by Application, 2017 - 2030
- 9.3.5 Asia Pacific Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.3.8 China
- 9.3.8.1 China Speech-to-text API Market, by Component, 2017 - 2030
- 9.3.8.2 China Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.3.8.3 China Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.3.8.4 China Speech-to-text API Market, by Application, 2017 - 2030
- 9.3.8.5 China Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.3.9 Japan
- 9.3.9.1 Japan Speech-to-text API Market, by Component, 2017 - 2030
- 9.3.9.2 Japan Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.3.9.3 Japan Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.3.9.4 Japan Speech-to-text API Market, by Application, 2017 - 2030
- 9.3.9.5 Japan Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.3.10 India
- 9.3.10.1 India Speech-to-text API Market, by Component, 2017 - 2030
- 9.3.10.2 India Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.3.10.3 India Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.3.10.4 India Speech-to-text API Market, by Application, 2017 - 2030
- 9.3.10.5 India Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.4 South America
- 9.4.1 South America Speech-to-text API Market, by Component, 2017 - 2030
- 9.4.2 South America Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.4.3 South America Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.4.4 South America Speech-to-text API Market, by Application, 2017 - 2030
- 9.4.5 South America Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.4.8 Brazil
- 9.4.8.1 Brazil Speech-to-text API Market, by Component, 2017 - 2030
- 9.4.8.2 Brazil Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.4.8.3 Brazil Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.4.8.4 Brazil Speech-to-text API Market, by Application, 2017 - 2030
- 9.4.8.5 Brazil Speech-to-text API Market, by Verticals, 2017 - 2030
- 9.5 MEA
- 9.5.1 MEA Speech-to-text API Market, by Component, 2017 - 2030
- 9.5.2 MEA Speech-to-text API Market, by Deployment, 2017 - 2030
- 9.5.3 MEA Speech-to-text API Market, by Organization size, 2017 - 2030
- 9.5.4 MEA Speech-to-text API Market, by Application, 2017 - 2030
- 9.5.5 MEA Speech-to-text API Market, by Verticals, 2017 - 2030
Chapter 10 Competitive Landscape
- 10.1 Amazon Web Service, Inc
- 10.1.1 Company Overview
- 10.1.2 Financial Performance
- 10.1.3 Product Benchmarking
- 10.1.4 Recent Developments
- 10.2 Amberscript Global B.V
- 10.2.1 Company Overview
- 10.2.2 Financial Performance
- 10.2.3 Product Benchmarking
- 10.2.4 Recent Developments
- 10.3 .; AssemblyAI, Inc.
- 10.3.1 Company Overview
- 10.3.2 Financial Performance
- 10.3.3 Product Benchmarking
- 10.3.5 Recent Developments
- 10.4 Deepgram
- 10.4.1 Company Overview
- 10.4.2 Financial Performance
- 10.4.3 Product Benchmarking
- 10.4.4 Recent Developments
- 10.5 Google Inc.
- 10.5.1 Company Overview
- 10.5.2 Financial Performance
- 10.5.3 Product Benchmarking
- 10.5.4 Recent Developments
- 10.6 IBM Corporation
- 10.6.1 Company Overview
- 10.6.2 Financial Performance
- 10.6.3 Product Benchmarking
- 10.6.4 Recent Developments
- 10.7 Microsoft Corporation
- 10.7.1 Company Overview
- 10.7.2 Financial Performance
- 10.7.3 Product Benchmarking
- 10.7.4 Recent Developments
- 10.8 Nuance Communication, Inc.
- 10.8.1 Company Overview
- 10.8.2 Financial Performance
- 10.8.3 Product Benchmarking
- 10.8.4 Recent Developments
- 10.9 Rev.com, Inc.
- 10.9.1 Company Overview
- 10.9.2 Financial Performance
- 10.9.3 Product Benchmarking
- 10.9.4 Recent Developments
- 10.10 Speechmatics Ltd.
- 10.10.1 Company Overview
- 10.10.2 Financial Performance
- 10.10.3 Product Benchmarking
- 10.10.4 Recent Developments
- 10.11 Verint System, Inc.
- 10.11.1 Company Overview
- 10.11.2 Financial Performance
- 10.11.3 Product Benchmarking
- 10.11.4 Recent Developments
- 10.12 Vocapia Research SAS
- 10.12.1 Company Overview
- 10.12.2 Financial Performance
- 10.12.3 Product Benchmarking
- 10.12.4 Recent Developments
- 10.13 VoiceBase, Inc.
- 10.13.1 Company Overview
- 10.13.2 Financial Performance
- 10.13.3 Product Benchmarking
- 10.13.4 Recent Developments