Meticulous Research®—a leading global market research
company, published a research report titled, ‘Speech-to-text API Market by
Offering (Solutions, Services), Deployment Mode, Organization Size, Application
(Transcription, Customer Experience & Analytics, Subtitle & Caption
Generation), End User (B2B, B2C, B2G, G2C), Geography - Global Forecast to
2030’.
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According to this latest publication from Meticulous
Research®, the speech-to-text API market is projected to reach $10 billion by
2030, at a CAGR of 17.3% from 2023 to 2030. The growth of this market is driven
by the proliferation of voice-enabled devices, the increasing use of voice
& speech technologies for transcription, and technological advancements,
coupled with the rising adoption of connected devices. However, speech-to-text
API solutions’ lack of accuracy in regional accent & dialect recognition restrains
the growth of this market.
Innovations in speech-to-text solutions for especially abled
people and the development of speech-to-text API solutions for rare & local
languages are expected to create growth opportunities for the players operating
in this market. However, data security & privacy concerns are a major
challenge for market growth. Additionally, the growing demand for voice
authentication in mobile banking applications is a prominent trend in the
speech-to-text API market.
The speech-to-text API market is segmented by offering,
deployment mode, organization size, application, and end user. The study also
evaluates industry competitors and analyzes the regional and country-level
markets.
Based on offering, the speech-to-text API market is
segmented into solutions and services. In 2023, the solutions segment is
expected to account for the larger share of the speech-to-text API market. The
large market share of this segment is attributed to the rising adoption of
advanced electronic devices, increasing demand for voice-enabled devices, and
the growing use of speech technology for transcription. However, this segment
is also projected to record the higher CAGR during the forecast period.
Based on deployment mode, the speech-to-text API market is
segmented into on-premises deployment and cloud-based deployment. In 2023, the
cloud-based deployment segment is expected to account for the larger share of
the speech-to-text API market. The adoption of cloud computing and storage
systems is gaining popularity among small and medium-sized enterprises. Several
organizations are gradually transitioning to cloud infrastructure, a trend that
is expected to grow in the coming years. These factors contribute to the large
market share of this segment.
The cloud-based segment is also projected to record the
higher CAGR during the forecast period. The benefits offered by cloud
infrastructure, such as the ease of adoption, the minimal requirement for
in-house infrastructure, high scalability, and easy installation of
speech-to-text API solutions, support the growth of this segment.
Based on organization size, the speech-to-text API market is
segmented into large enterprises and small & medium-sized enterprises. In
2023, the small and medium-sized enterprises segment is expected to account for
the larger share of the speech-to-text API market. The large market share of
this segment is attributed to the rising awareness among small and medium-sized
enterprises about the significance of speech-to-text API. The small &
medium-sized enterprises segment is also projected to register the higher CAGR
during the forecast period.
Based on application, the speech-to-text API market is
segmented into transcription, customer experience & analytics, media &
communications monitoring, subtitle & caption generation, consumer
electronics command & control, automotive command & control, and other
applications. In 2023, the transcription segment is expected to account for the
largest share of the speech-to-text API market. The large market share of this
segment is attributed to technological advancements, increasing speech and
voice technology usability for transcription and the rising adoption of
advanced electronic devices. However, the subtitle & caption generation
segment is projected to record the highest CAGR during the forecast period.
Based on end user, the speech-to-text API market is
segmented into B2B, B2C, B2G and G2C. The B2B segment is further subsegmented
into IT & Telecommunications, BFSI, media & entertainment, healthcare,
education, and other B2B end users. In 2023, the IT & Telecommunications
segment is expected to account for the largest share of the speech-to-text API
market. The large market share of this segment is attributed to organizations'
rising adoption of speech-to-text solutions in their call centers to analyze
business conversations. However, the healthcare segment is projected to record
the highest CAGR during the forecast period.
Based on geography, the speech-to-text API market is
segmented into North America, Asia-Pacific, Europe, Latin America, and the
Middle East & Africa. In 2023, North America is expected to account for the
largest share of the speech-to-text API market. North America’s major market
share is attributed to the rising integration of speech and voice recognition
technology in consumer electronics, the easy availability of several
voice-enabled smart devices, and the high adoption rate of advanced technologies
in the region. However, Asia-Pacific is slated to register the highest CAGR
during the forecast period.
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Key Players:
The key players operating in the speech-to-text API market
are Google LLC (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc.
(U.S.), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), Rev.com, Inc.
(U.S.), Twilio Inc. (U.S.), Baidu, Inc. (China), Speechmatics (U.K.),
VoiceCloud (U.S.), VoiceBase, Inc. (U.S.), Amberscript Global B.V.
(Netherlands), Voci Technologies, Inc. (U.S.), AssemblyAI, Inc. (U.S.), and
Vocapia Research SAS (France).
Key questions answered in the report-
Which are the high-growth market segments based on offering,
deployment mode, organization size, application, and end user?
What was the historical market for speech-to-text API?
What are the market forecasts and estimates for the period
2023–2030?
What are the major drivers, restraints, and opportunities in
the speech-to-text API market?
Who are the major players, and what shares do they hold in
the speech-to-text API market?
How is the competitive landscape in the speech-to-text API
market?
What are the recent developments in the speech-to-text API
market?
What are the different strategies adopted by the major
players in the speech-to-text API market?
What are the key geographic trends, and which are the
high-growth countries?
Who are the local emerging players in the speech-to-text API
market, and how do they compete with major market players?
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