Overview and Scope
Speech-to-text API refers to a technology that enables users to convert spoken words into written text. It is a field of computational linguistics that advances methodologies and technologies that allow the recognition and translation of spoken language with the help of computers.
Sizing and Forecast
The speech-to-text API market size has grown rapidly in recent years. It will grow from $3.24 billion in 2023 to $3.87 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to increased demand for voice-activated devices, growing accessibility and inclusivity initiatives, rise in remote communication needs, enhanced user experience, , expansion of multilingual support, rise in mobile application development, and adoption in healthcare and legal transcription.
The speech-to-text API market size is expected to see rapid growth in the next few years. It will grow to $7.66 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. The growth in the forecast period can be attributed to proliferation of internet of things (IoT) devices, global expansion of e-learning platforms, increasing demand for multimodal interaction, surge in remote work practices, expansion of real-time language translation, rising adoption in customer service and support. Major trends in the forecast period include Integration with virtual assistants, integration with smart home devices, growth in voice search applications, and advancements in neural networks and AI.
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Segmentation & Regional Insights
The speech-to-text api market covered in this report is segmented –
1) By Offering: Solutions, Services
2) By Deployment Mode: Cloud, On-premises
3) By Organization Size: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
4) By Applications: Risk And Compliance Management, Fraud Detection And Prevention, Customer Management, Content Transcription, Contact Centre Management, Subtitle Generation, Other Applications
5) By Vertical: Banking Financial Services And Insurance (BFSI), Information Technology And Telecommunication, Healthcare, Retail And eCommerce, Government And Defense, Media And Entertainment, Travel And Hospitality, Other Verticals
North America was the largest region in the speech-to-text API market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the speech-to-text api market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growing penetration of smart devices is expected to propel the growth of the speech-to-text API market going forward. A smart device is a digital device that is connected to the internet and can execute activities autonomously. Speech-to-text APIs in smart devices provide voice commands for hands-free operation and speech-controlled interactions, improving usability and user satisfaction in applications such as voice-controlled assistants, home automation, and transcription services. For instance, in August 2023, according to a survey of connected homes conducted by the United Kingdom Parliament, a UK-based political body that holds governance, 77% of UK individuals had a minimum of one smart home gadget, such as a smart speaker. Similarly, 25% of the population owns smart watches and wristbands with integrated health monitoring features, and 29% of adults have a smart control and safety gadget like a smart doorbell. Moreover, there will be 24 billion interconnected devices worldwide by 2050. Therefore, the growing penetration of smart devices is driving the speech-to-text API market.
Key Industry Players
Major companies operating in the speech-to-text api market report are Google LLC, Microsoft Corporation, Meta Platforms Inc, Tencent AI Lab, Amazon Web Services Inc., IBM Corporation, Baidu Speech Recognition, Twilio, iFLYTEK, Rev.com Inc., Verint System Inc., Vonage API, Hugging Face, Speechmatics Ltd., Alibaba Cloud Speech-to-Text, Deepgram, Voicecloud, GL Communications Inc, Kasisto, VoiceBase Inc., Amberscript Global B.V., AssemblyAI Inc., Vocapia Research SAS, Speechify, Wit.ai, Mozilla DeepSpeech, CMU Sphinx, PaddlePaddle
The speech-to-text api market report table of contents includes:
- Executive Summary
- Speech-To-Text API Market Characteristics
- Speech-To-Text API Market Trends And Strategies
- Speech-To-Text API Market – Macro Economic Scenario
- Global Speech-To-Text API Market Size and Growth
- Speech-To-Text API Market Segmentation
- Speech-To-Text API Market Regional And Country Analysis
…………..
- Key Mergers And Acquisitions In The Speech-To-Text API Market
- Speech-To-Text API Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Speech-To-Text API Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Speech-To-Text API Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Speech-To-Text API Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…………
Table 76: Google LLC Financial Performance
Table 77: Microsoft Corporation Financial Performance
Table 78: Meta Platforms Inc Financial Performance
Table 79: Tencent AI Lab Financial Performance
Table 80: Amazon Web Services Inc. Financial Performance
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