The market size for global speech-to-text API is projected to reach USD 8,698.56 Million by 2028. The speech-to-text API market growth is attributed to the increasing acceptance of smart speakers and smartphones and strict regulatory and compliance. In recent years, the emergence of voice assistants has given rise to their growing usage among the worldwide population. Applications, such as Google Assistant, Cortana, Alexa, and Siri are existing in nearly every smartphone. They are also being incorporated by the prominent manufactures in various other devices. Hence, voice-enables applications are expected to shift the user’s involvement with technology. In turn, these factors will boost the global speech-to-text API market growth in the given timeframe.
Speech-to-text API is also known as computer speech recognition, automatic speech recognition (ASR), or speech t- text (STT). It is a field of computational linguistics that progresses methodologies and technologies that allow the recognition and translation of spoken language with the help of computers. Recently, the field has furthered from improvements in deep learning and big data. The developments are shown not only by the rising of theoretical papers published in the field but more prominently by the worldwide industry acceptance of a variety of deep learning methods in designing and deploying speech recognition systems.
Key Segments of the Global Speech-to-text API Market
Deployment Mode Overview, 2018-2028 (USD Million)
Organization Size Overview, 2018-2028 (USD Million)
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
Vertical Overview, 2018-2028 (USD Million)
- Banking, Financial Services and Insurance (BFSI)
- Telecommunications and Information Technology (IT)
- Retail and e-Commerce
- Media and Entertainment
- Government and Defense
- Travel and Hospitality
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of the Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global speech-to-text API market. Benchmark yourself against the rest of the market.
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What does the report include?
- The study on the global speech-to-text API market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the speech-to-text API industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on technology, organization, and Vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
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The growing shift to voice-enabled applications is influencing augmented reality (AR), natural language processing (NLP), and machine learning (ML) to automate the conversation. Furthermore, immediate support services and the popularity of transcription boost the target industry hulks to advance speech-to-text API solutions.
For instance, in March 2020, IBM Corporation announced that the company updated its speech-to-text recognition service. It enables tracking of all the activities for operations of the asynchronous HTTP interface. It also supports speaker labels for German and Korean language models. On the other hand, in October 2019, Rev.com unveiled its real-time audio transcription. It is powered by Rev.ai API, the company’s proprietary speech engine. It allows building speech recognition directly into services and applications efficiently.
Seeing the recent COVID-19 pandemic condition, large enterprises, and small & medium enterprises (SMEs) are likely to decrease their R&D expenditure on speech-to-text software and solutions which might interrupt the speech-to-text developments. Nevertheless, the demand for such solutions is expected to perceive considerable upsurge due to social distancing and stay-at-home initiatives taken by the world.
Deployment Mode Segment
The global speech-to-text API market is segmented cloud-based. Most of the organization in the speech-to-text API market offer cloud-based maintenance solutions into on-premises and to achieve extreme profits and automate their equipment maintenance process, effectively. The cloud segment offers benefits, such as scalability and cost-effectiveness, which are expected to contribute to fueling the growth of the overall market.
Organization Size Segment
Based on the organization segment, the market is bifurcated into large enterprises and small & medium-sized enterprises (SMEs). The growth is attributed to the availability of cost-effective cloud solutions, thus easy availability of speech-to-text API solutions plus real-time support services are some factors likely to push the demand for such solutions across small & medium-sized enterprises (SMEs).
Based on the vertical, the market is segmented into banking, financial services and insurance (BFSI), telecommunications and information technology (IT), retail and e-commerce, healthcare, media and entertainment, government and defense, travel and hospitality, manufacturing, and others (transportation and logistics, and education). Retail and e-Commerce are likely to attain at a high rate in the target industry during the forecast year due to the rise in competition among players in the online retail market and the growing number of e-Commerce players are factors anticipated to drive the growth of this vertical.
The global speech-to-text API market has a wide presence in North America, Europe, APAC, South America, and the Middle East & Africa. North America is projected to attain the largest market share in the global speech-to-text API market. The growth is mainly attributed to the great acceptance rate of advanced speech technology and other related applications in an extensive array of industry verticals. The developed nations, particularly Canada and the U.S. are at the forefront in terms of the usage of state-of-the-art technologies.
In Europe, the presence of major key players operating in the market, namely, Google LLC and Microsoft Corporation is expected to drive the target industry growth. Whereas the Asia Pacific is likely to grow significantly in the given timeframe. The region is fetching a new hotspot in the target industry, owing to the growing investment in the process of digitalization across potential economies in the region.
The major players of the global speech-to-text API market are Google, Microsoft, IBM, AWS, Nuance Communications, Verint, Speechmatics, Vocapia Research, Twilio, Baidu, Facebook, iFLYTEK, Govivace, Deepgram, Nexmo, VoiceBase, Otter.ai, Voci, GL Communications, and Contus. The speech-to-text API market is fragmented with the existence of well-known global and domestic players across the globe.