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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)
Vertical Overview, 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
Reasons for the study
What does the report include?
Who should buy this report?
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).
Vertical Segment
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.
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)
Vertical Overview, 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
Reasons for the study
What does the report include?
Who should buy this report?
Chapter 1 Introduction
1.1 Introduction to the Study
1.2 Market Definition and Scope
1.3 Units, Currency, Conversions and Years Considered
1.4 Key Stakeholders
1.5 Key Questions Answered
Chapter 2 Research Methodology
2.1 Introduction
2.2 Data Capture Sources
2.2.1 Primary Sources
2.2.2 Secondary Sources
2.3 Market Size Estimation
2.4 Market Forecast
2.5 Data Triangulation
2.6 Assumptions and Limitations
Chapter 3 Executive Summary
Chapter 4 Market Outlook
4.1 Introduction
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.1.1 Growing Adoption of Smart Speakers and Mobile Phones
4.3.1.2 Stringent Regulatory and Compliance
4.3.2 Restraints
4.3.2.1 Transcribing Audio from Multi-Channels and Its Accuracy
4.3.3 Opportunities
4.3.3.1 Innovation in Speech-to-Text Solutions for Temporarily and Permanently Disabled Students
4.3.3.2 Growing Inclination toward Cloud-Based Deployment Mode
4.5 PEST Analysis
Chapter 5 Speech-to-text API Market by Deployment Mode
5.1 Introduction
5.1.1 On-Premises
5.1.2 Cloud-Based
Chapter 6 Speech-to-text API Market by Organization Size
6.1 Introduction
6.1.1 Large Enterprises
6.1.2 Small and Medium-Sized Enterprises (SMEs)
Chapter 7 Speech-to-text API Market by Vertical
7.1 Introduction
7.1.1 Banking, Financial Services and Insurance (BFSI)
7.1.2 Telecommunications and Information Technology (IT)
7.1.3 Retail and e-Commerce
7.1.4 Healthcare
7.1.5 Media and Entertainment
7.1.6 Government and Defense
7.1.7 Travel and Hospitality
7.1.8 Manufacturing
7.1.9 Others
Chapter 8 Speech-to-text API Market By Region
8.1 Introduction
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.3 Europe
8.3.1 Germany
8.3.2 France
8.3.3 UK
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Middle East & Africa
8.5.1 UAE
8.5.2 South Africa
8.5.3 Rest of Middle East & Africa
8.6 South America
8.6.1 Brazil
8.6.2 Rest of South America
Chapter 9 Competitive Landscape
9.1 Overview
9.2 Strategic Initiatives
9.2.1 Mergers & Acquisitions
9.2.2 New Product Launch
9.2.3 Investments
9.2.4 Expansion
9.2.5 Others
Chapter 10 Company Profiles
10.1 Google
10.1.1 Overview
10.1.2 Products and Services Portfolio
10.1.3 Recent Initiatives
10.1.4 Company Financials
10.1.5 SWOT
10.2 Microsoft
10.2.1 Overview
10.2.2 Products and Services Portfolio
10.2.3 Recent Initiatives
10.2.4 Company Financials
10.2.5 SWOT
10.3 IBM
10.3.1 Overview
10.3.2 Products and Services Portfolio
10.3.3 Recent Initiatives
10.3.4 Company Financials
10.3.5 SWOT
10.4 AWS
10.4.1 Overview
10.4.2 Products and Services Portfolio
10.4.3 Recent Initiatives
10.4.4 Company Financials
10.4.5 SWOT
10.5 Nuance Communications
10.5.1 Overview
10.5.2 Products and Services Portfolio
10.5.3 Recent Initiatives
10.5.4 Company Financials
10.5.5 SWOT
10.6 Verint
10.6.1 Overview
10.6.2 Products and Services Portfolio
10.6.3 Recent Initiatives
10.6.4 Company Financials
10.6.5 SWOT
10.7 Speechmatics
10.7.1 Overview
10.7.2 Products and Services Portfolio
10.7.3 Recent Initiatives
10.7.4 Company Financials
10.7.5 SWOT
10.8 Vocapia Research
10.8.1 Overview
10.8.2 Products and Services Portfolio
10.8.3 Recent Initiatives
10.8.4 Company Financials
10.8.5 SWOT
10.9 Twilio
10.9.1 Overview
10.9.2 Products and Services Portfolio
10.9.3 Recent Initiatives
10.9.4 Company Financials
10.9.5 SWOT
10.10 Baidu
10.10.1 Overview
10.10.2 Products and Services Portfolio
10.10.3 Recent Initiatives
10.10.4 Company Financials
10.10.5 SWOT
10.11 Other Companies