The massive growth in cloud-based technologies is taking the Speech-to-Text API market by storm
The global speech-to-text API market size is projected to reach USD 8,698.56 million by 2028. The speech-to-text API is progressively gaining momentum owing to greater consumer experience and rising regulatory requirements. It is essential to transcript content, handling customers, and for applications regarding risk and fraud management. Speedy technological development and growing need to automate consumer service are likely to impact the speech-to-text API market in the given time frame.
The speech-to-text API market is expected to grow substantially owing to factors such as the rising acceptance of cloud-based services and growth in the field of AI. Moreover, the rising acceptance of smart speakers and mobile phones is anticipated to push the target industry growth further. However, inventions in related solutions for differently-abled individuals would provide symbolic lucrative opportunities for the target industry growth.
The global speech-to-text API market is segmented into on-premises and cloud-based. Based on the organization segment, the market is bifurcated into large enterprises and 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). The large enterprise segment is projected to attain the largest market size during the forecast period, owing to great volumes of data being generated by large enterprises and growing demand for real-time speech-to-text API software and services. On the other hand, the small & medium-sized enterprises (SMEs) segment is likely to grow at a higher CAGR in the given timeframe.
The global speech-to-text API market has strong competition among the well-established and new emerging players. These key players aim to attain a competitive advantage over the other players by joining in mergers, partnerships, and acquisitions and escalating their businesses.
The global speech-to-text API market finds its scope in North America, Europe, APAC, South America, and the Middle East & Africa. North America is the major revenue contributor to the global speech-to-text API market. The region is perceiving important growths in the market. The growth is mainly attributed to factors such as the growing use of big data technology, a rising amount of data across verticals, and increasing funds by companies in real-time analytics.
The major players of the global speech-to-text API market are Google, Microsoft, IBM, AWS, Verint, Speechmatics, Nuance Communications, Vocapia Research, Facebook, iFLYTEK, Twilio, Baidu, Govivace, Deepgram, Nexmo, Voci, GL Communications, VoiceBase, Otter.ai, and ContuS.
Key Segments of the Global Speech-to-text API Market
Deployment Mode Overview, 2018-2028 (USD Billion)
Organization Size Overview, 2018-2028 (USD Billion)
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
Vertical Overview, 2018-2028 (USD Billion)
- 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 Billion)
- 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