The Speech-to-text API Market size was valued at USD 2.8 billion in 2023 and is expected to grow to USD 11.83 billion by 2031 and grow at a CAGR of 19.2% over the forecast period of 2024-2031.
The growing demand for voice enabled devices, in combination with the proliferation of smartphones and an increasing demand for Voice Authentication within mobile banking applications is a key factor contributing to market growth.
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This growth can be attributed to increased demand for mobile devices, the growing elderly population's dependence on technology, more government funding of educational opportunities for differently abled pupils and an increasing number of people with learning difficulties, natural language processing, or disabilities. Rapid adoption of digitisation trends in all sectors and the development of new technological developments in education are also factors contributing to this growth.
Key Drivers:
An increasing need for voice technology
The need for intelligent devices, e.g. Smart Speakers and Mobile Phones, has grown in the past decade as a result of increasing technology adoption and massive Internet content proliferation, leading to higher demand for online video that can be accessed by any individual. Several new advanced devices with voice control features, including the processing of spoken words such as content transcription, have been introduced.
The demand for AI in speech to text technologies is growing
Restraints:
The adoption of multichannel speech to text API market may be hampered by the transmission of audio from multiple speakers.
The accuracy of transcription may be hindered by background noise, poor quality microphones, reverbs and echoes or variations in voice tone. Proper training of speech to text APIs is needed.
Privacy Issues
Opportunities:
Growing the use of smart speakers and voice assistants
Through speech recognition, smart speakers and intelligent voice assistants will be able to drive revenue The use of smart speakers and voice assistants, such as Amazon's Alexa, Apple's Siri, or Google's Assistant, has increased over the past few years. Voice enabled apps are likely to dramatically change the way users engage with technology as these devices become part of more homes. With predictions that more households will use smart speakers, their popularity is growing.
Increasing use of smart mobile phones
Challenges:
Multilingual support for captioning and subtitling
In countries with a number of regional and local languages, the implementation of speech to APItext solutions has been difficult. As consumers and businesses in different parts of the country speak a variety of local languages, it is necessary to approach them with common solutions.
In industries such as the speech to text API market, the current global slowdown has resulted in a variety of impacts. The market has shown resilience and growth due to a number of factors, despite economic difficulties. In view of the growing use of these technologies by leading companies in different sectors, the market for speech to text API is set to grow. This is especially true when companies are trying to take advantage of the enormous amount of video content that exists. In addition, due to the availability of cost-effective cloud solutions, demand for speech to text API solutions is expected to rise among SMEs. This trend is a reflection of the broader digital transformation efforts undertaken by businesses to adapt to changing market conditions and consumer behaviour, exacerbated by the economic slowdown.
Due to its advantages such as minimal capital requirements and easy deployment, the cloud-based implementation model of speech to text's APIs is expected to experience significant growth. The COVID-19 pandemic has also encouraged the shift towards cloud-based models, pointing to the need for remote operability and flexibility of business operations. As businesses seek to optimize operations and reduce costs, this shift is in line with the broader trend in the market for digital and cloud services.
The Russia Ukraine crisis has a nuanced effect on the speech to text API market, reflecting broader trends in global technology. Market dynamics have been affected by the virus, and companies may reduce their R&D expenditures on speech to text solutions for a short period of time which could hamper future development. Despite this, demand for these solutions is expected to surge due to social distancing and stay-at-home initiatives, finding applications in healthcare, e-learning, media, and entertainment to optimize operational execution. The market is also in a position to benefit from this shift towards Digital and Virtual Meetings.
Regionally, the availability of solutions, high technology expenditure and strong vendor presence in North America leads to a dominant share of revenue. Growth in this area is expected to be driven by demand for voice data insights and the adoption of smart virtual assistants. Due to the widespread use of voice-controlled devices and adoption of smart devices, the Asia Pacific market is predicted to grow at a faster rate.
The Russia-Ukraine crisis presents challenges, the Speech-to-Text API market's growth prospects remain strong, fuelled by technological advancements, changing work environments due to the pandemic, and the increasing adoption of smart devices globally.
By Vertical
BFSI
IT & Telecom
Healthcare
Retail & eCommerce
Government & Defense
Media & Entertainment
Travel & Hospitality
Others
In 2023, the BFSI segment will dominate the market with a revenue share of 30.1%. The use of speech to text converters for the analysis of customer feedback is a key factor stimulating segment growth. Instead of typing questions or browsing through a series of menus and screens, most consumers prefer to speak with the operator.
By Component
Software
Service
By Deployment
On-premises
Cloud
With a revenue share of more than 60.2% in 2023, the on-premises segment is dominant in the market. Due to security concerns, the on-premises deployment model is preferred by sectors such as communications, marketing, human resources, legal services, studios, researchers and broadcasters. In addition, large enterprises and banking institutions prefer the deployment of on premises due to its security and licensing.
By Organization Size
Large Enterprises
Small & Medium-sized Enterprises (SMEs)
In 2023, the largest revenue share of more than 66.1% was held by the large enterprises segment. High capital stability, which enables big enterprises to take advantage of such API integration, is a key factor in driving the growth of this segment. Nevertheless, the SME segment is projected to grow at a more rapid over the projection period. This segment is driven by the expansion of large companies, who are facing increased competition from developing SMEs.
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By Application
Contact Center and Customer Management
Content Transcription
Fraud Detection and Prevention
Risk And Compliance Management
Subtitle Generation
Others (conference call analysis, business process monitoring, and quality management)
In terms of revenue, North America continues to be the largest market in 2023 with more than 35.4% owing to large technology expenditure and a broad availability of solutions that are strongly supported by suppliers. In addition, as the need to obtain relevant information from voice data increases, the region will expand further. In the region, advanced technologies such as intelligent virtual assistants are already being adopted by developed countries like the US and Canada.
During the forecast period, the Asia Pacific region is expected to grow at a compound annual growth rate of more than 18.1% between 2023 and 2031. Technological developments in countries such as Japan, China, and India have contributed to the region's expansion. The main drivers for growth in the Asia Pacific market are rapid adoption of smart devices and widespread use of voice controlled connected equipment.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players are Google, Microsoft, IBM, Nuance Communications, Verint, Speechmatics, Vocapia Research, Twilio, Baidu, Facebook & Other Players
| Report Attributes | Details |
| Market Size in 2023 | US$ 2.8 Bn |
| Market Size by 2031 | US$ 11.83 Bn |
| CAGR | CAGR of 19.2% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Vertical (BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Travel & Hospitality, Others) • By Component (Software, Service) • By Deployment (On-premises, Cloud) • By Organization Size (Large Enterprises, Small & Medium-sized Enterprises (SMEs)) • By Application (Contact Center and Customer Management, Content Transcription, Fraud Detection and Prevention, Risk And Compliance Management, Subtitle Generation, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Google, Microsoft, IBM, Nuance Communications, Verint, Speechmatics, Vocapia Research, Twilio, Baidu, Facebook |
| Key Drivers | • With the increasing acceptance of technology and the tremendous development of internet-based information • The demand for smart gadgets, such as smart speakers and smartphones, has risen |
| Market Challenges | • In nations with several regional and local languages, speech-to-text API solutions have proved challenging to deploy. |
Ans: The Speech-to-text API Market was valued at USD 2.8 billion in 2023.
Ans: - The demand for smart gadgets, such as smart speakers and smartphones, has risen.
Ans: -The segments covered in the Speech-to-text API Market report for study are on the basis of component, deployment mode, organization size, applications, and vertical.
Ans. The primary growth tactics of Speech-to-text API Market participants include merger and acquisition, business expansion, and product launch.
Ans. The study includes a comprehensive analysis of Speech-to-text API Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Speech-to-text API Market Segmentation, By Vertical
9.1 Introduction
9.2 Trend Analysis
9.3 BFSI
9.4 IT & Telecom
9.5 Healthcare
9.6 Retail & eCommerce
9.7 Government & Defense
9.8 Media & Entertainment
9.9 Travel & Hospitality
9.10 Others
10. Speech-to-text API Market Segmentation, By Component
10.1 Introduction
10.2 Trend Analysis
10.3 Software
10.4 Service
11. Speech-to-text API Market Segmentation, By Deployment
11.1 Introduction
11.2 Trend Analysis
11.3 On-premises
11.4 Cloud
12. Speech-to-text API Market Segmentation, By Organization Size
12.1 Introduction
12.2 Trend Analysis
12.3 Large Enterprises
12.4 Small & Medium-sized Enterprises (SMEs)
13. Speech-to-text API Market Segmentation, By Application
13.1 Introduction
13.2 Trend Analysis
13.3 Contact Center and Customer Management
13.4 Content Transcription
13.5 Fraud Detection and Prevention
13.6 Risk and Compliance Management
13.7 Subtitle Generation
13.8 Others (conference call analysis, business process monitoring, and quality management)
14. Regional Analysis
14.1 Introduction
14.2 North America
14.2.1 USA
14.2.2 Canada
14.2.3 Mexico
14.3 Europe
14.3.1 Eastern Europe
14.3.1.1 Poland
14.3.1.2 Romania
14.3.1.3 Hungary
14.3.1.4 Turkey
14.3.1.5 Rest of Eastern Europe
14.3.2 Western Europe
14.3.2.1 Germany
14.3.2.2 France
14.3.2.3 UK
14.3.2.4 Italy
14.3.2.5 Spain
14.3.2.6 Netherlands
14.3.2.7 Switzerland
14.3.2.8 Austria
14.3.2.9 Rest of Western Europe
14.4 Asia-Pacific
14.4.1 China
14.4.2 India
14.4.3 Japan
14.4.4 South Korea
14.4.5 Vietnam
14.4.6 Singapore
14.4.7 Australia
14.4.8 Rest of Asia Pacific
14.5 The Middle East & Africa
14.5.1 Middle East
14.5.1.1 UAE
14.5.1.2 Egypt
14.5.1.3 Saudi Arabia
14.5.1.4 Qatar
14.5.1.5 Rest of the Middle East
14.5.2 Africa
14.5.2.1 Nigeria
14.5.2.2 South Africa
14.5.2.3 Rest of Africa
14.6 Latin America
14.6.1 Brazil
14.6.2 Argentina
14.6.3 Colombia
14.6.4 Rest of Latin America
15. Company Profiles
15.1 Google
15.1.1 Company Overview
15.1.2 Financial
15.1.3 Products/ Services Offered
15.1.4 SWOT Analysis
15.1.5 The SNS View
15.2 Microsoft
15.2.1 Company Overview
15.2.2 Financial
15.2.3 Products/ Services Offered
15.2.4 SWOT Analysis
15.2.5 The SNS View
15.3 IBM
15.3.1 Company Overview
15.3.2 Financial
15.3.3 Products/ Services Offered
15.3.4 SWOT Analysis
15.3.5 The SNS View
15.4 Nuance Communications
15.4.1 Company Overview
15.4.2 Financial
15.4.3 Products/ Services Offered
15.4.4 SWOT Analysis
15.4.5 The SNS View
15.5 Verint
15.5.1 Company Overview
15.5.2 Financial
15.5.3 Products/ Services Offered
15.5.4 SWOT Analysis
15.5.5 The SNS View
15.6 Speechmatics
15.6.1 Company Overview
15.6.2 Financial
15.6.3 Products/ Services Offered
15.6.4 SWOT Analysis
15.6.5 The SNS View
15.7 Vocapia Research
15.7.1 Company Overview
15.7.2 Financial
15.7.3 Products/ Services Offered
15.7.4 SWOT Analysis
15.7.5 The SNS View
15.8 Twilio
15.8.1 Company Overview
15.8.2 Financial
15.8.3 Products/ Services Offered
15.8.4 SWOT Analysis
15.8.5 The SNS View
15.9 Baidu
15.9.1 Company Overview
15.9.2 Financial
15.9.3 Products/ Services Offered
15.9.4 SWOT Analysis
15.9.5 The SNS View
15.10 Facebook
15.10.1 Company Overview
15.10.2 Financial
15.10.3 Products/ Services Offered
15.10.4 SWOT Analysis
15.10.5 The SNS View
16. Competitive Landscape
16.1 Competitive Benchmarking
16.2 Market Share Analysis
16.3 Recent Developments
16.3.1 Industry News
16.3.2 Company News
16.3.3 Mergers & Acquisitions
17. Use Case and Best Practices
18. Conclusion
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