Speech-to-text API Market Report Scope & Overview:

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.

Speech-to-text API Market Revenue Analysis

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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.

Market Dynamics

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


  • 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


  • 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


  • 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.

Impact of Economic Slowdown:

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.

Impact of Russia Ukraine War:

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.

Market Segmentation:

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.

Speech-to-text API Market By Vertical

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.

Speech-to-text API Market By Deployment

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.

Speech-to-text API Market By Organization Size

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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.

Speech-to-text API Market By Regional


North America

  • US

  • Canada

  • Mexico


  • 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

Microsoft -Company Financial Analysis

Company Landscape Analysis

Recent Developments:

  • In order to maintain its position as an industry leader in Germany and the Netherlands, Amberscript acquired two of its former competitors and in February 2023.
Speech-to-text API Market Report Scope:
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.


Frequently Asked Questions

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.


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 Poland Romania Hungary Turkey Rest of Eastern Europe

14.3.2 Western Europe Germany France UK Italy Spain Netherlands Switzerland Austria 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 UAE Egypt Saudi Arabia Qatar Rest of the Middle East

14.5.2 Africa Nigeria South Africa 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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Secondary Research

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Primary Research

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Data Bank Validation

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