Global Speech-to-text API Market to Reach $14.9 Billion by 2030
The global market for Speech-to-text API estimated at US$3.8 Billion in the year 2022, is projected to reach a revised size of US$14.9 Billion by 2030, growing at a CAGR of 18.5% over the analysis period 2022-2030. Large Enterprises, one of the segments analyzed in the report, is projected to record 15.9% CAGR and reach US$8.1 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the SMEs segment is readjusted to a revised 22.4% CAGR for the next 8-year period.The U.S. Market is Estimated at $1.1 Billion, While China is Forecast to Grow at 17.5% CAGR
The Speech-to-text API market in the U.S. is estimated at US$1.1 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$2.5 Billion by the year 2030 trailing a CAGR of 17.5% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.6% and 15.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 11.6% CAGR.Select Competitors (Total 33 Featured) -
- Amazon Web Services, Inc. (AWS)
- Deepgram, Inc.
- Google LLC
- GoVivace Inc.
- IBM Corporation
- iFLYTEK
- Microsoft Corporation
- Nexmo
- Nuance Communications, Inc.
- Otter AI
- Speechmatics (Cantab Research Limited)
- Twilio Inc.
- Verint Systems Inc.
- Vocapia Research
- Voci
- Voicebase
What's New?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its 'bumpy' reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
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Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERS3. MARKET TRENDS & DRIVERSIII. MARKET ANALYSISCANADAITALYREST OF EUROPEREST OF WORLDIV. COMPETITION
1. MARKET OVERVIEW
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
UNITED KINGDOM
ASIA-PACIFIC
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Amazon Web Services, Inc. (AWS)
- Deepgram, Inc.
- Google LLC
- GoVivace Inc.
- IBM Corporation
- iFLYTEK
- Microsoft Corporation
- Nexmo
- Nuance Communications, Inc.
- Otter AI
- Speechmatics (Cantab Research Limited)
- Twilio Inc.
- Verint Systems Inc.
- Vocapia Research
- Voci
- Voicebase
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 89 |
Published | May 2024 |
Forecast Period | 2022 - 2030 |
Estimated Market Value ( USD | $ 3.8 Billion |
Forecasted Market Value ( USD | $ 14.9 Billion |
Compound Annual Growth Rate | 18.6% |
Regions Covered | Global |