Speech to text is a speech recognition software that enables the recognition and translation of spoken language into text through computational linguistics. Significant factors in the value of speech to text API services include the development of speech-to-text solutions for students who are temporarily or permanently disabled and the rising demand for cloud-based speech-to-text solutions. These factors are likely to present opportunities for businesses engaged in a variety of speech-to-text API market segments.
Rise in demand of AI in speech-to-text technology driving the speech-to-text API market growth. Advances in speech recognition technology have enabled businesses to develop voice-enabled interfaces that match consumer expectations thanks to significant advancements in natural language processing (NLP) and speech quality. In addition, rising need for voice-based devices. Thus, these factors drives the growth of the speech-to-text API market size. However, transcribing audio from multichannel may hinder the adoption and multilingual support for captioning and subtitling hampering the growth of the speech-to-text API market size. On the contrary, innovation in speech-to-text solutions for disabled students will provide major lucrative opportunities for growth of the speech-to-text API market.
The speech-to-text API market is segmented on the basis of component, deployment mode, application and industry vertical. By component, it is segmented into software and services. By deployment mode, it is segmented into on-premise and cloud. By application, it is bifurcated into contact center and customer management, content transcription, fraud detection and prevention, risk and compliance management, subtitle generation and others. By industry vertical, it is segmented into BFSI, IT and telecom, healthcare, retail and e-commerce, media and entertainment, education, government and defense and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the speech-to-text API market such as Amazon Web Services, Inc., Amberscript Global B.V., Google LLC, IBM Corporation, Microsoft, Nuance Communications, Inc., rev.com, Speechmatics, Voicecloud and VoiceBase, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the speech-to-text API market share.
Rise in demand of AI in speech-to-text technology driving the speech-to-text API market growth. Advances in speech recognition technology have enabled businesses to develop voice-enabled interfaces that match consumer expectations thanks to significant advancements in natural language processing (NLP) and speech quality. In addition, rising need for voice-based devices. Thus, these factors drives the growth of the speech-to-text API market size. However, transcribing audio from multichannel may hinder the adoption and multilingual support for captioning and subtitling hampering the growth of the speech-to-text API market size. On the contrary, innovation in speech-to-text solutions for disabled students will provide major lucrative opportunities for growth of the speech-to-text API market.
The speech-to-text API market is segmented on the basis of component, deployment mode, application and industry vertical. By component, it is segmented into software and services. By deployment mode, it is segmented into on-premise and cloud. By application, it is bifurcated into contact center and customer management, content transcription, fraud detection and prevention, risk and compliance management, subtitle generation and others. By industry vertical, it is segmented into BFSI, IT and telecom, healthcare, retail and e-commerce, media and entertainment, education, government and defense and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the speech-to-text API market such as Amazon Web Services, Inc., Amberscript Global B.V., Google LLC, IBM Corporation, Microsoft, Nuance Communications, Inc., rev.com, Speechmatics, Voicecloud and VoiceBase, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the speech-to-text API market share.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global speech-to-text API service market also along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global speech-to-text API service market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global speech-to-text API service market from 2022 to 2031 is provided to determine the market potential.
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Key Market Segments
By Component
- Software
- Services
By Deployment Mode
- On-Premise
- Cloud
By Application
- Contact Center and Customer Management
- Content Transcription
- Fraud Detection and Prevention
- Risk and Compliance Management
- Subtitle Generation
- Others
By Industry Vertical
- BFSI
- IT and Telecom
- Healthcare
- Retail and E-Commerce
- Media and Entertainment
- Education
- Government and Defense
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Amazon Web Services, Inc.
- IBM Corporation
- Google LLC
- VoiceCloud
- Nuance Communications, Inc.
- rev.com
- Microsoft
- Voicebase, Inc.
- Amberscript Global B.V.
- Speechmatics
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SPEECH-TO-TEXT API MARKET, BY COMPONENT
CHAPTER 5: SPEECH-TO-TEXT API MARKET, BY DEPLOYMENT MODE
CHAPTER 6: SPEECH-TO-TEXT API MARKET, BY APPLICATION
CHAPTER 7: SPEECH-TO-TEXT API MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: SPEECH-TO-TEXT API MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the speech-to-text api market was valued at $2.4 billion in 2021, and is estimated to reach $12.1 billion by 2031, growing at a CAGR of 17.8% from 2022 to 2031.The Speech-to-Text API Market is likely to experience a significant growth rate of 17.8% from 2022-2031 owing to increasing market demand from the BFSI sector and rise in demand for advanced voice assistant devices.
A speech-to-text application programming interface (API) is simply the ability to call a service to transcribe audio into speech. The STT service will take the provided audio file, process it using either machine learning or a set of tools that combines machine learning with rule-based approaches.
Speech-to-text technology works on a variety of devices, including smartphones, tablets, and computers. The government is encouraging speech-to-text technology in education. For instance, the Individuals with Disabilities Education Act (IDEA) provides interactive software in the classroom for deaf students. In addition, in May 2022, a Northern Illinois University professor created an interactive software lecture using speech-to-text API technology to help students learn Nemeth code.
Rise in need for voice-based devices, and surge in demand of AI in speech-to-text technology are major growth factors for the market. However, transcribing audio from multichannel, and multilingual support for captioning and subtitling are the major factors hampering the growth of the market. On the contrary, innovation in speech-to-text solutions for disabled students will provide lucrative opportunities for the growth of the market in the upcoming years.
Moreover, increasing popularity of smart phones and smart speakers, stringent regulations and compliance are also factors contributing to the growth of speech-to-text API industry. The emergence of voice assistants in recent years has increased their use among people around the world. Today, almost every smartphone has apps like Google Assistant, Cortana, Alexa, Siri, etc. Leading manufacturers also include them in many other tools. As a result, voice applications are expected to change the way users interact with technology. Hence, these factors will accelerate the expansion of the voice-to-text API market globally during the forecast period.
Key Market Insights
By component, the software segment was the highest revenue contributor to the market, and is estimated to reach $7.16 billion by 2031, with a CAGR of 16.7%. However, the services segment is estimated to be the fastest growing segment with the CAGR of 19.6% during the forecast period.By deployment mode, the on-premise segment was the highest revenue contributor to the market, and is estimated to reach $5.72 billion by 2031, with a CAGR of 15.4%.
By application, the contact center and customer management segment was the highest revenue contributor to the market, and is estimated to reach $3.33 billion by 2031, with a CAGR of 14.6%.
By industry vertical, the BFSI segment dominated the global market, and is estimated to reach $1.84 billion by 2031, with a CAGR of 13.5%. However, the healthcare segment is expected to be the fastest growing segment during the Speech-to-text API market forecast.
Based on region, North America was the highest revenue contributor, accounting for $ 876.82 million in 2021, and is estimated to reach $3.58 billion by 2031, with a CAGR of 15.3%.
COVID-19 had a positive impact on the speech-to-text API market. This is caused by owing to the increasing use of smart devices and appliances in almost every aspect of daily life. People have been forced to work from home, which was increasing demand for speech-to-text API in the market. Moreover, the COVID-19 pandemic has also spurred cloud adoption across industrial sectors, as customers seek to take advantage of cloud benefits, including scalability and cost savings. Furthermore, in the approaching years, it is anticipated that this aspect will present the speech-to-text API industry with numerous, very lucrative prospects.
The speech-to-text API market is segmented on the basis of component, deployment mode, application, industry vertical, and region. By component, it is bifurcated into life software and services. By deployment mode, it is bifurcated into on-premise and cloud. By application, it is divided into contact center and customer management, content transcription, fraud detection & prevention, risk & compliance management, subtitle generation, and others. By industry vertical, it is classified into BFSI, IT & telecom, healthcare, retail & e-commerce, media & entertainment, education, government & defense, and others. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The key players profiled in the study include Amazon Web Services, Inc., Amberscript Global B.V., Google LLC, IBM Corporation, Microsoft, Nuance Communications, Inc., rev.com, Speechmatics, Voicecloud and VoiceBase, Inc. The players in the market have been actively engaged in the adoption various strategies such as acquisition, product launch and partnership to remain competitive and gain advantage over the competitors in the market. For instance, In September 2021, IBM worked with IntelePeer, one of the top suppliers of communications platform-as-a-service, to set up and test a voice agent and a new agent app intended to facilitate a seamless hand-off to a live agent while keeping the context of the discussion.
Companies Mentioned
- Amazon Web Services, Inc.
- IBM Corporation
- Google LLC
- VoiceCloud
- Nuance Communications, Inc.
- rev.com
- Microsoft
- Voicebase, Inc.
- Amberscript Global B.V.
- Speechmatics
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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