Industry Overview

Global Speech to Text API market was valued at USD 1.98 Bn in 2020 and is expected to grow at a CAGR of 18.3% during 2021–2030 to reach 6.3 Bn by the year 2030. The market growth is accounted for increasing demand for voiced-based devices integrated with proliferation of smartphones.

Introduction

Speech-to-Text API recognition. A Speech-to-Text API synchronous recognition request is the simplest method for performing recognition on speech audio data. Speech-to-Text can process up to 1 minute of speech audio data sent in a synchronous request.

Speech to Text API Market Covid-19 Pandemic Impact & Recovery Analysis

Many organizations suffered a large rise in consumer pressure during the pandemic, but their pool of available staff reduced. Many service companies were unable to expand production or were forced to close due to lockdown restrictions, resulting in high waiting lists for customer service requests and a negative impact on the customer experience. Speech-to-text API is moving to the forefront of technology enablers as firms adopt a more strategic strategy that offers resilience into operations through flexibility and scalability while also working to increase operational efficiencies. Medical speech recognition capabilities are sought by data analytics application developers to assist them promptly and accurately transcribe video and audio featuring COVID-19 terminology into text for downstream analytics. Amazon Transcribe Medical, for example, is a fully managed speech recognition (ASR) service that makes it simple to add medical speech-to-text capabilities to any application. The service, which is powered by deep learning, provides a ready-to-use medical speech.

Know how Covid-19 pandemic affected market growth: Order Free Sample & Covid-19 pandemics impact & recovery analysis

Speech to Text API Market Dynamics

With the growth of smartphones, there is a massive market for voice-based devices.

With the widespread acceptance of technology and the significant development of internet-based information, the demand for smart devices such as smart speakers and mobile phones has increased over the last decade, resulting in a greater need to make online video content available to everyone. Several new advanced gadgets with voice-controlled functions, such as content transcription and conference call analysis, are being introduced, allowing consumers to access educational, entertainment, and other information via their smart devices. As a result of the rising requirement to understand client preferences, speech-to-text apps have grown in popularity. Several organisations collect client data about media material and translate it into texts to assist content providers in determining what types of content are acceptable and becoming more popular. Furthermore, the need for smart homes and smart appliances is expanding as a result of a number of factors, including increased internet penetration, technological improvements, and consumer demand.

Know how the market dynamics are projected to shift: Order Free Sample & Competition Landscape Mapping

Speech to Text API Market Segment Analysis

The Speech to Text API market is segmented by, component, by deployment, by application, by deployment & by region.

Insights by Deployment

Based on deployment the market is segmented into cloud and on-premises. In the year 2020, cloud-based segment accounted for largest market share owing to increasing technological growth and consumer demand for flexible solutions that can be easily implemented in remote infrastructures.

Know how the key market segments are projected to drive overall growth over the forecast period: Order Free Sample Report

Speech to Text API Market Regional Analysis

Among these regions, The market in the US is expected to hold a larger market size in 2021, while Canada to hold a higher CAGR during the forecast period. The US dominates the North American speech-to-text API industry due to its large technology spending and easy availability of solutions with a significant presence of vendors. The speech-to-text API market in Canada will gain traction in the coming years due to the rising need to extract meaningful insights from voice data.

Know how MICRO & MACRO factors are impacting the regional growth: Order Free Sample Report

Competitive Insights

The market is highly competitive in nature and key market players are focusing on leveraging R&D, new product development, joint ventures, mergers, acquisitions, and partnerships to gain a competitive edge in the market.

Major companies in the Speech to Text API market include:

• Google
• Microsoft
• AWS
• IBM
• Verint
• Baidu
• Twilio
• Speechmatics
• VoiceCloud
• VoiceBase
• Voci
• Kasisto
• Nexmo
• Contus
• GoVivace
• GL Communications
• Wit.ai
• VoxSciences
• Rev
• Vocapia Research
• Deepgram
• Otter.ai
• AssemblyAI
• Verbit
• Behavioral Signals
• Chorus.ai
• Gnani.ai
• Sayint.ai
• Amberscript
• Others (20+ Companies are profiled in the final report)

Know-how key market developments are projected to impact the future growth: Order Free Competition Landscape Mapping

Speech to Text API Market Report Coverage

Global Speech to Text API Market, by Component

• Solutions
• Services

Global Speech to Text API Market, by Deployment

• Cloud
• On-premise

Global Speech to Text API Market, by Application

• Risk and Compliance Management
• Customer Management
• Content Transcription
• Contact Center Management
• Fraud Detection and Prevention
• Subtitle Generation
• Other Applications (conference call analysis, business process monitoring, and quality management)

Global Speech to Text API Market, by End-User

• Banking Finance Services and Insurance (BFSI)
• Media and Entertainment
• Healthcare and Life Sciences
• Retail and eCommerce
• Travel and Hospitality
• IT and Telecom
• Government and Defence
• Education
• Other Verticals (manufacturing, automotive, and transportation and logistics)

Global Speech to Text API Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • South Korea
  • Japan
  • India
  • China
  • Australia
  • Malaysia
• Middle East & Africa
  • Saudi Arabia
  • United Arab Emirates
  • South Africa
• South America
  • Brazil
  • Argentina