Speech-to-text API Market - Forecast(2024 - 2030)

Report Code: ITR 0381 Report Format: PDF + Excel

Speech-to-text API Market Overview:

The global Speech-to-text API Market was valued at 2.8 billion in 2022, and is projected to reach 10.7 billion by 2030, growing at a CAGR of 18.2% from 2023 to 2030.

The speech-to-text API market has been growing rapidly in recent years, fueled by the increasing demand for speech recognition and transcription technologies across various industries. Speech-to-text APIs are cloud-based services that use automatic speech recognition (ASR) technology to convert spoken words into text. The rise in adoption of speech recognition technology in various industries, such as healthcare, automotive, and banking, is one of the major factors driving the growth of the market.

The speech-to-text API market is expected to continue its growth trajectory in the coming years, driven by the increasing adoption of voice-activated devices and the growing demand for speech recognition and transcription technologies in various industries. However, challenges such as language barriers, the need for accurate transcriptions, and the privacy and security of voice data may hinder the market growth.

Speech-to-text API Market  - Report Coverage:

The “Speech-to-text API Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Speech-to-text API Market.

Attribute                            Segment

By Type

  • Software

  • Services 

By Applications

  • On-Premise

  • Cloud





By Material

  • Contact Center and Customer Management

  •  Content Transcription

  • Fraud Detection and Prevention

  • Risk and Compliance Management

  • Subtitle Generation

  • Others





By Platform

  • BFSI

  • IT And Telecom

  • Retail and E-Commerce

  • Healthcare

  • Media and Entertainment

  • Education

  • Government and Defense

  • Others







By Geography 

  • North America (U.S., Canada and Mexico)

  • Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe),

  • Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific),

  • South America (Brazil, Argentina, Chile, Colombia and Rest of South America)

  • Rest of the World (Middle East and Africa).


Speech-to-text API Market Report – Top Trends:

Growing Importance of Voice-Activated Features: With the increasing popularity of smart homes and virtual assistants, voice-activated features are becoming essential part of modern technology products. Speech-to-text APIs enable developers to integrate voice-activated features with ease.

Advancements in Natural Language Processing (NLP): Natural Language Processing algorithms are at the heart of speech-to-text APIs. Recent advancements in NLP have resulted in more accurate transcription and better language models, making speech-to-text APIs more powerful than ever before.

Cloud-Based Speech-to-Text: Cloud-based speech-to-text APIs offer several advantages over traditional on-device transcription. These include lower latency, higher accuracy, and the ability to scale to meet demand.

Multi-Lingual Support: The ability to transcribe speech across multiple languages is a key feature of modern speech-to-text APIs. As more businesses seek to globalize, multi-lingual support will become increasingly important.

Increased Demand for Speech Analytics: Speech-to-text APIs are not just useful for transcription; they can also be used to extract insights from large volumes of audio data. As businesses seek to understand customer sentiment and improve customer experiences, speech analytics will become a critical tool.

Speech-to-Text API Market - Company Product Analysis:

Amazon Web Services (AWS): Amazon Transcribe, a fully managed automatic speech recognition (ASR) service that converts speech to text in real time.

Google Cloud Speech-to-Text: Google's Speech-to-Text API that enables users to transcribe audio files or streaming audio into text in over 120 languages.

IBM Watson Speech-to-Text: IBM's speech-to-text offering that uses machine learning models to transcribe audio into text with high accuracy.

Microsoft Azure Speech Services: Microsoft's cloud-based speech recognition service that provides both speech-to-text and text-to-speech capabilities.

Nuance Communications: Nuance offers a suite of speech-to-text products, including Dragon Professional Individual, Dragon Medical Practice Edition, and Dragon Anywhere.

Speechmatics: Speechmatics offers an automatic speech recognition (ASR) solution that converts speech to text in real-time.

Voice Base: Voice Base provides a speech analytics platform that includes speech-to-text transcription capabilities.


Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Speech-to-text API Market . The top 10 companies in this industry are listed below:

  1. Amazon Web Services, Inc.

  2.  Amber script Global B.V.

  3. Google LLC

  4. IBM Corporation

  5.  Microsoft

  6. Nuance Communications, Inc.

  7. rev.com

  8. Speechmatics

  9. Voice Cloud

  10. Voice base, Inc.

Scope of Report:

                     Report Metric                              Details

Base Year Considered

2022

Forecast Period

2023–2030

CAGR

18.2%

Market Size in 2030

10.7 billion

Segments Covered

By Type, By Applications Type, Material, By Platform and Region


Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).



Key Market Players

  1. Amazon Web Services, Inc.

  2.  Amber script Global B.V.

  3. Google LLC

  4. IBM Corporation

  5.  Microsoft

  6. Nuance Communications, Inc.

  7. rev.com

  8. Speechmatics

  9. Voice Cloud

  10. Voice base, Inc.


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1. Speech-to-text API Market - Overview

    1.1.Definitions and Scope

2. Speech-to-text API Market - Executive Summary

3. Speech-to-text API Market - Comparative Analysis

    3.1.Company Benchmarking - Key Companies 

    3.2.Global Financial Analysis - Key Companies

    3.3.Market Share Analysis - Key Companies

    3.4.Patent Analysis

    3.5.Pricing Analysis

4. Speech-to-text API Market - Start-up Companies Scenario (Premium)

    4.1.Key Start-up Company Analysis by

    4.2.Investment 

    4.3.Revenue

    4.4.Venture Capital and Funding Scenario

5. Speech-to-text API Market – Market Entry Scenario Premium

    5.1.Regulatory Framework Overview

    5.2.New Business and Ease of Doing Business Index

    5.3.Case Studies of Successful Ventures

6. Speech-to-text API Market - Forces 

    6.1.Market Drivers

    6.2.Market Constraints

    6.3.Market Challenges

    6.4.Porter's Five Force Model 

    6.5.Bargaining Power of Suppliers

    6.6.Bargaining Powers of Customers 

    6.7.Threat of New Entrants

    6.8.Rivalry Among Existing Players

    6.9.Threat of Substitutes

7. Speech-to-text API Market – Strategic Analysis

    7.1.Value Chain Analysis 

    7.2.Opportunities Analysis

    7.3.Market Life Cycle

8. Speech-to-text API Market – By Type (Market Size – $Million/$Billion) 

    8.1.Software 

        8.1.1.Key market trends, growth factors and opportunities

        8.1.2.Market size and forecast, by region 

        8.1.3.Market share analysis by country 

    8.2.Services

        8.2.1.Key market trends, growth factors and opportunities

        8.2.2.Market size and forecast, by region

        8.2.3.Market share analysis by country

9. Speech-to-text API Market – By Applications (Market Size – $Million/$Billion) 

    9.1. On-Premise 

        9.1.1.Key market trends, growth factors and opportunities

        9.1.2.Market size and forecast, by region

        9.1.3. Market share analysis by country

    9.2. Cloud

        9.2.1. Key market trends, growth factors and opportunities

        9.2.2. Market size and forecast, by region

        9.2.3. Market share analysis by country

10. Speech-to-text API Market – By Material (Market Size – $Million/$Billion)

     10.1.Contact Center and Customer Management

         10.1.1.Key market trends, growth factors and opportunities

         10.1.2.Market size and forecast, by region

         10.1.3.Market share analysis by country

    10.2.Content Transcription

        10.2.1.Key market trends, growth factors and opportunities

        10.2.2.Market size and forecast, by region

        10.2.3.Market share analysis by country

    10.3.Fraud Detection and Prevention

        10.3.1.Key market trends, growth factors and opportunities

        10.3.2.Market size and forecast, by region

        10.3.3.Market share analysis by country

    10.4.Risk and Compliance Management

        10.4.1.Key market trends, growth factors and opportunities

        10.4.2.Market size and forecast, by region

        10.4.3.Market share analysis by country

    10.5.Subtitle Generation

        10.5.1.Key market trends, growth factors and opportunities

        10.5.2.Market size and forecast, by region

        10.5.3.Market share analysis by country

    10.6.Others

        10.6.1.Key market trends, growth factors and opportunities

        10.6.2.Market size and forecast, by region

        10.6.3.Market share analysis by country

11. Speech-to-text API Market – By Patform (Market Size – $Million/$Billion) 

    11.1.BFSI

        11.1.1.Key market trends, growth factors and opportunities

        11.1.2.Market size and forecast, by region

        11.1.3.Market share analysis by country

    11.2.IT and Telecom

        11.2.1.Key market trends, growth factors and opportunities

        11.2.2.Market size and forecast, by region

        11.2.3.Market share analysis by country

    11.3.Healthcare

        11.3.1.Key market trends, growth factors and opportunities

        11.3.2.Market size and forecast, by region

        11.3.3.Market share analysis by country

    11.4.Retail and E-Commerce

        11.4.1.Key market trends, growth factors and opportunities

        11.4.2.Market size and forecast, by region

        11.4.3.Market share analysis by country

    11.5.Media and Entertainment

        11.5.1.Key market trends, growth factors and opportunities

        11.5.2.Market size and forecast, by region

        11.5.3.Market share analysis by country

    11.6.Education

        11.6.1.Key market trends, growth factors and opportunities

        11.6.2.Market size and forecast, by region

        11.6.3.Market share analysis by country

    11.7.Government and Defense

        11.7.1.Key market trends, growth factors and opportunities

        11.7.2.Market size and forecast, by region

        11.7.3.Market share analysis by country

    11.8.Others

        11.8.1.Key market trends, growth factors and opportunities

        11.8.2.Market size and forecast, by region

        11.8.3.Market share analysis by country

12. Speech-to-text API Market – by Geography (Market Size – $Million/$Billion) 

    12.1.North America

        12.1.1. The U.S.

        12.1.2. Canada  

        12.1.3. Mexico  

    12.2. Europe

        12.2.1. UK

        12.2.2. Germany 

        12.2.3. France

        12.2.4. Italy 

        12.2.5. Spain

        12.2.6. Russia

        12.2.7. Rest of Europe

    12.3. Asia-Pacific

        12.3.1. China

        12.3.2. India

        12.3.3. Japan

        12.3.4. South Korea 

        12.3.5. Australia & New Zealand  

        12.3.6. Rest of Asia-Pacific

    12.4. South America 

        12.4.1. Brazil 

        12.4.2. Argentina

        12.4.3. Chile

        12.4.4. Colombia

        12.4.5. Rest of South America

    12.5. Rest of the World

        12.5.1. Middle East 

        12.5.2. Africa

13. Speech-to-text API Market – Entropy

14. Speech-to-text API Market – Industry/Segment Competition Landscape Premium 

    14.1. Market Share Analysis

        14.1.1. Market Share by Product Type – Key Companies

        14.1.2. Market Share by Region – Key Companies

        14.1.3. Market Share by Country – Key Companies

    14.2. Competition Matrix

    14.3. Best Practices for Companies

15. Speech-to-text API Market – Key Company List by Country Premium

16. Speech-to-text API Market - Company Analysis

1. Amazon Web Services, Inc.

2. Amberscript Global B.V.

3. Google LLC

4. IBM Corporation

5. Microsoft

6. Nuance Communications, Inc.

7. rev.com

8. Speechmatics

9. VoiceCloud

10. Voicebase, Inc.

11. Twilio

12. LumenVox

13. iSpeech

14. Baidu

15. Agora

16. Deepgram

17. Otter.ai

18. Speechify

19. Cognitivescale

20. NTT DOCOMO

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The Speech-to-text Market is forecast to grow at 18.2% during the forecast period 2023-2030.

Global Speech-to-text API Market size is estimated to reach 10.7 billion by 2023.

The top players in the Speech-to-text Market are Amazon Web Services, Inc., Amberscript Global B.V., Google LLC and others