Speech-to-text API Market Size, Share, Growth Analysis, By Deployment(Cloud Based, On premise), By Application(Content Transcription, Customer Management, Risk, Compliance Management), By Industry Vertical(BFSI, Healthcare, Retail, IT), By Region - Industry Forecast 2024-2031

Global Speech-to-text API Market size was valued at USD 2.32 billion in 2019 and is poised to grow from USD 2.77 billion in 2023 to USD 8.56 billion by 2031, growing at a CAGR of 15.2% in the forecast period (2024-2031).

Due to improved user experiences and expanding legal constraints, the speech-to-text API is gaining momentum. Speech-to-text solutions are required for applications involving risk and fraud control, customer management, and transcription of information. During the forecast period, the speech-to-text API market is projected to be impacted by technical advancements at a rapid pace and a growing demand for automated customer support.

The proliferation of smartphones, the growing demand for voice authentication in mobile banking applications during COVID-19, and the expanding demand for speech-based devices are the main reasons propelling the market's growth. Additionally, the development of speech-to-text programmes for students who are both temporarily and permanently disabled and the growing preference for cloud-based speech-to-text programmes are the main elements enhancing the value of speech-to-text API offerings, which is anticipated to present opportunities for businesses engaged in a variety of speech-to-text API market verticals. Because companies are now using Software-as-a-Service (SaaS) to supply cloud-based solutions, cloud usage is reportedly on the rise. Business users are constantly searching for the most efficient yet cost-effective solutions. The opportunity to outsource operational IT tasks to another organisation is offered by cloud-based solutions. Any video or audio-based information can be captioned and subtitled with the aid of the speech-to-text API technology, assisting learners with visual impairments or difficult listeners to understand accurately and complete their work independently.

US Speech-To-Text Api Market is poised to grow at a sustainable CAGR for the next forecast year.