Global Speech-to-text API Market

Speech-to-text API Market Size, Share, Growth Analysis, By Component (Software, Services), By Deployment Mode (Cloud Based, On premise), By Organization Size (Large, Small and medium-sized enterprises), By Application(Risk, Compliance Management), By Vertical(BFSI, Healthcare), By Region - Industry Forecast 2025-2032


Report ID: SQMIG45E2195 | Region: Global | Published Date: December, 2024
Pages: 260 | Tables: 102 | Figures: 76

Speech-to-text API Market Insights

Speech-to-text API Market size was valued at USD 2.77 Billion in 2023 and is poised to grow from USD 3.19 Billion in 2024 to USD 9.86 Billion by 2032, growing at a CAGR of 15.2% during the forecast period (2025-2032).

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.

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FAQs

Global Speech-to-text API Market size was valued at USD 2.32 billion in 2022 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).

There are a few worldwide players that are acting in larger part of the nations and a developing number of more modest players in the provincial level, who are offering moderate quality items in a reasonable scope of costs. The major players in the market are Google (US), Microsoft (US), AWS (US), IBM (US), Verint (US), Baidu (China), Twilio (US), Speechmatics (UK), VoiceCloud (US), VoiceBase (US), Voci (US), Kasisto (US), Nexmo (US), Verbit (US), Behavioral Signals (US), Chorus.ai (US), Gnani.ai (India), Sayint.ai (India), and Amberscript (Netherlands) 'Open AI API ', 'Amazon Web Service, Inc. ', 'Amberscript Global B.V. ', 'AssemblyAI, Inc. ', 'Deepgram ', 'Google Inc. ', 'IBM Corporation ', 'Microsoft Corporation ', 'Rev.com, Inc. ', 'Speechmatics Ltd. ', 'Verint System, Inc. ', 'Vocapia Research SAS ', 'VoiceBase, Inc. ', 'Otter.ai ', 'Trint ', 'Verbit.ai ', 'Behavioral Signals ', 'Gnani.ai  ', 'Sayint.ai'

Since the previous decade, there has been a growing need for smart devices like smart speakers and mobile phones. This has led to an increased requirement for making online video content available to everyone due to the vast proliferation of internet-based content and growing technological adoption. Users can now access instructional, entertaining, and other information through their smart devices thanks to a number of new advanced devices that have voice-controlled features, including voice processing features like content transcription and conference call analysis. As a result, the need for speech-to-text apps has grown along with the need to understand customer preferences.

Major players and new entrants in the global market can expect lucrative business opportunities to continue to arise as a result of the focus on developing programmes that can enhance word error rate accuracy, speaker diarization, spoken language translation, and multilingual compatibility, as well as the provision of client-specific language models that have been trained using customer text data. Future market expansion is anticipated to be further fueled by rising adoption of technology that makes work and accessibility easier.

North America held the largest global speech to text market share and generated USD 425 million in revenue from these in 2019. The regional growth is attributed to increased use of cutting-edge voice technologies as well as associated applications across a variety of industry verticals.

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Global Speech-to-text API Market

Report ID: SQMIG45E2195

$5,300
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