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The speech-to-text API market size is estimated to grow at a CAGR of 19% between 2022 and 2027. The market size is forecast to increase by USD 3,269.94 million. The growth of the market depends on several factors, including the increasing adoption of technologically advanced mobile devices, the demand from the growing business process outsourcing (BPO) sector, and the adoption of speech-to-text API for financial trading. A speech-to-text application programming interface (API) is a programming interface that makes speech synthesis and speech recognition available to a wide variety of devices and applications. The speech-to-text API is an interdisciplinary computational linguistics topic that explores how computers can translate audible speech into text for recognition. This is also called automatic speech recognition (ASR) or speech-to-text. This includes research and knowledge in the fields of electrical engineering, computer science, and linguistics. In addition, we also provide tips for improving the accuracy of transcription of rare domain-specific words and phrases.
This speech-to-text API market report extensively covers market segmentation by component (software and services), deployment (on-premises and cloud-based), and geography (North America, Europe, APAC, South America, and Middle East, and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report consists of historic market data from 2017 to 2021.
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The increasing adoption of technologically advanced mobile devices is driving growth in the speech-to-text API market. The number of mobile subscribers worldwide is growing at a fast pace, and end users have been increasingly choosing technologized mobile devices that can be used both personally and professionally. This has led to an increase in the use of advanced assistive technologies such as voice assistants and biometric recognition. Digital business support systems have been increasingly adopted around the world, thanks to factors such as improved user interference in applications for smartphones and tablets with a very fast processing speed.
Subsequently, mobile games are becoming a major part of the gaming industry, as many gaming companies are moving toward advanced app design. The growth in the number of connected devices globally is a major factor driving the demand for speech-to-text API. The monitoring, management, and maintenance of these devices are becoming even more complex as a result of an exponential increase in their number. In almost all aspects of commercial operation, e.g. data collection through mobile devices, as well as secure networks and unified communications, mobility is essential. The rising adoption of mobile devices is expected to further accelerate the growth of the global speech-to-text API market during the forecast period.
The growing use of AI integrated with speech-to-text API is a primary trend in the speech-to-text API market. Integration of AI with speech-to-text API is one of the latest trends in the world's market for speech-to-text. This integration is increasing as it can improve the efficiency of the categorization of voice and speech data with machine learning. Automated and effective analysis of voice and speech data including words, sounds, and moods can be carried out through an AI-based classification that extracts hidden opinions and emotions. This enhances the analysis of the data. With the advent of big data, the volume and variety of data are increasing at a tremendous rate.
However, analyzing such minute details of a conversation is difficult for conventional solutions due to the real-time nature of data analysis. An integrated AI integrated Analytics Platform will be required to optimize the pattern recognition process according to language, dialect, or tone data in view of an enormous volume of voice and speech data that is anticipated. In this way, for example in the customer management domain, such a full data segmentation is intended to provide proactive and timely intelligence. Hence, AI integrated with speech-to-text API is considered a positive trend that is influencing the global speech-to-text application programming interface (API) market during the forecast period.
The lack of accuracy of speech-to-text API is a major challenge in the speech-to-text API market. In expressing their emotions or behaviors, people rely on voice and speech. For that purpose, understanding speech and language is viewed as a very complicated matter which requires software solutions in particular. There are two types of voice and speech and those are situational and subjective. Thus, analysis of voice and speech may be evaluated according to an objective and discriminatory point of view. The accuracy of speech-to-text API in understanding the entire range and complexity of voice and speech data is a key concern for players in the market.
Moreover, a speech-to-text API cannot predict all possible voice and speech patterns in the solution for comprehensive analysis. They are only loaded with a few modules of universally recognized voice and speech patterns for analysis, with most of the analysis based on scientific assumptions and extrapolation of data which questions the accuracy of the analytics insight provided by speech-to-text API. Therefore, the lack of complete accuracy in analyzing the data results in inaccurate insights and is expected to hamper the growth of the market in focus during the forecast period.
The market share growth by the software segment will be significant during the forecast period. Speech-to-text APIs have become increasingly popular in recent years as businesses and individuals seek more efficient and cost-effective ways to generate written content. The speech-to-text API works by using machine learning algorithms to analyze and learn from large data sets of human-written text. The algorithm is trained to predict the next word or most likely word sequence in a given text based on patterns and relationships learned from training data.
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The software segment showed a gradual increase in the market share of USD 717.77 million in 2017 and continued to grow by 2021. Speech-to-text APIs can produce content much faster than humans, making them a valuable tool for businesses that need to produce large amounts of content quickly. The Speech-to-text API produces grammatically correct, well-written, engaging, high-quality content. Thus, due to the high demand for high-quality content, the global speech-to-text application programming Interface (API) market is expected to witness significant growth during the forecast period.
Based on deployment, the market has been segmented into on-premises and cloud-based. The on-premises segment will account for the largest share of this segment. The on-premises speech-to-text API delivery model is preferred by industries such as telecommunications, marketing, human resources, legal departments, studios, researchers, and broadcasters, in particular, due to security concerns. In addition, large enterprises and banking institutions prefer to deploy on-premises as far as security and licenses are concerned. Large organizations and enterprises have multiple departments and have increased the workforce to handle customer service. For this reason, there is a demand for high-quality solutions such as speech to text API in all departments that allow them to gain insight into Strategic Decision Making. A large volume of data handled by these organizations enables the bundling of keywords and phrases, speech gaps and silences, acoustic measurements, etc. to score and label disparate data to derive important insights. Such security concerns are expected to complement the growth of the on-premise model
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
End-user industries in the region, such as automotive, retail, healthcare, media and entertainment, hospitality, Banking, financial services, and insurance (BFSI), are adopting speech-to-text API in their operations to gain a competitive edge in the market and improve the performance of their operations. Furthermore, individual users are technologically advanced and they have adopted speech-to-text API at home. The main drivers of growth in the market for speech-to-text services in this region are a rising trend toward vehicletoeverythingV2X communication systems and digital technologies such as 5G, API, and Autonomous Vehicle Production.
In 2020, the COVID-19 pandemic negatively impacted the regional speech-to-text API market to some extent. However, on the positive side, speech-to-text API and other IoT and AI technologies have become accepted and necessary. For example, around 77 % of US adults changed their daily lives as a result of the COVID-19 outbreak in spring 2020, according to Smart Audio Report 2020. As a result, the usage of voice assistants has increased, favorably affecting the growth of the regional speech-to-text API market. Hence, the regional speech-to-text API market is expected to grow during the forecast period.
The Speech to Text API Market industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Speech-to-Text API Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alphabet Inc. - The company offers speech-to-text API such as Google Cloud speech-to-text.
Amazon.com Inc. - The company offers speech-to-text API such as Amazon Transcribe.
Baidu Inc. - The company offers speech-to-text API such as Baidu AI cloud speech technology.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The Speech-to-text application programming interface (API) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Speech To Text API Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19% |
Market growth 2023-2027 |
USD 3,269.94 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
18.94 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., Amazon.com Inc., Baidu Inc., Cantab Research Ltd., Deepgram Inc., GoVivace Inc., iFLYTEK Co. Ltd., International Business Machines Corp., Liveperson Inc., Meta Platforms Inc., Microsoft Corp., Otter.ai Inc., Rev.com Inc., SoundHound AI Inc., Telefonaktiebolaget LM Ericsson, Twilio Inc., Verint Systems Inc., Vocapia Research SAS, VoiceCloud LLC, and VoxSciences Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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