Speech-to-text API Market worth $5.4 billion by 2026, growing at a CAGR of 19.2%: Report by MarketsandMarkets™

Chicago, July 12, 2023 (GLOBE NEWSWIRE) -- The global Speech-to-text API Market size to grow from USD 2.2 billion in 2021 to USD 5.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.2% during the forecast period, according to a new report by MarketsandMarkets™. The major factors driving the growth of the Speech-to-text API Market are the rising need for voice-based devices coupled with the proliferation of smartphones and the growing demand for voice authentication in mobile banking applications during COVID-19. Furthermore, the innovation in speech-to-text solutions for temporarily and permanently disabled students and the growing inclination toward a cloud-based speech-to-text solution are the major factors adding value to the speech-to-text API offerings, which is expected to provide opportunities for enterprises operating in various verticals in the Speech-to-text API Market. Cloud adoption is said to have increased in recent times because vendors are making use of Software-as-a-Service (SaaS) to deliver cloud-based solutions.

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Scope of the Report

Business users are always on the lookout to ensure they are providing the most effective yet economical solutions. Cloud-based solutions provide the ability to outsource the operational IT work to another company. With the help of the speech-to-text API technology, any video or audio-based content can be captioned and subtitled, which helps struggling listeners or learners with visual impairments understand correctly and do their work without taking help from others. For instance, speech-to-text APIs can enable learners with hearing loss to communicate with his/her teacher and classmates. The multilingual support for captioning and subtitling and building custom vocabulary across various verticals are the major challenges in the Speech-to-text API Market. Moreover, transcribing audio from multi-channels, and concerns regarding data privacy and security due to pandemic acts as a key restraining factor in the market

Speech-to-text APIs enable users to convert speech or audio content into textual formats. Such solutions are helpful in transcribing audio or video content into searchable formats, which help in marketing, customer care, and fraud detection and prevention applications. Call centers, nowadays, are flooded with large volumes of customer data accumulated through hours of interactions each day. Speech-to-text APIs have emerged as crucial tools to transcribe such data into textual formats and apply various analytics to extract meaningful insights and drive business performance. The software solutions are integrated with Artificial Intelligence (AI) and ML technologies to deliver real-time and accurate results to the customers.

The Speech-to-text API Market has been segmented based on components into software and services. The market for the software segment currently holds a higher market share, and the services segment is expected to grow at a higher rate between 2021 and 2026. The software segment consists of APIs and Software Development Kits (SDKs) that enable existing software or application to translate video-based content to text format. The vendors also offer associated services to streamline the operations and achieve results smoothly. The major companies in various industries are adopting speech-to-text API to deal with the rapidly increasing video-based content. This is helping companies find new ways to tap the wealth of data to develop new products, services, and processes, thus gaining a competitive advantage.

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Based on organization size, the Speech-to-text API Market has been segmented into large enterprises and SMEs. Currently, the market share of large enterprises is higher; however, the market for SMEs is expected to increase at a higher CAGR during the forecast period. The organization size is identified based on the number of employees working as per the global standards given below- SMEs: Less than 1,000 employees Large Enterprises: More than 1,000 employees Large enterprises are the leading adopters of speech-to-text software and services with an increasing need for speech recognition, virtual assistants, and chatbots. Deploying speech-to-text APIs on-premises is more common among large enterprises, as this deployment mode provides control on the ongoing processes and activities. SMEs have been gradually recognizing the importance of speech-to-text API and started deploying them to enhance customer experience and gain a leading edge in the market. This section discusses the Speech-to-text API Market size and growth trends across organizations of varied sizes.

The deployment mode in the Speech-to-text API Market includes on-premises and cloud. Deployment refers to the set-up of an IT infrastructure with hardware, operating systems, and applications required to manage the IT ecosystem. Speech-to-text API can be deployed on any one deployment mode based on security, availability, and scalability. Mostly speech-to-text APIs are getting deployed on the cloud as it offers advantages, such as pay-per-use and low installation and maintenance costs. This deployment mode is expected to show high growth soon. The on-premises segment gives organizations complete control over their systems and data but incurs the costs of hardware, software, and resources utilized for maintenance. The growing adoption of SaaS applications by enterprises is generating huge growth prospects for cloud-based speech-to-text software

Based on applications, Spech-to-text API market has been segmented as risk and compliance management, fraud detection and prevention, customer management, content transcription, contact center management, subtitle generation, and other applications (business process management, quality monitoring, and conference call analysis). The use of speech-to-text API technology has increased across industries to create automation in customer service and workflow.  Major vendors offering the speech-to-text API applications include IBM, Microsoft, Google, Baidu, Verint, and Twilio.

The segmentation of the Speech-to-text API Market based on verticals, such as BFSI, healthcare and life sciences, IT and telecom, retail and eCommerce, travel and hospitality, media and entertainment, government and defense, education, and other verticals (manufacturing, transportation and logistics, and automotive). the customer-facing industries are constantly innovating their service delivery models to sustain the market. With the advent of digital technologies, organizations in such industries are experimenting with new solutions to deliver enhanced customer experience. Therefore, these organizations are implementing technologies, such as speech recognition or speech analytics solutions, to streamline business processes and reduce operational costs and time. The use of such solutions has increased for applications, such as risk and compliance management, fraud detection and prevention, and customer management.

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The Speech-to-text API Market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. Among these regions, North America is projected to hold the largest market size during the forecast period. Organizations are expected to run their businesses with impressive sales and profit margins while cutting high operational costs and upholding corporate integrity. A large volume of data is generated across industries due to the growing use of digitalized technologies. To increase revenue and profit margins and provide enhanced customer satisfaction, organizations have started using speech-to-text, enabling businesses to connect with their customers easily. The increasing number of players across different regions is further expected to drive the Speech-to-text API Market. APAC is expected to hold the fastest growth rate during the forecast period. APAC’s growth can be attributed to the increasing technological advancements in countries, such as China, Japan, and India. The extensive adoption of voice-controlled connected devices and the rapid penetration of smart devices are the major factors driving the growth of the Speech-to-text API Market in APAC. Europe is also considered to be the second-largest in terms of market size during the forecast period. The growing demand to reduce enterprise workloads related to customer engagement and retention is the key factor in adopting speech-to-text APIs across Europe.

Key players offering Speech-to-text API Market. The major vendors covered 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), Contus (India), GoVivace (US), GL Communications (US), Wit.ai (US), VoxSciences (US), Rev (US), Vocapia Research (France), Deepgram (US), Otter.ai (US), AssemblyAI (US), Verbit (US), Behavioral Signals (US), Chorus.ai (US), Gnani.ai (India), Sayint.ai (India), and Amberscript (Netherlands).

Top Trends in Global Speech-to-text API Market

• There has been an increase in demand for voice-enabled applications across numerous industries as a result of the popularity of virtual assistants like Siri, Alexa, and Google Assistant. These applications' voice recognition and transcription features are made possible via speech-to-text APIs.
• As natural language processing techniques advance quickly, speech-to-text APIs may now produce transcriptions that are more precise and contextually aware. Deep learning and neural network developments in NLP have improved the overall accuracy and fluency of speech recognition systems.
• Particularly in applications like live captioning, transcription services, and communication platforms, real-time transcribing capabilities are becoming more and more common. For these real-time use cases, low-latency, fast transcription speech-to-text APIs are highly sought-after.
• Developers and businesses are looking for speech-to-text APIs that may be specialised and adapted to particular fields or industries. Users can increase accuracy and more closely tailor the transcription service to their individual needs by using APIs that provide customization options, including acoustic and linguistic model adaption.
• Machine translation, sentiment analysis, and voice analytics are just a few of the technologies that are rapidly being combined with speech-to-text APIs. The creation of increasingly complex apps that can analyse and glean insights from voice data is made possible by these integrations.
• The speech-to-text API business places a premium on privacy and security because to the sensitivity of speech data. To safeguard user data, service providers are putting strong security measures in place, such as encryption, anonymization methods, and adherence to data protection laws like the GDPR.
• Scalability, flexibility, and ease of use are three benefits that cloud-based speech-to-text APIs offer, making them desirable solutions for developers and organisations. Additional advantages of cloud technologies include automatic updates, cost effectiveness, and capacity for large numbers of transcribing requests.
• Speech-to-text capabilities are increasingly being incorporated into Internet of Things (IoT) gadgets and smart appliances. IoT devices with voice control and transcription capabilities improve user experience and allow for seamless communication with smart homes, cars, and other IoT-enabled environments.
• Numerous businesses, including healthcare, customer support, transcription services, media and entertainment, education, and more are using speech-to-text APIs. More sectors are investigating and using voice recognition and transcription capabilities as technology continues to advance.

Key Industry Development

One notable market development in the speech-to-text API business is the increasing focus on accuracy and language coverage. Service providers are investing in R&D to improve the precision of their voice recognition systems with the aid of advancements in machine learning and deep neural networks. The demand for excellent transcribing services across numerous industries has led to this rise.

In order to serve a larger customer base, service providers are also broadening their linguistic capabilities. To make speech-to-text APIs available to a global audience, they are actively working on supporting new languages, including regional and less commonly spoken languages. Businesses may now target a wider range of consumers and offer services in numerous languages thanks to the extension of language support.

The integration of speech-to-text APIs with other technologies and platforms is another important breakthrough. The development of solid integrations with platforms for voice analytics, sentiment analysis, and machine translation is a focus for service providers. With the use of these connectors, entire apps may be created that offer cutting-edge features like real-time translation, sentiment analysis of transcribed text, and voice-driven analytics.

In the speech-to-text API business, privacy and security are also becoming increasingly important. Service providers are putting in place more robust security measures to safeguard user data and guarantee adherence to data protection laws. To protect sensitive speech data, this involves data encryption, secure data storage, and stringent access controls.

Lastly, the market for speech-to-text APIs is seeing a rise in the popularity of cloud-based solutions. As a result of the scalability, adaptability, and simplicity of cloud-based APIs, organisations and developers may quickly include speech recognition and transcription capabilities into their apps. Additionally offering automatic upgrades, a solid infrastructure, and affordable pricing models, cloud solutions are desirable alternatives for businesses of all sizes.

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