Redding, California, April 25, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Speech-to-text API market by Offering (Solutions, Services), Deployment Mode, Organization Size, Application (Transcription, Customer Experience & Analytics, Subtitle & Caption Generation), End User (B2B, B2C, B2G, G2C), and Geography - Forecasts to 2030, the speech-to-text API market is projected to reach $10 billion by 2030, at a CAGR of 17.3% from 2023 to 2030.
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Speech-to-text or speech recognition is a technology for transcribing spoken words or audio content into text. It is accomplished using applications, APIs, tools, and other software solutions. Speech-to-text APIs are simple application programming interfaces that perform speech recognition to transcribe voice into written text. It uses machine learning and artificial intelligence to detect patterns in sound waves for accurate transcription. The growth of this market is driven by the proliferation of voice-enabled devices, the increasing use of voice & speech technologies for transcription, and technological advancements, coupled with the rising adoption of connected devices.
Impact of COVID-19 on the Speech-to-text API Market
The COVID-19 pandemic negatively impacted the global economy. Governments worldwide imposed countrywide lockdowns to control the spread of the infection. The lockdown restrictions impacted manufacturing operations, with production facilities either completely shutting down or running at reduced capacities to ensure social distancing and employee safety. Most industries came to a standstill due to raw material & workforce shortages, supply chain disruptions, and restrictions on international trade. One area that was relatively unaffected during the pandemic was voice technology, with considerable growth in user engagement.
According to the 2020 Adobe Voice Survey of 1,000 voice technology users in the U.S., the COVID-19 health crisis boosted the use of voice technology as a contactless alternative for completing tasks. Web conferencing transcription had the biggest positive impact due to COVID-19, followed by customer experience & analytics. According to the Trends and Predictions for Voice Technology in 2021 report by Speechmatics (U.K.), most respondents (58%) thought web conferencing transcription was the voice technology use case that had experienced the biggest positive impact as a result of the COVID-19 pandemic. With web conferencing platforms adapted to suit home working, the subject of captions and transcription has cropped up continuously. Customer experience & analytics was another voice technology use case that saw a positive impact from the COVID-19 pandemic, according to 34% of survey respondents.
During the COVID-19 pandemic, customer experience became a major issue among contact centers. Many organizations started focusing on automating call center operations and analyzing audio patterns to detect emotions, monitor agent performance, and assess call quality for improved call center operations. The notable benefits of speech technology for call center operations are expected to fuel the growth of the speech-to-text API market. Speech-to-text APIs were increasingly adopted during the pandemic; thus, the pandemic positively impacted the speech-to-text API market.
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The speech-to-text API market is segmented based on offering (solutions, services [professional services, managed services]), deployment mode (on-premise deployment, cloud-based deployment), organization size (large enterprises, small & medium-sized enterprises), application (transcription, customer experience & analytics, media & communications monitoring, subtitle & caption generation, consumer electronics command & control, automotive command & control, and other applications) and end user (B2B [IT & Telecommunications, BFSI, media & entertainment, healthcare, education, and other end users], B2C, B2G, G2C) and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on offering, the speech-to-text API market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the larger share of the speech-to-text API market. Speech-to-text solutions have various applications, and the list continues to grow yearly. Major companies across various industries are adopting speech-to-text API solutions to facilitate the analysis of the rapidly increasing video-based content, driving the growth of this segment. Also, the rising acceptance of advanced technologies and increasing consumer demand for smart devices are expected to drive the growth of this segment.
Based on organization size, the speech-to-text API market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the small and medium-sized enterprises segment is expected to account for the larger share of the speech-to-text API market. With many SMEs ramping up their digital transformation initiatives, there has been a massive surge in the adoption of speech-to-text API across SMEs. Many small & medium-sized enterprises are expected to adopt some form of speech-to-text API solutions in the coming years due to the proliferation of technology and cost-effective speech-to-text solutions. The small and medium-sized enterprises segment is also projected to register the higher CAGR during the forecast period.
Based on application, the speech-to-text API market is segmented into transcription, customer experience & analytics, media & communications monitoring, subtitle & caption generation, consumer electronics command & control, automotive command & control, and other applications. In 2023, the transcription segment is expected to account for the largest share of the speech-to-text API market. The subtitle & caption generation segment is also projected to record the highest CAGR during the forecast period. Speech-to-text API in captioning and subtitling enables broadcasting and media organizations to process high volumes of captions faster and cheaper. A study by Facebook, a leading social media platform, claims that people now watch over 100 million hours of video daily on Facebook. Furthermore, internal tests conducted by the company showed that captioned video ads increase video view time by an average of 12%. Thus, the growing demand for speech technology for captioning and subtitling to enable high-quality broadcast content drives the growth of this segment.
Based on end user, the speech-to-text API market is segmented into B2B, B2C, B2G and G2C. The B2B segment is further subsegmented into IT & Telecommunications, BFSI, media & entertainment, healthcare, education, and other B2B end users. In 2023, the IT & Telecommunications segment is expected to account for the largest share of the speech-to-text API market. However, the healthcare segment is projected to record the highest CAGR during the forecast period. Speech-to-text software has revolutionized the healthcare space and how healthcare providers deliver care to their clients. It eliminates the process of writing notes by hand and removes hours spent manually reviewing and editing clinical notes to correct manual errors. Thus, the rising need for medical voice transcription services to produce clinical notes and documents efficiently and effectively, without compromising accuracy, is expected to drive the growth of this segment.
Based on geography, the speech-to-text API market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the speech-to-text API market. However, Asia-Pacific is slated to register the highest CAGR during the forecast period. Factors such as rising technological advancements, growing awareness about the benefits of speech recognition technology, and increasing adoption of AI and voice assistance technologies across end-user verticals are expected to drive the growth of the speech-to-text API market in Asia-Pacific.
Key Players:
The key players operating in the speech-to-text API market are Google LLC (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), Rev.com, Inc. (U.S.), Twilio Inc. (U.S.), Baidu, Inc. (China), Speechmatics (U.K.), VoiceCloud (U.S.), VoiceBase, Inc. (U.S.), Amberscript Global B.V. (Netherlands), Voci Technologies, Inc. (U.S.), AssemblyAI, Inc. (U.S.), and Vocapia Research SAS (France).
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Scope of the report:
Speech-to-text API Market, by Offering
- Solutions
- Services
- Professional Services
- Managed Services
Speech-to-text API Market, by Deployment Mode
- On-premise Deployment
- Cloud-based Deployment
Speech-to-text API Market, by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Speech-to-text API Market, by Application
- Transcription
- Customer Experience & Analytics
- Media & Communications Monitoring
- Subtitle & Caption Generation
- Consumer Electronics Command & Control
- Automotive Command & Control
- Other Applications
Speech-to-text API Market, by End User
- B2B
- IT & Telecommunications
- BFSI
- Media & Entertainment
- Healthcare
- Education
- Other B2B End Users
- B2C
- B2G
- G2C
Speech-to-text API Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Switzerland
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- United Arab Emirates (UAE)
- South Africa
- Israel
- Rest of the Middle East & Africa
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