Pune, April 25, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the size of Speech-to-text API Market was assessed at USD 2.30 billion in 2022, and it is anticipated to achieve USD 10.74 billion by 2030, with a compound annual growth rate (CAGR) of 21.23% during the projection period of 2023-2030.
Market Overview
Speech-to-text API, also known as speech recognition API, is a type of software application programming interface (API) that enables machines to transcribe spoken language into written text. With the help of this technology, machines can understand and interpret human speech, allowing users to interact with their devices through voice commands. Speech-to-text API is a critical component of many modern technologies, including voice assistants, chatbots, and dictation software.
Market Analysis
The speech-to-text API market is experiencing significant growth due to several factors. One key factor is the increasing demand for handheld devices, which are now ubiquitous in our daily lives. As more people use smartphones and other mobile devices, there is a growing need for speech-to-text API solutions that can convert voice to text and enable seamless communication. Another factor contributing to the growth of the market is the growing elderly population's dependence on technology. Many seniors use speech-to-text API solutions to overcome the challenges of age-related hearing or vision loss, allowing them to communicate more easily and effectively.
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Key Company Profiles Listed in this Report Are:
- Microsoft
- IBM
- Nuance Communications
- Verint
- Speechmatics
- Vocapia Research
- Twilio
- Baidu
- Facebook & More
Impact of Recession on Speech-to-text API Market Growth
While a recession may have some negative impact on the speech-to-text API market, it may also present opportunities for growth and innovation. As businesses continue to adapt to the changing economic landscape, speech-to-text API providers may need to be agile and offer innovative solutions to cater to the evolving needs of their clients.
Speech-to-text API Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 2.30 Bn |
| Market Size by 2030 | US$ 10.74 Bn |
| CAGR | CAGR of 21.23% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation | • By Component (Software and Service) • By Deployment Mode (Cloud and On-premises) • By Organization Size (Large Enterprises and Small and medium-sized enterprises (SMEs)) • By Application (Risk and Compliance Management, Fraud Detection and Prevention, Customer Management, Content Transcription, Contact Center Management, Subtitle Generation, Other Applications) • By Industry Vertical (Banking Finance Services and Insurance (BFSI), IT and Telecom, Media and Entertainment, Healthcare and Life Sciences, Retail and eCommerce, Travel and Hospitality, Government and Defense, Education, Other Verticals) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
North America is a key market for speech-to-text API solutions, holding the dominant revenue share. This is attributed to the significant technology spending in the region and the widespread accessibility of solutions with a strong supplier presence. Furthermore, the region is expected to expand further as the need to obtain relevant insights from voice data grows. The adoption of advanced technologies, such as intelligent virtual assistants, is also contributing to the growth of the speech-to-text API market in the region. Developed nations like the U.S. and Canada are leading the way in the adoption of advanced technologies, which is driving the demand for speech-to-text API solutions.
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Key Takeaway from Speech-to-text API Market Study
- The market is set to witness a significant shift in the coming years, with the cloud segment taking the lead. As more and more businesses are moving towards cloud-based solutions, the demand for speech-to-text APIs that operate on the cloud is expected to increase.
- The software segment is expected to hold a dominant position in the market in the coming years. This can be attributed to the widespread adoption of speech-to-text APIs by various software applications and platforms, including voice assistants, customer service chatbots, transcription tools, and more.
Recent Developments Related to Speech-to-text API Market
- OpenAI, a leading AI research organization, has recently announced the release of its new Whisper API for speech-to-text transcription and translation. The Whisper API is designed to provide high-quality and accurate speech recognition capabilities for a wide range of applications, including customer service chatbots, virtual assistants, transcription tools, and more.
- Gladio, a leading provider of speech recognition solutions, has recently announced the launch of its new Audio Transcription API, which is built on OpenAI's Whisper API. The Audio Transcription API is designed to provide accurate and efficient speech-to-text transcription capabilities for various applications, including customer service chatbots, virtual assistants, video captioning, and more.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Speech-to-text API Market Segmentation, by Component
9. Speech-to-text API Market Segmentation, by Deployment Mode
10. Speech-to-text API Market Segmentation, by Organization Size
11. Speech-to-text API Market Segmentation, by Applications
12. Speech-to-text API Market Segmentation, by Vertical
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion
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