Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Speech-to-text API Market by Offering, Deployment Mode, Organization Size, Application, End User, Geography - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The research report provides an in-depth analysis of the speech-to-text API market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.
The speech-to-text API market is expected to reach $10 billion by 2030, growing at a CAGR of 17.3% during the forecast period of 2023 to 2030.
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. However, speech-to-text API solutions' lack of accuracy in regional accent & dialect recognition restrains the growth of this market.
Innovations in speech-to-text solutions for specially-abled people and the development of speech-to-text API solutions for rare & local languages are expected to create growth opportunities for the players operating in this market. However, data security & privacy concerns are a major challenge for market growth.
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. The large market share of this segment is attributed to the rising adoption of advanced electronic devices, increasing demand for voice-enabled devices, and the growing use of speech technology for transcription. The solutions segment is also projected to record the higher CAGR during the forecast period.
Based on deployment mode, the speech-to-text API market is segmented into on-premise deployment and cloud-based deployment. In 2023, the cloud-based deployment segment is expected to account for the larger share of the speech-to-text API market. The adoption of cloud computing and storage systems is gaining popularity among small and medium-sized enterprises. Several organizations are gradually transitioning to cloud infrastructure, a trend that is expected to grow in the coming years. These factors are attributed to the large market share of this segment. The cloud-based segment is also projected to record 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 large market share of this segment is attributed to technological advancements, the increasing use of speech and voice technology for transcription, and the rising adoption of advanced electronic devices. However, the subtitle & caption generation segment is projected to record the highest CAGR during the forecast period.
Based on end user, the speech-to-text API market is segmented into B2B, B2C, B2G, and G2C. The B2B segment is further segmented 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. The large market share of this segment is attributed to organizations' rising adoption of speech-to-text solutions in their call centers to analyze business conversations. However, the healthcare segment is projected to record the highest CAGR during the forecast period.
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. North America is a technologically advanced region focused on infrastructure development. Several market players are deeply using AI technology and focusing on rapidly adopting connected devices in the banking sector. Such technologies help in fraud detection, prevention, and marketing in the banking sector.
Various players in this region are focusing on developing advanced speech-to-text technologies. For instance, in April 2021, Verint System (U.S.), a New York-based analytics company, launched Verint IVA, a conversational AI that turns existing conversation data into automated self-service experiences.
Furthermore, in September 2021, IntelePeer (U.S.), a leading Communications Platform-as-a-Service (CPaaS) provider, collaborated with IBM (U.S.) to add voice capabilities to its intelligent virtual agent and offer higher personalization and customization. Such developments boost the adoption of the speech-to-text API market in North America.
Market Dynamics
Market Drivers
- Proliferation of Voice-Enabled Devices
- Increasing Use of Voice & Speech Technologies for Transcription
- Technological Advancements, Coupled With The Rising Adoption of Connected Devices
Market Restraints
- Speech-to-text API Solutions' Lack of Accuracy in Regional Accent & Dialect Recognition
- Global Speech-to-text API Market: Impact Analysis of Market Opportunities (2023-2030)
- Innovations In Speech-to-text Solutions for Specially-Abled People
- Development of Speech-to-text API Solutions for Rare & Local Languages
Market Challenges
- Data Security & Privacy Concerns
Market Trends
- Growing Demand for Voice Authentication in Mobile Banking Applications
Key questions answered in the report:
- Which are the high growth market segments in terms of offering, deployment mode, organization size, application, end user, and country/region?
- What was the historical market size for speech-to-text API across the globe?
- What are the market forecasts and estimates for 2023-2030?
- What are the major drivers, restraints, and opportunities in the speech-to-text API market?
- Who are the major players in the speech-to-text API market, and what are their market shares?
- Who are the major players in various countries, and what are their market shares?
- How is the competitive landscape?
- What are the recent developments in the speech-to-text API market?
- What are the different strategies adopted by the major players in the speech-to-text API market?
- What are the geographical trends and high growth countries?
- Who are the local emerging players in the speech-to-text API market and how do they compete with the other players?
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Insights
5. The Impact of COVID-19 on the Global Speech-to-text API Market
6. Global Speech-to-text API Market, by offering
7. Global Speech-to-text API Market, by Deployment Mode
8. Global Speech-to-text API Market, by Organization Size
9. Global Speech-to-text API Market, by Application
10. Global Speech-to-text API Market, by End User
11. Speech-to-text API Market, by Geography
12. Competitive Landscape
13. Company Profiles
14. Appendix
Companies Mentioned
- 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.)
- Vocapia Research SAS (France).
For more information about this report visit https://www.researchandmarkets.com/r/phm1se
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