Speech-to-text API Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Deployment Mode (Cloud, On-premises); By Applications; By Vertical Mode, By Region; Segment Forecast, 2022 - 2030
- Published Date:Mar-2022
- Pages: 116
- Format: PDF
- Report ID: PM2329
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global speech-to-text API market was valued at USD 2.24 billion in 2021 and is expected to grow at a CAGR of 19.0% during the forecast period. During the projection period, important factors such as the growing requirement to improve the quality of decisions and attain corporate agility with increased effectiveness are driving speech-to-text API industry expansion. Smart speakers and speech assistants like Alexa, Sid, Cortana, and Google Assistant have become more popular in recent years.
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Voice-enabled apps are anticipated to fundamentally revolutionize how people interact with technology as these devices become more widely adopted. Smart speakers have become increasingly popular, with forecasts that the number of households using them will skyrocket in the following year. Without a doubt, the evolution of voice-activated smart speakers opens up exciting possibilities for consumers, making it easier for them to explore the internet or use specific products.
Furthermore, smart speakers and voice assistants, in addition to providing broader linguistic support, improve the quality of speech recognition, which may be extended and amortized across a range of platforms. Furthermore, the growing availability of smart speakers that use less power than prior models has contributed to the speech-to-text market's expansion.
However, voice assistant recordings provide businesses with new proof of data that may conceivably be used to profile clients in other areas, such as mood analysis or aspects of mental health. The rising popularity of intelligent voice assistants is expected to propel this speech-to-text market forward.
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Industry Dynamics
Growth Drivers
Developing trends of automation and intelligence judgments are all examples of key companies' endeavors. For instance, in September 2021, Baidu and China Gas Holdings signed an agreement to use the former’s AI Cloud to accelerate intelligent transformation in the clean energy and power sector.
In addition, in April 2021, Verint Virtual Assistant (IVA) is a speech-to-text API that can quickly transform conversations into self-service practical speech experiences. It enables business professionals to easily install a production-ready chatbot to handle calls and provide customer service. With unlimited intelligence for both speech and digital, Verint IVA enables enterprises to grow capabilities across the workplace. As a result, key companies' acquisitions and software advances are the factors driving industry expansion over the projection period.
Report Segmentation
The market is primarily segmented based on component, vertical mode, deployment mode, applications, and region.
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By Component |
By Applications |
By Deployment Mode |
By Vertical Mode |
By Region |
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Insight by Deployment Mode
Based on the deployment mode market segment, the cloud segment is projected to garner the largest revenue share. The advantages of cloud technology, such as ease of deployment and low capital requirements, make it easier to embrace the cloud deployment paradigm.
The COVID-19 pandemic is likely to encourage enterprises to switch to cloud-based speech-to-text API solutions that can be administered remotely, as lockdowns and social distancing practices encourage companies to move to cloud-based speech-to-text API solutions. The cloud segment of the speech-to-text API market is predicted to develop faster as demand for scalable, easy-to-use, and cost-effective speech-to-text API solutions grows.
Geographic Overview
North America had the largest revenue share in the global speech-to-text market. In North America, the current global buzz regarding speech technology and its uses in various industries has reverberated. In the region's primary industry verticals, the traditional self-service market has reached a high level of saturation, leaving plenty of room for speech technology development. This is especially true in large organizations, which have become the largest users of voice-assisted systems.
Large firms in the region are heavily implementing interactive voice response (IVR) systems as a result of businesses embracing customer-centric solutions, which has boosted the speech-to-text API market growth in the region. Additionally, companies in the region are paving the way for customers of current touch-tone systems to transition smoothly to next-generation speech-enabled IVR devices. The United States and Canada, as well as other developed countries in the region, have been at the forefront of adopting sophisticated technologies.
Furthermore, the increased use of speech-enabled applications in smartphones, as well as the expanding penetration of voice technology in the banking and electronics sectors, are likely to drive speech-to-text API industry expansion throughout the forecast period. Moreover, Asia Pacific is expected to witness a high CAGR in the global market in 2021. The expansion of Asia Pacific can be attributed to countries like China, Japan, and India advancing technologically. The widespread usage of voice-controlled linked devices, as well as the growing penetration of smart devices, are driving the speech-to-text API market in the Asia Pacific.
Competitive Insight
Some of the major players operating in the global market include Amazon Web Services, Inc., Contus, Google, Govivace, IBM, Kasisto, Microsoft, Speechmatics, Twilio, Verint, Voci Technologies, Inc., Voicebase, Voicecloud, Vonage API, and Voxsciences.
Speech-to-text API Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 2.24 billion |
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Revenue forecast in 2030 |
USD 9.79 billion |
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CAGR |
19.0% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
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Segments covered |
By Component, By Vertical, By Deployment Mode, By Applications, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Amazon Web Services, Inc., Contus, Google, Govivace, IBM, Kasisto, Microsoft, Speechmatics, Twilio, Verint, Voci Technologies, Inc., Voicebase, Voicecloud, Vonage API, and Voxsciences. |
