The global speech-to-text API market size is expected to reach USD 9.79 billion by 2030 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The key factors driving the industry growth include voice-enabled devices, together with the widespread use of smartphones and the growing demand for voice identification in mobile banking applications, which have created a perfect storm. With the widespread acceptance of technology and the vast development of internet-based material, the demand for smart devices such as mobile phones and smart speakers has increased over the last decade, resulting in a greater need to make online video content available to everyone.
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Several new advanced gadgets with voice-controlled functions, such as content transcription and conference call analysis, are being introduced, allowing consumers to access educational, entertainment, and other information via their smart devices. As a result of the rising requirement to understand client preferences, these apps have grown in popularity. Several organizations collect client data about media material and translate it into texts to assist content providers in determining what types of content are acceptable and becoming more popular.
Furthermore, the demand for smart homes and smart appliances is rising as a result of several factors, including rising internet penetration, technological improvements, and increased awareness of automation. The pandemic of COVID-19 has also resulted in a rise in the use of smart gadgets and appliances in nearly every facet of daily life. People are being compelled to work from home, which is driving up demand for speech-to-text API.
Based on the component, the software segment accounted for the leading share in 2021. The software industry today has a larger part of the market. Software Development Kits (SDKs) in the software market enable existing software or applications to convert video-based material to text format. The suppliers also provide related services to help streamline processes and create seamless results. To deal with the quickly rising video-based material, leading firms in numerous industries are using speech-to-text software. This assists businesses in discovering new methods to tap into the vast amounts of data available to produce new products, services, and processes, gaining a competitive advantage.
Market players such as Verint, Contus, Google, Govivace, IBM, Amazon Web Services, Inc., Kasisto, Microsoft, Speechmatics, Voxsciences, Voci Technologies, Inc., Twilio, Voicebase, Voicecloud, and Vonage API are some key players operating in the global industry.
In September 2021, Google Cloud and Scotiabank formed a strategic agreement to strengthen the bank's data and analytics strategy. Customers of Scotiabank in the Americas and throughout the world will benefit from a more personalized and predictive banking experience thanks to Google Cloud.
Polaris Market Research has segmented the speech-to-text API market report based on component, vertical, deployment mode, applications, and region:
Speech-to-text API, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Speech-to-text API, Applications Outlook (Revenue - USD Billion, 2018 - 2030)
Speech-to-text API, Deployment Mode Outlook (Revenue - USD Billion, 2018 - 2030)
Speech-to-text API, Vertical Mode Outlook (Revenue - USD Billion, 2018 - 2030)
Speech-to-text API, Regional Outlook (Revenue - USD Billion, 2018 - 2030)