Speech-to-Text API Market to Reach $10 Billion by 2030 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

REDDING, Calif., March 14, 2023 /PRNewswire/ -- 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), Geography - Forecasts to 2030', the speech-to-text API is expected to grow at a CAGR of 17.3% from 2023 to 2030 to reach $10 billion by 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. So, speech-to-text APIs are simple or 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. 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.

Proliferation of Voice-Enabled Devices is Expected to Drive the Growth of the Speech-to-text API Market

Technological advancements in AI are transforming industries, including automotive, healthcare, and consumer electronics. The emergence of smart technologies and the rising adoption of voice-enabled devices in these industries are increasingly creating opportunities to integrate voice and speech recognition capabilities into smart solutions to improve the user experience.

According to Comscore, Inc. (U.S.), in 2021, smart speaker ownership hit an all-time high, with almost 50% of internet users owning at least one smart speaker. In 2019 and 2020, ownership increased by an astonishing 70%. In addition, the rapidly rising popularity of voice assistants equipped with speech recognition technology has made smart speakers and voice-activated assistant devices almost ubiquitous. Their highly convenient and hands-free functionalities, including reading the news, turning on the lights, and voice searching, have increased consumers' dependence on these devices. According to Google, 72% of people owning voice-activated speakers stated that their devices are often used in their daily routines. A recent outage in the U.K. proved that users now depend on these voice-enabled devices, even for simple, everyday tasks.

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Voice-enabled devices for smart homes, such as smart TVs, vacuum cleaners, and Wi-Fi-based smart thermostats with voice control, developed by companies such as Amazon and Honeywell, are in high demand, as such devices make household tasks easier. Thus, the proliferation of voice-enabled devices is boosting the utilization of speech-to-text API solutions, driving the growth of this market.

To provide efficient analysis, Meticulous Research® has segmented this market based on offering (solutions, services (professional services, managed services), deployment mode (on-premise deployment, cloud-based deployment), organization size (large enterprises, small and 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 B2B end users), B2C, B2G, G2C) and geography. (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

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. However, this 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 contribute to the large market share of this segment.

The cloud-based segment is also projected to record the higher CAGR during the forecast period. The benefits offered by cloud infrastructure, such as the ease of adoption, the minimal requirement for in-house infrastructure, high scalability, and easy installation of speech-to-text API solutions, support the growth of this segment.

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, increasing speech and voice technology usability 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 global 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 global speech-to-text API market. Many organizations in the IT & telecommunications industry are leveraging speech-to-text solutions in their call centers to analyze business conversations and compare them with all other calls to pinpoint common themes, keywords, and discussion points that indicate a problem or lead to a conversion. Several IT & Telecommunication companies already use speech-to-text solutions to improve customer experience. For instance, HansaWorld (U.K.), an international software development company specializing in ERP and CRM solutions, used IBM Cloud to build a versatile platform that supports companies of all sizes and offers easy integration with new services, such as a virtual assistant powered by IBM Watson.

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Therefore, the rising demand for speech-to-text solutions in call centers to analyze business conversations, the rising need to gather more actionable information quickly, and the growing demand to enhance agents' performance in call centers drive the growth of this segment. 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's major market share is attributed to the high prevalence of neurological disorders, availability of advanced treatment options, well-established healthcare system, significant investments in healthcare, and the growth in the geriatric population. The region has a high prevalence of neurological disorders, such as chronic pain, depression, Parkinson's disease, and epilepsy, driving demand for effective treatments, including neuromodulation devices.

However, Asia-Pacific is slated to register the highest CAGR during the forecast period. Asia-Pacific is focusing on implementing a data-driven approach to enhance its economic growth. Government initiatives to support economic growth by allowing foreign investments, encouraging organizations to inculcate high-tech solutions embedded with the latest technologies, and launching awareness programs regarding the benefits of speech-to-text API solutions are attributed to the high growth of this market during the forecast period.

Some of 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 and Medium-sized Enterprises

Speech-to-text API Market, by Organization Size

• 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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