Product Code: MRICT - 104789
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 - Forecast to 2030
The 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 - Forecast to 2030,' 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.
Key Players:
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).
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?
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 & Medium-sized Enterprises
Speech-to-text API Market, by Application
- 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
- 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 Middle East & Africa
TABLE OF CONTENTS
1. Introduction
- 1.1. Market Definition
- 1.2. Market Ecosystem
- 1.3. Currency and Limitations
- 1.3.1. Currency
- 1.3.2. Limitations
- 1.4. Key Stakeholders
2. Research Methodology
- 2.1. Research Approach
- 2.2. Data Collection & Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research
- 2.3. Market Assessment
- 2.3.1. Market Size Estimation
- 2.3.2. Bottom-Up Approach
- 2.3.3. Top-Down Approach
- 2.3.4. Growth forecast
- 2.4. Assumptions for the Study
3. Executive Summary
- 3.1. Overview
- 3.2. Market Analysis, by Offering
- 3.3. Market Analysis, by Deployment Mode
- 3.4. Market Analysis, by Organization Size
- 3.5. Market Analysis, by Application
- 3.6. Market Analysis, by End User
- 3.7. Market Analysis, by Geography
- 3.8. Competitive Analysis
4. Market Insights
- 4.1. Introduction
- 4.2. Global Speech-to-text API Market: Impact Analysis of Market Drivers (2023-2030)
- 4.2.1. Proliferation of Voice-Enabled Devices
- 4.2.2. Increasing Use of Voice & Speech Technologies for Transcription
- 4.2.3. Technological Advancements, Coupled With The Rising Adoption of Connected Devices
- 4.3. Global Speech-to-text API Market: Impact Analysis of Market Restraints (2023-2030)
- 4.3.1. Speech-to-text API Solutions' Lack of Accuracy in Regional Accent & Dialect Recognition
- 4.4. Global Speech-to-text API Market: Impact Analysis of Market Opportunities (2023-2030)
- 4.4.1. Innovations In Speech-to-text Solutions for Specially-Abled People
- 4.4.2. Development of Speech-to-text API Solutions for Rare & Local Languages
- 4.5. Global Speech-to-text API Market: Impact Analysis of Market Challenges (2023-2030)
- 4.5.1. Data Security & Privacy Concerns
- 4.6. Global Speech-to-text API Market: Impact Analysis of Market Trends (2023-2030)
- 4.6.1. Growing Demand for Voice Authentication in Mobile Banking Applications
- 4.7. Case Studies
- 4.7.1. Case Study 1
- 4.7.2. Case Study 2
- 4.7.3. Case Study 3
- 4.7.4. Case Study 4
5. The Impact of COVID-19 on the Global Speech-to-text API Market
6. Global Speech-to-text API Market, by offering
- 6.1. Introduction
- 6.2. Solutions
- 6.3. Services
- 6.3.1. Professional Services
- 6.3.2. Managed Services
7. Global Speech-to-text API Market, by Deployment Mode
- 7.1. Introduction
- 7.2. Cloud-Based Deployment
- 7.3. On-Premise Deployment
8. Global Speech-to-text API Market, by Organization Size
- 8.1. Introduction
- 8.2. Small & Medium-sized Enterprises
- 8.3. Large Enterprises
9. Global Speech-to-text API Market, by Application
- 9.1. Introduction
- 9.2. Transcription
- 9.3. Customer Experience & Analytics
- 9.4. Media & Communications Monitoring
- 9.5. Subtitle & Caption Generation
- 9.6. Consumer Electronics Command & Control
- 9.7. Automotive Command & Control
- 9.8. Other Applications
10. Global Speech-to-text API Market, by End User
- 10.1. Introduction
- 10.2. B2B (Business-to-Business)
- 10.2.1. IT & Telecommunications
- 10.2.2. Media & Entertainment
- 10.2.3. BFSI
- 10.2.4. Healthcare
- 10.2.5. Education
- 10.2.6. Other B2B End Users
- 10.3. B2C (Business-to-Consumer)
- 10.4. G2C (Government-to-Citizen)
- 10.5. B2G (Business-to-Government)
11. Speech-to-text API Market, by Geography
- 11.1. Introduction
- 11.2. North America
- 11.2.1. U.S.
- 11.2.2. Canada
- 11.3. Europe
- 11.3.1. Germany
- 11.3.2. U.K.
- 11.3.3. France
- 11.3.4. Italy
- 11.3.5. Spain
- 11.3.6. Switzerland
- 11.3.7. Netherlands
- 11.3.8. Rest of Europe
- 11.4. Asia-Pacific
- 11.4.1. China
- 11.4.2. Japan
- 11.4.3. India
- 11.4.4. South Korea
- 11.4.5. Australia & New Zealand
- 11.4.6. Singapore
- 11.4.7. Rest of Asia-Pacific
- 11.5. Latin America
- 11.5.1. Mexico
- 11.5.2. Brazil
- 11.5.3. Rest of Latin America
- 11.6. Middle East & Africa
- 11.6.1. UAE
- 11.6.2. South Africa
- 11.6.3. Israel
- 11.6.4. Rest of Middle East & Africa
12. Competitive Landscape
- 12.1. Introduction
- 12.2. Key Growth Strategies
- 12.2.1. Market Differentiators
- 12.2.2. Synergy Analysis: Major Deals & Strategic Alliances
- 12.3. Competitive Dashboard
- 12.3.1. Industry Leaders
- 12.3.2. Market Differentiators
- 12.3.3. Vanguards
- 12.3.4. Emerging Companies
- 12.4. Vendor Market Positioning
- 12.5. Market Ranking by the Key Players
13. Company Profiles
- 13.1. Google LLC (A Subsidiary of Alphabet Inc.)
- 13.1.1. Business Overview
- 13.1.2. Financial Overview
- 13.1.3. Product Portfolio
- 13.1.4. Strategic Developments
- 13.2. Microsoft Corporation
- 13.2.1. Business Overview
- 13.2.2. Financial Overview
- 13.2.3. Product Portfolio
- 13.2.4. Strategic Developments
- 13.3. Amazon Web Services, Inc. (A Subsidiary of Amazon.Com, Inc.)
- 13.3.1. Business Overview
- 13.3.2. Financial Overview
- 13.3.3. Product Portfolio
- 13.3.4. Strategic Developments
- 13.4. IBM Corporation
- 13.4.1. Business Overview
- 13.4.2. Financial Overview
- 13.4.3. Product Portfolio
- 13.4.4. Strategic Developments
- 13.5. Verint Systems Inc.
- 13.5.1. Business Overview
- 13.5.2. Financial Overview
- 13.5.3. Product Portfolio
- 13.5.4. Strategic Developments
- 13.6. Rev.Com, Inc.
- 13.6.1. Business Overview
- 13.6.2. Product Portfolio
- 13.6.3. Strategic Developments
- 13.7. Twilio Inc.
- 13.7.1. Business Overview
- 13.7.2. Financial Overview
- 13.7.3. Product Portfolio
- 13.8. Baidu, Inc.
- 13.8.1. Business Overview
- 13.8.2. Financial Overview
- 13.8.3. Product Portfolio
- 13.8.4. Strategic Developments
- 13.9. Speechmatics
- 13.9.1. Business Overview
- 13.9.2. Product Portfolio
- 13.9.3. Strategic Developments
- 13.10. VoiceCloud
- 13.10.1. Business Overview
- 13.10.2. Product Portfolio
- 13.11. VoiceBase, Inc.
- 13.11.1. Business Overview
- 13.11.2. Product Portfolio
- 13.11.3. Strategic Developments
- 13.12. Amberscript Global B.V.
- 13.12.1. Business Overview
- 13.12.2. Product Portfolio
- 13.12.3. Strategic Developments
- 13.13. Voci Technologies, Inc. (A Subsidiary of Medallia Inc.)
- 13.13.1. Business Overview
- 13.13.2. Financial Overview
- 13.13.3. Product Portfolio
- 13.14. AssemblyAi, Inc.
- 13.14.1. Business Overview
- 13.14.2. Product Portfolio
- 13.14.3. Strategic Developments
- 13.15. Vocapia Research SAS
- 13.15.1. Business Overview
- 13.15.2. Product Portfolio
14. Appendix
- 14.1. Questionnaire
- 14.2. Available Customization