The global speech-to-text API market size was valued at USD 2.32 billion in 2022 and is expected to expand at a CAGR of 15.2% from 2022 to 2030.
Speech-to-text API Market Overview:
Increasing migration to voice-enabled applications is leveraging machine learning (ML), augmented reality (AR), and natural language processing (NLP) to automate conversations. The growing popularity of smart phones and smart speakers is driving adoption of voice assistant systems. Additionally, real-time support services and the popularity of transcription are encouraging industry giants to develop voice-to-text API solutions. For example, in 2017, Fujitsu Social Science Laboratory Limited and Fujitsu Limited developed FUJITSU Software Live Talk, a communication tool for the hearing impaired. The company has added multilingual translation capabilities to the system to support real-time communication and display translations instantly as text on the screen.
Given the current COVID-19 pandemic situation, large enterprises and small and medium enterprises (SMEs) are expected to reduce R&D expenditures on speech-to-text software and solutions that may hinder speech-to-text development. However, demand for these solutions is expected to increase significantly due to social distancing and stay-at-home initiatives worldwide. Adoption of these solutions is expected to see high adoption in industries such as healthcare, e-learning, media and entertainment to optimize overall operational execution.
The Speech-to-Text API market is projected to witness significant growth due to increasing cancellations of conferences and events by tech giants. We have digital or virtual meetings. Because speech-to-text solutions offer faster transcription, lower cost, and higher accuracy, it is expected that many businesses will adopt these solutions to speed up processes such as news and speeches delivered by political leaders and conferences.
Speech-to-text API market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Speech-to-text API market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Key Market Updates:
- In December 2021, Microsoft is ready to expand its footprint in healthcare after receiving unconditional approval from the European Commission (EC) to acquire AI voice recognition company Nuance Communications for $19.7 billion. Nuance's Dragon software, which uses deep learning to transcribe speech, is used in the medical field.
- In July 2021, Rev.com, the world's most accurate speech-to-text engine, announced that Rev.ai, its industry-leading automatic speech recognition technology, is now available in 31 languages. The Speech-to-Text API package enables developers to create powerful downstream applications using a speech engine trained on over 50,000 hours of human-transcribed content.
- In April 2021, iFLYTEK JAPAN AI SOLUTIONS Co., Ltd. started selling VOITER and VOITER mini, "AI handwriting recorders" that automatically convert voice to text.
Major Market Segments Covered in Speech-to-text API Industry Research:
Market Key Players:
Google (US), Microsoft (US), IBM (US), AWS (US), Nuance Communications (US), Verint (US), And Others.
- Financial Services and Insurance
- Telecommunications and Information Technology
- Health Care
- Retail and E-commerce
- Government and Defense
North America accounted for a dominant revenue share of over 34% in 2021, owing to the wide accessibility of solutions with heavy technology spending and strong vendor presence. The region will also expand further as the need to gain relevant insights from voice data grows. In this region, developed countries such as the United States and Canada are leading the way in adopting advanced technologies such as intelligent virtual assistants that can rapidly transform existing conversational data into automated self-service experiences and improve customer service.
For example, in April 2021 Verint Systems, a software analytics company based in New York, USA, launched Verint IVA (Intelligent Virtual Assistant). This Speech-to-text API product can quickly transform existing conversational information into an automated, self-service experience. This allows business professionals to quickly implement production-ready chatbots to handle calls and provide customer support. With limitless intelligence for both voice and digital, Verint IVA helps businesses improve their capabilities across the enterprise.
The Asia Pacific voice-to-text API market is expected to register the fastest revenue CAGR during the forecast period. The widespread use of voice-controlled connected devices and the growing acceptance of smart devices are major factors driving the growth of the APAC market. Increasing spending on technological advancement in developing countries in the region and growing demand for technological tools in various sectors are further contributing to the growth of the APAC market.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Speech-to-text API Market report scope:
CAGR of 15.2% from 2022 to 2030.
Financial Services and Insurance, Telecommunications and Information Technology, Health Care, Retail and E-commerce, Government and Defense, Other
Google (US), Microsoft (US), IBM (US), AWS (US), Nuance Communications (US), Verint (US)
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America(Brazil, Argentina, Rest of Latin America)
- Rest Of the World
2017 to 2022
2023 to 2030
Crucial Points from this Speech-to-text API Report
- Estimate Speech-to-text API market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Speech-to-text API market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions-
- What is the CAGR of Speech-to-text API market?
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