Speech-to-text API Global Market Report 2024

The speech-to-text API market size has grown rapidly in recent years. It will grow from $3.24 billion in 2023 to $3.87 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to several factors, including increased demand for voice-activated devices, growing accessibility and inclusivity initiatives, a rise in remote communication needs, enhanced user experience, expansion of multilingual support, increased mobile application development, and adoption in healthcare and legal transcription.

The speech-to-text API market size is expected to see rapid growth in the next few years. It will grow to $7.66 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. The forecasted growth in the speech technology market can be attributed to several factors, including the proliferation of Internet of Things (IoT) devices, the global expansion of e-learning platforms, the increasing demand for multimodal interaction, the surge in remote work practices, the expansion of real-time language translation services, and the rising adoption of speech technology in customer service and support. Major trends expected in this period include integration with virtual assistants, integration with smart home devices, growth in voice search applications, and advancements in neural networks and AI for more accurate and efficient speech recognition and processing.

The increasing penetration of smart devices is expected to drive the growth of the speech-to-text API market. Smart devices, which are connected to the internet and can perform tasks autonomously, utilize speech-to-text APIs to provide voice commands for hands-free operation and speech-controlled interactions. This enhances usability and user satisfaction in applications such as voice-controlled assistants, home automation, and transcription services. For example, a survey conducted by the UK Parliament in August 2023 found that 77% of individuals in the UK owned at least one smart home gadget, such as a smart speaker, while 25% owned smart watches or wristbands with integrated health monitoring features, and 29% had smart control and safety gadgets such as smart doorbells. Additionally, it is projected that there will be 24 billion interconnected devices worldwide by 2050. These trends highlight the increasing adoption of smart devices, which is a key driver of the speech-to-text API market.

Major companies in the speech-to-text API market are focusing on advancements in technologies, such as speech-to-text models, to strengthen their market position. A speech-to-text model is a computer program that uses machine learning methods to translate spoken words into written text. For example, in April 2023, Deepgram launched Deepgram Nova, a sophisticated voice-to-text model trained over 100 domains and 47 billion tokens. This extensive training has resulted in the most deeply trained automated speech recognition (ASR) model to date, outperforming other models across a wide range of datasets. Deepgram Nova significantly reduces the word error rate (WER) by 22% and has a 23-78x faster inference time, showcasing its category-defining capabilities in the market.

In March 2022, Microsoft Corporation, a US-based company known for its speech-to-text and text-to-speech APIs, acquired Nuance Communications Inc. for an undisclosed amount. This acquisition aimed to integrate Nuance's top-tier conversational AI and ambient intelligence with Microsoft's secure and reliable industry cloud capabilities. Nuance Communications Inc., the acquired company, is also based in the US and offers a variety of speech-to-text services and APIs.

Major companies operating in the speech-to-text api market report are Google LLC, Microsoft Corporation, Meta Platforms Inc, Tencent AI Lab, Amazon Web Services Inc., IBM Corporation, Baidu Speech Recognition, Twilio, iFLYTEK, Rev.com Inc., Verint System Inc., Vonage API, Hugging Face, Speechmatics Ltd., Alibaba Cloud Speech-to-Text, Deepgram, Voicecloud, GL Communications Inc, Kasisto, VoiceBase Inc., Amberscript Global B.V., AssemblyAI Inc., Vocapia Research SAS, Speechify, Wit.ai, Mozilla DeepSpeech, CMU Sphinx, PaddlePaddle.

North America was the largest region in the speech-to-text API market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the speech-to-text api market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the speech-to-text api market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Speech-to-text API technology enables the conversion of spoken words into written text, leveraging computational linguistics to recognize and translate spoken language using computers.

Speech-to-text API offer solutions and services, providing pre-configured packages of tools or services to address specific needs or challenges. Developers can use these solutions to quickly implement features in their applications using ready-made components. These APIs are deployed in cloud and on-premises modes by organizations of various sizes, including large enterprises and SMEs. Speech-to-text APIs find applications in risk and compliance management, fraud detection and prevention, customer management, content transcription, contact center management, subtitle generation, and more. They cater to verticals such as BFSI, IT and Telecommunication, Healthcare, Retail and eCommerce, Government and Defense, Media and Entertainment, Travel and Hospitality, among others.

The speech-to-text API research report is one of a series of new reports that provides speech-to-text API market statistics, including the speech-to-text API industry's global market size, regional shares, competitors with an Speech-to-text API market share, detailed speech-to-text API market segments, market trends and opportunities, and any further data you may need to thrive in the speech-to-text API industry. This speech-to-text API market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The speech-to-text API market consists of revenues earned by entities by providing services such as language support, speech adaptation, streaming speech recognition, multichannel recognition, content filtering, and noise robustness. The market value includes the value of related goods sold by the service provider or included within the service offering. The speech-to-text API market also includes sales of microphones, acoustic models, omnichannel self-service tools, smart home devices, voice-controlled robots, smartphones, and tablets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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