Speech-To-Text API Market: By Component (Software and Service) By Deployment (On-premises and Cloud) By Organization Size (Large Enterprises, Small, and Medium-sized Enterprises) By Application (Contact Center and Customer Management, Content Transcription, Fraud Detection and Prevention, Risk And Compliance Management, Subtitle Generation) By Industry (BFSI, IT & Telecom, Healthcare, Retail and eCommerce, Government and Defense, Media and Entertainment, Travel and Hospitality), and Geography  

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Speech-To-Text API Market size was valued at USD 2.41 billion in 2021 and is poised to grow at a significant CAGR of 14.8% over 2023-2029. An application programming interface (API) for voice-to-text simply allows users to call a service that converts audio into speech. ASR (automatic speech recognition) and speech-to-text API are other names for voice-to-text technology (STT). It is a branch of computational linguistics that develops approaches and technology that enable computer-assisted spoken language translation and recognition. Recent advancements in deep learning and big data have helped the sector.

The rise in theoretical papers published on the subject is simply one indicator of the developments; much more striking is the widespread industry acceptance of a number of deep learning techniques for creating and implementing speech recognition systems. The growing popularity of smartphones and smart speakers as well as stringent regulations and compliance are also factors contributing to the growth of the speech-to-text API industry. The advent of voice assistants in recent years has led to an increase in their usage among the global population. Nearly every smartphone today has apps like Google Assistant, Cortana, Alexa, and Siri. Well-known manufacturers are also incorporating them into numerous other gadgets. Consequently, it is anticipated that voice-enabled applications would change how users interact with technology. These elements will therefore accelerate the expansion of the speech-to-text API market globally over the forecast period.

The rise in the number of people with various learning disabilities or learning styles, the rising use of handheld devices by the older population, increased government financing for education for students with disabilities, and the rising demand for portable devices are all contributing factors. The quick acceptance of digitalization trends across all industries and the creation of novel, cutting-edge technology in the sphere of education can also be credited with the increase. Speech-to-text API market adoption may be hampered by the transcription of audio from multichannel. The difficulty of establishing many things makes it difficult to accurately transcribe or caption audio from several channels, which is a key limitation of this technology. The accuracy of the transcription may also be hampered by background noise, poor-quality microphones, reverb and echo, and accent changes. It is important to properly train speech-to-text APIs for multi-channel speech recognition using a range of data sets, but it can be challenging for businesses to collect these data sets in order to develop a methodology and solution that accurately translates speech to text for many channels. For kids with disabilities, both temporary and permanent, new speech-to-text technologies are available as an opportunity provided by the speech-to-text market. Any video or audio-based content can be translated by a computer into text using speech-to-text API technology.


Speech-To-Text API Market Key Developments:
  • In March 2020, IBM Corporation announced that it had improved its speech-to-text service. It allows for the monitoring of all operations using the asynchronous HTTP interface. Additionally, it supports Korean and German speaker labels.
  • In September 2021, IBM worked with IntelePeer, one of the top suppliers of communications platform-as-a-service, to set up and test a voice agent and a new agent app intended to facilitate a seamless hand-off to a live agent while keeping the context of the discussion.
  • In September 2021, To advance digital and intelligent transformation in the energy and power sector, Baidu and China Gas Holdings, a major gas operator and service provider in China, signed a strategic collaboration agreement.
  • In April 2021, Verint introduced the Verint Virtual Assistant (IVA). This low-code Speech-to-text API can quickly transform the current conversation data into automated self-service experiences. It enables business experts to swiftly create a chatbot that is ready for production to divert calls and assist clients. Businesses may increase capabilities throughout the organization with Verint IVA's limitless voice and digital intelligence.

Speech To Text Api Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

14.8%

Largest Market

North America

Fastest Growing Market

North America
Speech-To-Text API Market Dynamics

The demand for smart homes and smart appliances is expanding due to a number of factors, such as rising internet penetration, technological improvements, and rising awareness of automation. Almost every aspect of daily life now uses smart appliances and devices as a result of the COVID-19 pandemic. People are being compelled to work remotely, which is driving up demand for speech-to-text API. Adoption of Voice-enabled Applications to be Slowed by Privacy Concerns Voice-enabled device privacy concerns are increasingly limiting market expansion. The use of voice-enabled gadgets is constrained by a number of later instances involving privacy concerns from voice-controlled virtual assistants. In August 2019, for example, the German data protection commissioner forbade Google LLC from listening to voice recordings made in Europe because of a privacy concern with Google's Al-based speech recognition engine.

Key Features of the Reports

  • The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario

Speech To Text Api Market Segmentation

By Component
  • Software
  • Service
By Application
  • Contact Center and Customer Management
  • Content Transcription
  • Fraud Detection and Prevention
  • Risk And Compliance Management
  • Subtitle Generation
By Industry
  • BFSI
  • IT & Telecom
  • Healthcare
  • Retail and eCommerce
  • Government and Defense
  • Media and Entertainment
  • Travel and Hospitality
By Deployment
  • On-premises and
  • Cloud
By Organization Size
  • Large Enterprises,
  • Small, and
  • Medium-sized Enterprises

Frequently Asked Questions

Verint introduced the Verint Virtual Assistant (IVA) in April 2021. This low-code Speech-to-text API can quickly transform the current conversation data into automated self-service experiences. It enables business experts to swiftly create a chatbot that is ready for production to divert calls and assist clients. Businesses may increase capabilities throughout the organization with Verint IVA's limitless voice and digital intelligence.

The speech-to-text API market size is poised to grow at a significant CAGR of 14.8% over 2022–2028.

The speech-to-text API market is valued at USD 2.41 billion in 2021.

The on-premises segment holds the highest market share.

1.Executive Summary
2.Global Speech To Text Api Market Introduction 
2.1.Global Speech To Text Api Market  - Taxonomy
2.2.Global Speech To Text Api Market  - Definitions
2.2.1. By Component
2.2.2. By Application
2.2.3.  By Industry
2.2.4. By Deployment
2.2.5. By Region
3.Global Speech To Text Api Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4.Global Speech To Text Api Market Analysis, 2018 - 2022 and Forecast 2023 - 2029
4.1.  Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5.Global Speech To Text Api Market  By Component, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
5.1. Software
5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. Service
5.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
6.Global Speech To Text Api Market  By Application, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
6.1. Contact Center and Customer Management
6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. Content Transcription
6.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
6.3. Fraud Detection and Prevention
6.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.3.3. Market Opportunity Analysis 
6.4. Risk And Compliance Management
6.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.4.3. Market Opportunity Analysis 
6.5. Subtitle Generation
6.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.5.3. Market Opportunity Analysis 
7.Global Speech To Text Api Market  By Industry, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
7.1. BFSI
7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. IT & Telecom
7.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
7.3. Healthcare
7.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.3.3. Market Opportunity Analysis 
7.4. Retail and eCommerce
7.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.4.3. Market Opportunity Analysis 
7.5. Government and Defense
7.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.5.3. Market Opportunity Analysis 
7.6. Media and Entertainment
7.6.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.6.3. Market Opportunity Analysis 
7.7. Travel and Hospitality
7.7.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.7.3. Market Opportunity Analysis 
8.Global Speech To Text Api Market  By Deployment, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
8.1. On-premises and
8.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2. Cloud
8.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
9.Global Speech To Text Api Market  By Region, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
9.1. North America
9.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.1.3. Market Opportunity Analysis 
9.2. Europe
9.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.2.3. Market Opportunity Analysis 
9.3. Asia Pacific (APAC)
9.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.3.3. Market Opportunity Analysis 
9.4. Middle East and Africa (MEA)
9.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.4.3. Market Opportunity Analysis 
9.5. Latin America
9.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.5.3. Market Opportunity Analysis 
10.North America Speech To Text Api Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
10.1. Component Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Software
10.1.2.Service
10.2.  Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Contact Center and Customer Management
10.2.2.Content Transcription
10.2.3.Fraud Detection and Prevention
10.2.4.Risk And Compliance Management
10.2.5.Subtitle Generation
10.3.  Industry Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.BFSI
10.3.2.IT & Telecom
10.3.3.Healthcare
10.3.4.Retail and eCommerce
10.3.5.Government and Defense
10.3.6.Media and Entertainment
10.3.7.Travel and Hospitality
10.4.  Deployment Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.On-premises and
10.4.2.Cloud
10.5.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.5.1.United States of America (USA)
10.5.2.Canada
11.Europe Speech To Text Api Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
11.1. Component Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Software
11.1.2.Service
11.2.  Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Contact Center and Customer Management
11.2.2.Content Transcription
11.2.3.Fraud Detection and Prevention
11.2.4.Risk And Compliance Management
11.2.5.Subtitle Generation
11.3.  Industry Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.BFSI
11.3.2.IT & Telecom
11.3.3.Healthcare
11.3.4.Retail and eCommerce
11.3.5.Government and Defense
11.3.6.Media and Entertainment
11.3.7.Travel and Hospitality
11.4.  Deployment Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.On-premises and
11.4.2.Cloud
11.5.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.5.1.Germany
11.5.2.France
11.5.3.Italy
11.5.4.United Kingdom (UK)
11.5.5.Spain
12.Asia Pacific (APAC) Speech To Text Api Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
12.1. Component Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Software
12.1.2.Service
12.2.  Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Contact Center and Customer Management
12.2.2.Content Transcription
12.2.3.Fraud Detection and Prevention
12.2.4.Risk And Compliance Management
12.2.5.Subtitle Generation
12.3.  Industry Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.BFSI
12.3.2.IT & Telecom
12.3.3.Healthcare
12.3.4.Retail and eCommerce
12.3.5.Government and Defense
12.3.6.Media and Entertainment
12.3.7.Travel and Hospitality
12.4.  Deployment Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.On-premises and
12.4.2.Cloud
12.5.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.5.1.China
12.5.2.India
12.5.3.Australia and New Zealand (ANZ)
12.5.4.Japan
12.5.5.Rest of APAC
13.Middle East and Africa (MEA) Speech To Text Api Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
13.1. Component Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.Software
13.1.2.Service
13.2.  Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.Contact Center and Customer Management
13.2.2.Content Transcription
13.2.3.Fraud Detection and Prevention
13.2.4.Risk And Compliance Management
13.2.5.Subtitle Generation
13.3.  Industry Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.BFSI
13.3.2.IT & Telecom
13.3.3.Healthcare
13.3.4.Retail and eCommerce
13.3.5.Government and Defense
13.3.6.Media and Entertainment
13.3.7.Travel and Hospitality
13.4.  Deployment Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.On-premises and
13.4.2.Cloud
13.5.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.5.1.GCC Countries
13.5.2.South Africa
13.5.3.Rest of MEA
14.Latin America Speech To Text Api Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
14.1. Component Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.1.1.Software
14.1.2.Service
14.2.  Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.2.1.Contact Center and Customer Management
14.2.2.Content Transcription
14.2.3.Fraud Detection and Prevention
14.2.4.Risk And Compliance Management
14.2.5.Subtitle Generation
14.3.  Industry Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.3.1.BFSI
14.3.2.IT & Telecom
14.3.3.Healthcare
14.3.4.Retail and eCommerce
14.3.5.Government and Defense
14.3.6.Media and Entertainment
14.3.7.Travel and Hospitality
14.4.  Deployment Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.4.1.On-premises and
14.4.2.Cloud
14.5.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.5.1.Brazil
14.5.2.Mexico
14.5.3.Rest of LA
15. Competition Landscape
15.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
15.2.1.Amazon Web Services, Inc.
15.2.2.Rev.com, Inc.
15.2.3.Google LLC
15.2.4.Microsoft Corporation
15.2.5.IBM Corporation
15.2.6.Nuance Communications, Inc.
15.2.7.Verint Systems, Inc.
15.2.8.Speechmatics
15.2.9.Vocapia Research SAS
15.2.10.VoiceBase, Inc.
16. Research Methodology 
17. Appendix and Abbreviations 
  • Amazon Web Services, Inc.
  • Rev.com, Inc.
  • Google LLC
  • Microsoft Corporation
  • IBM Corporation
  • Nuance Communications, Inc.
  • Verint Systems, Inc.
  • Speechmatics
  • Vocapia Research SAS
  • VoiceBase, Inc.