Speech-to-Text API Market Outlook and Growth Opportunities in Emerging Countries: Edition 2022-2029

Speech-to-text API is an interdisciplinary subfield of computational linguistics that develops technologies and methodologies, which enable translation and recognition of oral language into text by computer. This is also known as Automatic Speech Recognition (ASR) or Speech-to-text (STT).

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Increase in adoption of smart speakers and phones among individuals across the globe is a major factor that drives the market growth. This is attributed to speech-to-text API feature that recognizes a human voice and follows command without the need for human interference. Moreover, rise in inclination toward voice-based technology products and solutions among industries and individuals is also a factor expected to propel the demand for speech-to-text API software in the coming years.

However, lack of multilingual support that transcribe audio from multi-source is a factor that hinders the speech-to-text API market growth. Furthermore, on-going R&D for innovative speech-to-text solutions for disabled population is expected to create significant revenue growth opportunities for players operating in the speech-to-text API market. In addition, growth in speech analytics and recognition technologies across industry verticals is expected to garner high revenue growth in the coming years.

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With increase in adoption of digital voice assistants, the market is expected to witness high growth rate as it operates as an interface between devices and human. This has further increased the speech-to-text API demand among consumer technology and repair ecosystem to help its end users with hand free experience. Hence, advancements in electronics with technology, coupled with rise in customer demand for self-services further boosts growth of the market.

Moreover, major smart phone users prefer voice-based search API's as they are easy to use and accessible. In addition, voice-based products known as intelligent virtual assistance such as Amazon's voice technology product, Alexa, have raised its sales at a significant rate, which, in turn, is expected to drive the growth of the market.

A smart virtual assistant is mostly depended on recognition side. Technology users prefer for quick responsive system. A smart virtual assistant uses recognition time, which can change from few seconds to few hours to days depending on the underlying complex software, abilities of integrated hardware, strength, and speed of the internet connectivity and adjusts itself to user's speech patterns. This factor is expected to hamper the growth of market to a certain extent. Another barrier proven in the smart virtual assistant is the extra noise on voice activated systems, which have negative impact on speech recognition devices and is expected to further hamper the market growth.

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