Speech-to-Text API Market Surge to $10 Billion by 2030

Redding California, February 19, 2024-Meticulous Research®, has unveiled a groundbreaking 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," predicting the Speech-to-Text API market's value to reach $10 billion by 2030. The report anticipates a robust Compound Annual Growth Rate (CAGR) of 17.3% from 2023 to 2030.

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The market's upward trajectory is attributed to the proliferation of voice-enabled devices, the increasing utilization of voice and speech technologies for transcription, and technological advancements coupled with the growing adoption of connected devices. Despite these advancements, challenges such as accuracy limitations in regional accent and dialect recognition restrain the market's potential growth.

Innovations geared towards providing speech-to-text solutions for differently-abled individuals and the development of solutions catering to rare and local languages present new growth avenues. However, data security and privacy concerns pose significant challenges to market expansion. A notable trend in the speech-to-text API market is the growing demand for voice authentication in mobile banking applications.

The market is segmented by offering, deployment mode, organization size, application, and end-user. The report provides a comprehensive analysis of industry competitors and evaluates regional and country-level markets.

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• Offering Segment: In 2023, the solutions segment is expected to dominate the market, driven by increased adoption of advanced electronic devices and the growing use of speech technology for transcription. This segment is projected to record a higher CAGR during the forecast period.

• Deployment Mode Segment: Cloud-based deployment is set to account for the larger share in 2023, fueled by the rising popularity of cloud computing among small and medium-sized enterprises. The cloud-based segment is expected to register a higher CAGR due to the benefits offered by cloud infrastructure.

• Organization Size Segment: Small and medium-sized enterprises are anticipated to lead in 2023, as they recognize the significance of speech-to-text API. This segment is also projected to register a higher CAGR during the forecast period.

• Application Segment: The transcription segment is poised to dominate in 2023, driven by technological advancements and the increasing usability of speech technology for transcription. However, the subtitle & caption generation segment is expected to record the highest CAGR.

• End User Segment: The IT & Telecommunications segment is expected to lead in 2023, driven by organizations' adoption of speech-to-text solutions in call centers. The healthcare segment is projected to record the highest CAGR during the forecast period.

• Geographical Segment: North America is expected to account for the largest share in 2023, owing to the integration of speech and voice recognition technology in consumer electronics and the high adoption rate of advanced technologies. Asia-Pacific is poised to register the highest CAGR during the forecast period.

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Key Players: Prominent players in the Speech-to-Text API market include 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).

Mr. Khushal Bombe
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This release was published on openPR.