Speech-to-text API Market Research 2024-2033 - Outlook, Overview

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 increased demand for voice-activated devices, growing accessibility and inclusivity initiatives, rise in remote communication needs, enhanced user experience, , expansion of multilingual support, rise in 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 growth in the forecast period can be attributed to proliferation of internet of things (IoT) devices, global expansion of e-learning platforms, increasing demand for multimodal interaction, surge in remote work practices, expansion of real-time language translation, rising adoption in customer service and support. Major trends in the forecast period include Integration with virtual assistants, integration with smart home devices, growth in voice search applications, and advancements in neural networks and AI.

Market Overview -
Speech-to-text API refers to a technology that enables users to convert spoken words into written text. It is a field of computational linguistics that advances methodologies and technologies that allow the recognition and translation of spoken language with the help of computers.

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Driving Growth Speech-To-Text APIs In The Era Of Smart Devices
Growing penetration of smart devices is expected to propel the growth of the speech-to-text API market going forward. A smart device is a digital device that is connected to the internet and can execute activities autonomously. Speech-to-text APIs in smart devices provide voice commands for hands-free operation and speech-controlled interactions, improving usability and user satisfaction in applications such as voice-controlled assistants, home automation, and transcription services. For instance, in August 2023, according to a survey of connected homes conducted by the United Kingdom Parliament, a UK-based political body that holds governance, 77% of UK individuals had a minimum of one smart home gadget, such as a smart speaker. Similarly, 25% of the population owns smart watches and wristbands with integrated health monitoring features, and 29% of adults have a smart control and safety gadget like a smart doorbell. Moreover, there will be 24 billion interconnected devices worldwide by 2050. Therefore, the growing penetration of smart devices is driving the speech-to-text API market.

Competitive Landscape -
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

Innovative Advancements Leading Companies In The Speech-To-Text API Market Embrace Cutting-Edge Models
Major companies operating in the speech-to-text API market are focused on advancements in technologies such as speech-to-text models to strengthen their position in the market. A speech-to-text model is a computer program that employs machine learning methods to translate spoken words into written text. For instance, in April 2023, Deepgram, a US-based foundational AI company on a mission to understand human language, launched Deepgram Nova. Deepgram Nova is a sophisticated voice-to-text model with pioneering training over 100 domains and 47 billion tokens, resulting in the most deeply trained automated speech recognition (ASR) model to date. This broad and diversified training has developed a category-defining model that regularly beats every other ASR model across a wide range of datasets. It significantly reduces the word error rate (WER) by 22% and has a 23-78x faster inference time.

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Key Segments -

The speech-to-text api market covered in this report is segmented -

1) By Offering: Solutions, Services
2) By Deployment Mode: Cloud, On-premises
3) By Organization Size: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
4) By Applications: Risk And Compliance Management, Fraud Detection And Prevention, Customer Management, Content Transcription, Contact Centre Management, Subtitle Generation, Other Applications
5) By Vertical: Banking Financial Services And Insurance (BFSI), Information Technology And Telecommunication, Healthcare, Retail And eCommerce, Government And Defense, Media And Entertainment, Travel And Hospitality, Other Verticals

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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