Speech-to-text API Market: Current Analysis and Forecast (2022-2028)
Emphasis on Component (software, and services); Application (fraud detection & prevention, content transcription, and subtitle generation); Industry (BFSI, it & telecom, healthcare, retail, government and defence, and others); Deployment Mode (Cloud, and On-premise)
The Speech-to-text API Market is expected to grow at a strong CAGR of 18% during the forecast period owing to the increasing demand for transcription and captioning services. A speech-to-text API (Application Programming Interface) is a software interface that allows developers to integrate speech recognition capabilities into their applications. This type of API converts the spoken words into text format, allow the user to interact with an application using the voice. The growing popularity of smart speakers, virtual assistants, and other voice-activated devices has created a strong demand for speech-to-text APIs. These technology rely on accurate and reliable speech recognition for the function properly, and speech-to-text APIs are a critical component of these systems. Moreover, recent advancements in machine learning and NLP technologies have significantly improved the accuracy and speed of speech recognition systems. This has helped to drive the adoption of speech-to-text APIs, as developers are now able to build more robust and reliable speech-enabled applications.
Some of the major players operating in the market include Amazon Web Services, Inc., Google LLC, IBM Corporation, Microsoft Corporation, Nuance Communications, Inc., Rev.com, Inc., Speechmatics, Verint Systems, Inc., Vocapia Research SAS, VoiceBase, Inc.
Insights Presented in the Report
“Amongst components, the services segment will also attain a considerable share of the market during the forecast period.”
Based on components, the market is bifurcated into software and services. Among these, the service segment holds the highest share of the market. As the use of speech-to-text APIs becoming more widespread, there is a growing need of tools and services to help customers to monitor their usage of the API and manage their billing and payments. Service providers that offer high-quality billing and usage monitoring services are likely to be more successful in meeting the growing need. The service segment of the speech-to-text API market is expected to continue to be growing in the coming years, as customers are seek out high-quality services and support to help them effectively integrate speech recognition capabilities into their applications and workflows.
“Amongst deployment mode, the on-premise segment captured the majority share of the industrial relay market in 2021.”
Based on deployment mode, the is bifurcated into software and services. Among these, the on-premise segment of the speech-to-text API market is expected to continue to grow in the coming years, as the organizations seek out solutions which offers a higher level of security, customization, and compliance. Speech-to-text API providers that offer high-quality on-premise solutions that meet the specific needs of their customers are likely to be more successful in meeting the growing demand in this market segment.
“North America holds the largest share of the Speech-to-text APImarket in 2021.”
The speech-to-text API market in North America is expected to experience significant growth in the coming years, driven by factors such as the increasing demand for automation and digital transformation, advancements in artificial intelligence and machine learning technologies, rising adoption of cloud-based solutions, increased investment in research and development, and growing use of speech-to-text APIs in healthcare.
Speech-to-text API Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Speech-to-text API market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Speech-to-text API Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Speech-to-text API market were the three major steps undertaken to create and analyze the adoption of Speech-to-text API in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Speech-to-text API market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Speech-to-text API market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Speech-to-text API market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, application, industry, and deployment mode. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Speech-to-text API market. Further, we conducted factor analysis using dependent and independent variables such as component, application, industry, and deployment mode of the Speech-to-text API market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Speech-to-text API market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Speech-to-text API market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Speech-to-text API market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments.
- Key players in the global Speech-to-text API market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Speech-to-text API market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, application, industry, and deployment mode in the global Speech-to-text API market.
The main objective of the Global Speech-to-text API Market Study
The current & future market trends of the global Speech-to-text API market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Speech-to-text API market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the component, application, industry, and deployment mode.
- Define and analysis of the regulatory framework for the Speech-to-text API industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Speech-to-text API market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Speech-to-text API market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Related Reports
Customers who bought this item also bought
Emotion Detection and Recognition Market: Current Analysis and Forecast (2021-2027)
Emphasis on Technology (Feature Extraction & 3D Modeling, Biosensors, Natural Learning Processing (NLP), and Others); Software Tools (Facial Expression & Emotion Recognition, Gesture & Posture Recognition, Voice Recognition); Application Area (Marketing & Advertising, Law Enforcement, Surveillance & Monitoring, Entertainment & Consumer Electronics, Others); Region/Country.
November 15, 2022
Generative AI Cybersecurity Market: Current Analysis and Forecast (2024-2032)
Emphasis on Deployment (On-Premise, Cloud-Based, Hybrid); Technology (Generative Adversarial Networks (GANs), Variational Autoencoders (VAEs), Reinforcement Learning (RL), Deep Neural Networks (DNNs), Natural Language Processing (NLP), Others); Application (Network Security, Endpoint Security, Cloud Security, Application Security, Others); End-User (Banking, Financial Services, And Insurance (BFSI), Healthcare, Retail, IT & Telecom, Government and Defense, Energy and Utilities, and Others); and Region/Country
November 4, 2024
