Speech-to-text API Market - Global Forecast to 2030 - Increasing Use of Voice & Speech Technologies for Transcription and Growing Demand for Voice Authentication in Mobile Banking - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Speech-to-text API Market by Offering, Deployment Mode, Organization Size, Application, End User, Geography - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The speech-to-text API market is expected to reach $10 billion by 2030, growing at a CAGR of 17.3% during the forecast period of 2023 to 2030.

The growth of this market is driven by the proliferation of voice-enabled devices, the increasing use of voice & speech technologies for transcription, and technological advancements, coupled with the rising adoption of connected devices. However, speech-to-text API solutions' lack of accuracy in regional accent & dialect recognition restrains the growth of this market.

Innovations in speech-to-text solutions for specially-abled people and the development of speech-to-text API solutions for rare & local languages are expected to create growth opportunities for the players operating in this market. However, data security & privacy concerns are a major challenge for market growth.

In 2023, the solutions segment is expected to account for the larger share of the speech-to-text API market.

The large market share of this segment is attributed to the rising adoption of advanced electronic devices, increasing demand for voice-enabled devices, and the growing use of speech technology for transcription. The solutions segment is also projected to record the higher CAGR during the forecast period.

In 2023, the cloud-based deployment segment is expected to account for the larger share of the speech-to-text API market.

The adoption of cloud computing and storage systems is gaining popularity among small and medium-sized enterprises. Several organizations are gradually transitioning to cloud infrastructure, a trend that is expected to grow in the coming years. These factors are attributed to the large market share of this segment. The cloud-based segment is also projected to record the higher CAGR during the forecast period.

In 2023, the transcription segment is expected to account for the largest share of the speech-to-text API market.

The large market share of this segment is attributed to technological advancements, the increasing use of speech and voice technology for transcription, and the rising adoption of advanced electronic devices. However, the subtitle & caption generation segment is projected to record the highest CAGR during the forecast period.

In 2023, the IT & Telecommunications segment is expected to account for the largest share of the speech-to-text API market.

The large market share of this segment is attributed to organizations' rising adoption of speech-to-text solutions in their call centers to analyze business conversations. However, the healthcare segment is projected to record the highest CAGR during the forecast period.

North America is expected to account for the largest share of the speech-to-text API market.

North America is a technologically advanced region focused on infrastructure development. Several market players are deeply using AI technology and focusing on rapidly adopting connected devices in the banking sector. Such technologies help in fraud detection, prevention, and marketing in the banking sector.

Key questions answered in the report:

• Which are the high growth market segments in terms of offering, deployment mode, organization size, application, end user, and country/region?
• What was the historical market size for speech-to-text API across the globe?
• What are the market forecasts and estimates for 2023-2030?
• What are the major drivers, restraints, and opportunities in the speech-to-text API market?
• Who are the major players in the speech-to-text API market, and what are their market shares?
• Who are the major players in various countries, and what are their market shares?
• How is the competitive landscape?
• What are the recent developments in the speech-to-text API market?
• What are the different strategies adopted by the major players in the speech-to-text API market?
• What are the geographical trends and high growth countries?
• Who are the local emerging players in the speech-to-text API market and how do they compete with the other players?

Market Insights

Impact Analysis of Market Drivers

• Proliferation of Voice-Enabled Devices
• Increasing Use of Voice & Speech Technologies for Transcription
• Technological Advancements, Coupled With The Rising Adoption of Connected Devices

Impact Analysis of Market Restraints

• Speech-to-text API Solutions' Lack of Accuracy in Regional Accent & Dialect Recognition

Impact Analysis of Market Opportunities

• Innovations In Speech-to-text Solutions for Specially-Abled People
• Development of Speech-to-text API Solutions for Rare & Local Languages

Impact Analysis of Market Challenges

• Data Security & Privacy Concerns

Impact Analysis of Market Trends

• Growing Demand for Voice Authentication in Mobile Banking Applications

Company Profiles

• 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.)
• Vocapia Research SAS (France)

Scope of the Report:

Speech-to-text API Market, by Offering

• Solutions
• Services
• Professional Services
• Managed Services

Speech-to-text API Market, by Deployment Mode

• On-premise Deployment
• Cloud-based Deployment

Speech-to-text API Market, by Organization Size

• Large Enterprises
• Small & Medium-sized Enterprises

Speech-to-text API Market, by Application

• Transcription
• Customer Experience & Analytics
• Media & Communications Monitoring
• Subtitle & Caption Generation
• Consumer Electronics Command & Control
• Automotive Command & Control
• Other Applications

Speech-to-text API Market, by End User

• B2B
• IT & Telecommunications
• BFSI
• Media & Entertainment
• Healthcare
• Education
• Other B2B End Users
• B2C
• B2G
• G2C

Speech-to-text API Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Switzerland
• Netherlands
• Rest of Europe
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia & New Zealand
• Singapore
• Rest of Asia-Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• United Arab Emirates (UAE)
• South Africa
• Israel
• Rest of Middle East & Africa

For more information about this report visit https://www.researchandmarkets.com/r/p1mjn7

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