The speech-to-text api global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Speech-to-text API Market, 2024 report by The Business Research Company offers
comprehensive insights into the current state of the market and highlights
future growth opportunities.
Market Size -
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.
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Scope Of Speech-to-text API Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Speech-to-text API Market Overview
Market Drivers -
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.
Market Trends -
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.
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
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Report @
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Regional Insights -
North America was the largest region in the speech-to-text API market in 2023.
Asia-Pacific is expected to be the fastest-growing region in the forecast
period. The regions covered in the speech-to-text api market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa.
Key Companies -
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
Table of Contents
1. Executive Summary
2. Speech-to-text API Market Report Structure
3. Speech-to-text API Market Trends And Strategies
4. Speech-to-text API Market – Macro Economic Scenario
5. Speech-to-text API Market Size And Growth
…..
27. Speech-to-text API Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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