The global speech-to-text API market size to grow at a CAGR of 20.6% during the forecast period
The speech-to-text Application Program Interface (API) market size is projected to grow from USD 1.6 billion in 2019 to USD 4.1 Billion by 2024, at a Compound Annual Growth Rate (CAGR) of 20.6% during the forecast period. The speech-to-text API market is driven by the growing adoption of smart speakers and mobile phones and stringent regulatory and compliance. However, transcribing audio from multi-channels and its accuracy may hinder the growth of the speech-to-text API market.
Services segment to grow at a higher CAGR during the forecast period
The speech-to-text API market by component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are professional services and managed services. Professional services are further bifurcated into consulting, deployment and integration, and support and maintenance. The growth of this segment can be attributed to the increasing deployment of the speech-to-text API software, which leads to the increasing the demand for pre- and post-deployment services, as these solutions require training, owing to technical complexities.
Retail and eCommerce vertical to grow at the highest CAGR during the forecast period
The speech-to-text API market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), telecommunications and Information Technology (IT), retail and eCommerce, healthcare, media and entertainment, government and defense, travel and hospitality, manufacturing, others (transportation and logistics, and education). A rise in competition among players in the online retail market and thr emergence of a number of eCommerce players are factors projected to drive the growth of this vertical.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The region is becoming a new hotspot in the speech-to-text API market, due to rising investments in the process of digitalization across potential economies in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the speech-to-text API market.
- By Company: Tier I: 38%, Tier II: 41%, and Tier III: 21%
- By Designation: C-Level Executives: 65%, Directors: 20%, and Others: 15%
- By Region: North America: 45%, APAC: 30%, Europe: 15%, MEA: 5%, and Latin America: 5%
The report includes the study of the key players offering speech-to-text API solutions and services. It profiles major vendors in the global speech-to-text API market. The major vendors are Google (US), Microsoft (US), IBM (US), AWS (US), Nuance Communications (US), Verint (US), Speechmatics (England), Vocapia Research (France), Twilio (US), Baidu (China), Facebook (US), iFLYTEK (China), Govivace (US), Deepgram (US), Nexmo (US), VoiceBase (US), Otter.ai (US), Voci (US), GL Communications (US), and Contus (India). It also includes an in-depth competitive analysis of key players in the speech-to-text API market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The market study covers the speech-to-text API market across segments. It aims at estimating the market size and the growth potential of this market, across different segments, such as component, deployment mode, organization size, application, vertical, and region.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall speech-to-text API market and subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.