The global Speech-to-text API market size to grow from USD 2.2 billion in 2021 to USD 5.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.2% during the forecast period. Various factors such as increasing demand for AI-powered customer services, omnichannel deployment and reduce chatbot deployment cost, and rising demand for AI-based chatbots to stay informed and connected during Covid-19 are expected to drive the growth of Speech-to-text API market.

During the pandemic, many companies experienced a significant increase in pressure from customers, while their number of available employees decreased. Many contact centers were unable to cope with demand or closed because of lockdown restrictions, leading to long delays in customer service queries, which significantly affected the customer experience. As businesses develop a more strategic approach that delivers resilience into operations through flexibility and scalability while at the same time working to improve operational efficiencies, so speech-to-text API is rising to the forefront of technology enablers. Data analytics application builders seek medical speech recognition capabilities that help them efficiently and accurately transcribe video and audio containing COVID-19 terminology into text for downstream analytics. For instance, AWS offers Amazon Transcribe Medical, a fully managed speech recognition (ASR) service that makes it easy to add medical speech-to-text capabilities to any application. Powered by deep learning, the service offers a ready-to-use medical speech recognition model that users can integrate into a variety of voice applications in the healthcare and life sciences domain. Users can use the custom vocabulary feature to accurately transcribe specific medical terminologies, such as medicine names, product brands, medical procedures, illnesses, or COVID-19-related terminology.

The cloud segment to have the larger market size during the forecast period
Speech-to-text API market is segmented on the basis of deployment mode which include on-premises and cloud. The market size of the cloud segment are estimated to be higher than the on-premises segment during the forecast period. The cloud technology benefits of easy deployment and minimal capital requirement facilitate the adoption of the cloud deployment model. The adoption of cloud-based speech-to-text API solutions is expected to be supported by the COVID-19 pandemic, as lockdowns and social distancing practices are encouraging companies to move to cloud solutions that can be managed remotely. The increasing demand for scalable, easy-to-use, and cost-effective speech-to-text API solutions is expected to accelerate the growth of the cloud segment in the speech-to-text API market.

The SMEs segment to hold higher CAGR during the forecast period
On the basis of organization size the Speech-to-text API market has been segmented into large enterprises and SMEs. The SMEs segment is projected to record a higher CAGR during the forecast period. The large enterprises segment is estimated to hold a larger market share in 2021. The growth of the segment is due to increased competition in large enterprises from budding SMEs. Owing to the availability of cost-effective cloud solutions, speech-to-text API solutions and services are expected to witness a prominent growth rate among SMEs during the forecast period.

The Fraud detection and prevention applications is to have the largest market size during the forecast period
On the basis of application the Speech-to-text API market has been segmented into risk and compliance management, fraud detection and prevention, customer management, content transcription, contact center management, subtitle generation, and other applications (business process management, quality monitoring, and conference call analysis). The fraud detection and prevention segment is expected to hold the largest market size in 2021. This growth is attributed to the increasing demand for speech-to-text APIs across the media and entertainment industry to transcribe audio and video content into searchable and shareable text.

Among regions, APAC to have highest CAGR during the forecast period
APAC is expected to hold the fastest growth rate during the forecast period. APAC’s growth can be attributed to the increasing technological advancements in countries, such as China, Japan, and India. The extensive adoption of voice-controlled connected devices and the rapid penetration of smart devices are the major factors driving the growth of the speech-to-text API market in APAC. Europe is also considered to be the second-largest in terms of market size during the forecast period. The growing demand to reduce enterprise workloads related to customer engagement and retention is the key factor in adopting speech-to-text APIs across Europe.

Breakdown of primaries
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: 35%, Tier II: 45%, and Tier III: 20%
  • By Designation: C-Level Executives: 35%, D-Level Executives: 40%, and others: 25%
  • By Region: APAC:30 %, Europe: 20%, North America: 45%, others: 5%

The report includes the study of key players offering Speech-to-text API market. The major vendors covered are Google (US), Microsoft (US), AWS (US), IBM (US), Verint (US), Baidu (China), Twilio (US), Speechmatics (UK), VoiceCloud (US), VoiceBase (US), Voci (US), Kasisto (US), Nexmo (US), Contus (India), GoVivace (US), GL Communications (US), (US), VoxSciences (US), Rev (US), Vocapia Research (France), Deepgram (US), (US), AssemblyAI (US), Verbit (US), Behavioral Signals (US), (US), (India), (India), and Amberscript (Netherlands).

Research Coverage
The research study for the speech-to-text API market involved extensive secondary sources, directories, and several journals, including the Journal of Intelligent Learning Systems and Applications, International Journal of Advanced Science and Technology, and International Research Journal of Engineering and Technology (IRJET). Primary sources were mainly industry experts from the core and related industries, preferred speech-to-text API providers, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information, and assess the market’s prospects

Key Benefits of Buying the Report
The report would provide 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 its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.