Speech-to-Text API Market to Top $10 Billion by 2030
Meticulous Research expects the global speech-to-text API market to reach $10 billion by 2030, growing at a compound annual rate of 17.3 percent.
The research firm defines speech-to-text API as technology for transcribing spoken words or audio content into text using speech recognition and artificial intelligence. It includes transcription, customer experience analytics, media and communications monitoring, subtitle and caption generation, and consumer electronics and automotive command and control.
The growth of this market, it said further, is driven by the proliferation of voice-enabled and connected devices, with special opportunities for market players to develop solutions for the disabled and for rare languages.
The research also found that the cloud-based deployments will continue to outpace the on-premises model, especially among small and mid-sized companies, due largely to benefits such as the ease of adoption, the minimal requirement for in-house infrastructure, and high scalability.
The research also found that the IT and telecommunications industries are expected to account for the largest share of the global speech-to-text API market as companies are leveraging speech-to-text solutions in their call centers to analyze business conversations and compare them with all other calls to pinpoint common themes, keywords, and discussion points that indicate a problem or lead to a conversion. The healthcare segment is projected to record the highest CAGR during the forecast period, however, it also found.
Some of the key players operating in the speech-to-text API market are Google, Microsoft, Amazon Web Services, IBM, Verint, Rev.com, Twilio, Baidu, Speechmatics, VoiceCloud, VoiceBase, Amberscript Global, Voci Technologies, AssemblyAI, and Vocapia Research, according to the report.