Speech-to-Text API Market to Hit $5.8 Billion by 2027

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Research firm Marqual IT Solutions expects the global speech-to-text API market to reach $5.8 billion by 2027, rising at a compound annual rate of 19 percent. It valued the market at $1.3 billion in 2017.


Marqual found that deep learning and big data advancements have aided the speech-to-text field in recent years, evidenced not only by the rapid increase in the number of academic papers published on the subject but also by the widespread industry use of a range of deep learning approaches in the design and implementation of voice recognition systems around the world.

Any video or audio-based information can be captioned and subtitled using speech-to-text API technology, allowing struggling listeners or learners with visual impairments to understand and complete their work without assistance, the firm said in its report.

Also propelling the market forward is the growing use of smart devices, including not only smartphones but also smart home, smart speaker, and other mobile systems. Several new advanced gadgets with voice-controlled functions, such as content transcription and conference call analysis, are being introduced, allowing consumers to access educational, entertainment, and other information via their smart devices, the firm said.

At the same time, the market is expected to continue struggling with transcribing audio from many channels since defining many things becomes challenging, resulting in erroneous transcriptions or captions, according to the research. In addition, background noise, low-quality microphones, reverb and echo, and accent changes all have the potential to degrade transcription accuracy.</p/>

To combat this, Marqual recommends that voice-to-text APIs should be appropriately trained for multichannel speech recognition using a number of data sets; however, gathering a variety of data sets for establishing an approach and solution that accurately converts speech-to-text for many channels can be problematic for businesses. Moreover, privacy concerns about voice-enabled gadgets is expected to discourage many entities to embrace these solutions.


By vertical, the IT and telecom segment obtained the most significant revenue share.</p/>

Based on deployment type, the cloud segment acquired the largest revenue share, with the advantages of cloud technology coming in the form of ease of deployment and low capital requirements. The COVID-19 pandemic is likely to encourage enterprises to switch to cloud-based speech-to-text API solutions that can be administered remotely.

Among the greatest uses of the technology arefraud detection and prevention, contact center and customer management, risk and compliance management, content transcription, and subtitle generation.

The key market players identified in the report were LivePerson, VoiceCloud, Speechmatics, IBM, Microsoft, Google, Baidu, Twilio, Amazon Web Services, and Verint.

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