The speech to text API market is forecasted to grow by USD 5552.9 mn during 2023-2028, accelerating at a CAGR of 24.4% during the forecast period. The report on the speech to text API market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing adoption of technologically advanced mobile devices, demand from the growing business process outsourcing (bpo) sector, and adoption of speech to text API for financial trading.
Market Scope
Base Year
2024
End Year
2028
Series Year
2024-2028
Growth Momentum
Accelerate
YOY 2024
20.44%
CAGR
24.4%
Incremental Value
$5552.9 mn
Technavio's speech to text API market is segmented as below:
By Component
Software
Services
By Deployment
On-premises
Cloud-based
By Geographical Landscape
North America
Europe
APAC
South America
Middle East and Africa
This study identifies the growing use of AI integrated with speech to text API as one of the prime reasons driving the speech to text API market growth during the next few years. Also, proliferation of predictive analytics in speech to text API and increase in demand for cloud-based speech to text API solutions will lead to sizable demand in the market.
The report on the speech to text API market covers the following areas:
Speech to text API market sizing
Speech to text API market forecast
Speech to text API market industry analysis
The vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading speech to text API market vendors that include Alphabet Inc., Amazon.com Inc., Baidu Inc., Cantab Research Ltd., Deepgram Inc. , GoVivace Inc., iFLYTEK Co. Ltd., International Business Machines Corp., Liveperson Inc., Meta Platforms Inc., Microsoft Corp., Otter.AI Inc., Rev.com Inc., SoundHound AI Inc., Telefonaktiebolaget LM Ericsson, Twilio Inc., Verint Systems Inc., Vocapia Research SAS, VoiceCloud LLC, and VoxSciences Ltd.. Also, the speech to text API market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.
Table of Contents
1 Executive Summary
1.1 Market overview
Executive Summary - Chart on Market Overview
Executive Summary - Data Table on Market Overview
Executive Summary - Chart on Global Market Characteristics
Executive Summary - Chart on Market By Geographical Landscape
Executive Summary - Chart on Market Segmentation by Component
Executive Summary - Chart on Market Segmentation by Deployment
Executive Summary - Chart on Incremental Growth
Executive Summary - Data Table on Incremental Growth
Executive Summary - Chart on Company Market Positioning
2 Market Landscape
2.1 Market ecosystem
Parent Market
Data Table on - Parent Market
2.2 Market characteristics
Market characteristics analysis
2.3 Value chain analysis
Value Chain Analysis
3 Market Sizing
3.1 Market definition
Offerings of companies included in the market definition
3.2 Market segment analysis
Market segments
3.3 Market size 2023
3.4 Market outlook: Forecast for 2023-2028
Chart on Global - Market size and forecast 2023-2028 ($ million)
Data Table on Global - Market size and forecast 2023-2028 ($ million)
Chart on Global Market: Year-over-year growth 2023-2028 (%)
Data Table on Global Market: Year-over-year growth 2023-2028 (%)
4 Historic Market Size
4.1 Global Speech To Text API Market 2018 - 2022
Historic Market Size - Data Table on Global Speech To Text API Market 2018 - 2022 ($ million)