Speech-to-text Application Program Interface (API) enables users to convert speech or audio, from real-time streaming audio sources or a recorded file, to a text file that can be used for applications, such as transcription of customer service calls and generating subtitles of video and audio content. The API converts the input speech from various languages and audio formats using Machine Learning (ML) algorithms. MarketsandMarkets projects the global Speech-to-text API Market 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 content transcription application is expected to grow at the highest CAGR during the forecast period. Speech-to-text APIs have emerged as a cost-effective way to transfer content into textual formats for easy understanding of the audience. Vendors in the market offer software and services to transcribe audio and video content into searchable and shareable text Transcription services further find it useful in marketing applications to better engage with customers and increase the existing inbound traffic.
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The retail and eCommerce vertical is expected to grow at the highest CAGR during the forecast period. Industry players need to identify latest trends by analyzing the voice of the customers and generate insights using their preferences. These companies are setting up technologically advanced call centers to resolve customer queries in minimal time. The emergence of voice-enabled apps in the retail industry and the need for faster data processing for fraud detection and prevention are factors projected to increase the demand for speech-to-text API solutions in the retail and eCommerce industry.
In terms of geographic coverage, the speech-to-text API market has been segmented into 5 regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. APAC is expected to record the highest growth rate during the forecast period, owing to the increasing investments in Artificial Intelligence (AI) and the growing digitalization trend throughout the region.
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Major speech-to-text API vendors include 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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global speech-to-text API market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2017 to 2019, which has helped them to innovate their product offerings and broaden their customer base.
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