According to a market research report "Speech-to-text API Market by Component (Software and Services), Application (Risk and Compliance Management, and Fraud Detection and Prevention), Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, The global speech-to-text Application Program Interface (API) market size is expected 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.
Major factors fueling the market growth are growing adoption of smart speakers and mobile phones, and stringent regulatory and compliance.
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The large enterprises segment to hold a larger market size during the forecast period
The speech-to-text API market is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs) by organization size. The large enterprises segment is expected to have a larger market size during the forecast period, owing to large volumes of data being generated by large enterprises and increasing demand for real-time speech-to-text API software and services. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. Due to the high availability of cost-effective cloud solutions, speech-to-text API software and services are expected to witness a prominent growth rate among SMEs during the forecast period. Moreover, easy availability of speech-to-text API solutions as well as real-time support services are factors projected to drive the demand for such solutions across SMEs.
By vertical, retail and eCommerce to grow at the highest CAGR during the forecast period
The speech-to-text API market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), telecommunications and Information Technology (IT), retail and eCommerce, healthcare, media and entertainment, government and defense, travel and hospitality, manufacturing, others (transportation and logistics, and education). A rise in the number of competitors and their emergence of a number of eCommerce players in the online retail space are factors projected to contribute to the growth of this segment.
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North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the global speech-to-text API market. The region is witnessing significant developments in the speech-to-text API market. Many speech-to-text API solution providers in North America are experimenting in the market by integrating advanced technologies, such as Artificial Intelligence (AI) and Internet of Things (IoT) with their existing speech-to-text API solutions. They are also adopting various growth strategies to strengthen their positions in the overall market.
Major North American vendors in the speech-to-text API market are 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), Contus (India).
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