Speech-to-Text API Market Growing at 19.2% CAGR | Key Player Verint, Twilio, Baidu, Speechmatics, Voicecloud
“Google (United States), Microsoft (United States), AWS (United States), IBM (United States), Verint (United States), Baidu (China), Twilio (United States), Speechmatics ( United Kingdom), VoiceCloud (United States), VoiceBase (United States), Voci (United States), Kasisto (United States), Nexmo (United States), Contus (India), GoVivace (United States ), GL Communications (United States), Wit.ai (United States), VoxSciences (United States), Rev (United States), Vocapia Research (France), Deepgram (US), Otter.ai (US) , AssemblyAI (US), Verbit (US), Behavioral Signals (US) »
Text-to-Speech API Market by Component (Software & Services), Application (Fraud Detection & Prevention, Content Transcription, Caption Generation), Deployment Method, Organization Size, Vertical & Region – Global Forecast until 2026
The global Speech-to-text API market size will grow from $ 2.2 billion in 2021 to $ 5.4 billion by 2026, at a compound annual growth rate (CAGR) of 19.2% over the course of the forecast period. Text-to-speech APIs allow users to convert voice or audio content to text-based formats. Such solutions are useful for transcribing audio or video content into searchable formats, facilitating marketing, customer service, and fraud detection and prevention applications. Call centers these days are inundated with large volumes of customer data accumulated during hours of interactions every day. Text-to-speech APIs have become essential tools for translating this data into text-based formats and applying various analytics to extract meaningful insights and boost business performance. Software solutions are integrated with artificial intelligence (AI) and ML technologies to deliver accurate, real-time results to clients.
The cloud segment to hold the largest market size during the forecast period
Based on the mode of deployment, the speech-to-text API market is divided into on-premises and cloud. The market size and CAGR of cloud segment is expected to be higher than that of on-premises segment during the forecast period. The advantages of cloud technology of easy deployment and minimal capital requirement make it easier to adopt the cloud deployment model. The adoption of cloud-based speech-to-text API solutions is expected to be supported by the COVID-19 pandemic, as bottlenecks and social distancing practices encourage businesses to migrate to cloud solutions that can be managed remotely. The growing demand for scalable, easy-to-use, and cost-effective speech-to-text API solutions is expected to accelerate the growth of the cloud segment in the speech-to-text API market.
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Large enterprise segment will hold larger market size during the forecast period
The large enterprise segment is expected to hold a larger market share in 2021. The growth of the segment is due to increased competition in large enterprises from budding SMEs. Due to the availability of cost-effective cloud solutions, speech-to-text API solutions and services are expected to experience a significant growth rate among SMEs during the forecast period.
Text-to-speech solutions are having a huge impact on the banking, insurance, retail and enterprise verticals. These solutions allow natural and human conversations with machines and achieve high levels of precision with the appropriate fine-tuning of vernacular characteristics. Due to their strong growth and increasing popularity, these solutions are becoming more and more common in all industries, such as travel, hospitality, transport and logistics. Businesses are adopting such solutions to accurately transcribe audio content into text-based formats.
During the pandemic, many companies experienced a significant increase in customer pressure, as their number of available employees declined. Many contact centers were unable to keep up with the demand or closed due to lockdown restrictions resulting in long delays in customer service inquiries which significantly affected the experience. customer. As companies develop a more strategic approach that delivers resiliency to operations through flexibility and scalability while striving to improve operational efficiency, the speech-to-text API is moving to the forefront. keeps technological catalysts. Creators of data analysis applications are looking for medical speech recognition capabilities that help them efficiently and accurately transcribe videos and audio files containing COVID-19 terminology into text for downstream analysis. For example, AWS offers Amazon Transcribe Medical, a fully managed speech recognition service (ASR) that makes it easy to add medical text-to-speech functionality to any application. Powered by deep learning, the service offers an out-of-the-box medical speech recognition model that users can integrate with a variety of healthcare and life science voice applications. Users can use the custom vocabulary feature to accurately transcribe specific medical terminologies, such as drug names, product brands, medical procedures, diseases, or terminology related to COVID-19.
Some of the major players in the Speech-to-text API market include Google (US), Microsoft (US), AWS (US), IBM (US), Verint (US), Baidu (China), Twilio (US), Speechmatics (UK), VoiceCloud (US), VoiceBase (US), Voci (US), Kasisto (US), Nexmo (US) United), Contus (India), GoVivace (United States), GL Communications (United States), Wit.ai (US), VoxSciences (US), Rev (US), Vocapia Research (France), Deepgram (US) , Otter.ai (US), AssemblyAI (US), Verbit (US), Behavioral Signals (US), Chorus.ai (United States), Gnani.ai (India), Sayint.ai (India) and Amberscript (Country -Low).
Google (United States) is one of the most recognized brands in the world. Its main products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube, and each of them has over one billion monthly active users. Google has built a platform in the cloud and is investing in infrastructure, security, data management, analytics, and AI. The company’s global customer base is spread across verticals, such as Automotive, BFSI, Retail & E-commerce, Education, Energy, Engineering, Entertainment, Environment, food, beverage, government, health, manufacturing, media, telecommunications and computing, transportation and travel, and hospitality. As more digital experiences are created in the cloud, the company’s cloud products aim to help businesses of all sizes take advantage of the latest technologies and effectively manage their businesses. Google invests in platforms such as the Android mobile operating system, the Chrome browser, Chrome OS, and Daydream Virtual Reality (VR). It operates through 70 offices in more than 50 countries.
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Microsoft (US) develops software, services, devices, and solutions to compete in the age of a smart cloud and smart edge. With increasing investments in the mix-reality cloud, Microsoft is enabling its customers to digitize their business processes. The company’s offerings include cloud-based solutions that provide customers with software, platforms and content. Its product offerings include operating systems (OS), multi-device productivity applications, server applications, enterprise solution applications, desktop and server management tools, software development tools. and video games. Microsoft’s platforms and tools help boost the productivity of small businesses, the competitiveness of large businesses, and the efficiency of the public sector. The company is working on three pillars, which include privacy, cybersecurity, and responsible AI, to provide tools and frameworks for its clients to encourage policy change. It focuses on investing in data centers and other hybrid and edge infrastructure to enhance its service offerings. Microsoft operates in three segments: productivity and business processes, intelligent cloud, and more personal computing. Productivity and Business Processes provide dynamic business solutions, including Dynamics 365, a set of cloud-based applications for ERP and CRM, Dynamics ERP on-premises, and Dynamics CRM on-premises. It is geographically present in more than 190 countries in North America, APAC, Latin America, MEA and Europe.
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