Speech-To-Text Market

Global Speech-To-Text Market Size, Trends & Analysis - Forecasts to 2027 By Component (Software, Services), By Application (Fraud Detection, Content Transcription, Subtitle Generation), By Deployment (On-Premise, Cloud), By Region (North America, Asia Pacific, Central & South America, Europe, and the Middle East & Africa), End-User Landscape Analysis, Company Market Share Analysis, and Competitor Analysis

Category Trending Technology
Format
  • ms word
  • ms excel
  • ms ppt
  • pdf
This report was recently updated on June 22 2022 with the latest and most recent market numbers

Global Speech-To-Text Market Size

The Global Speech-To-Text Market is projected to grow from USD 2.4 billion in 2022 to USD 5.8 billion in 2027 at a CAGR of 19.3% from 2022 to 2027.

The major driver in the speech-to-text market is the increase in demand for voice-based devices and their application in various sectors. Voice authentication is also required in banking services, healthcare, and other cloud-based industries. Cloud-based speech-to-text also offers opportunities for special aid students. This allows them equal educational and working opportunities as this works like assistive technology. These advantages drive the market during the forecast period.

The major restraints in the global speech-to-text market are the rise in prices of raw materials, maintaining these facilities, and inadequate space for manufacturing industries.

global speech-to-text market

COVID-19 Impact on Global Speech-To-Text Market

The COVID-19 pandemic impacted the global speech-to-text API market significantly. The global speech-to-text API market saw a surge during the pandemic. With a high consumer base due to remote working, online education, and several other e-commerce activities, there was an increase in demand for the global speech-to-text API market. But this development and shift to the online mode of work became expensive to many small and medium-sized enterprises. But the adoption of speech-to-text API was significant in the healthcare, and e-learning sectors. The growing demand for the speech-to-text API market will boost the market's revenue between 2022 and 2027.

Ukraine-Russia War Impact on Speech-To-Text Market

The war between Russia and Ukraine had a substantial impact on the global speech-to-text API market. Ukraine and Russia are facing production delays, a rise in transportation costs, and low sales due to the ongoing war. This also affects the other regions in Europe. Many countries trade with Russia and they are facing stockpiling and low demand due to increased prices. This impacts the political relations in the international market. Many companies are shutting down their business in Russia temporarily and this affects their other production plants as they have increased pressure of producing goods.

Global Speech-To-Text Market: By Component

The software segment is expected to witness the largest share in the global speech-to-text API market during the forecast period of 2022-2027. Software development kits, and APIs allow the translation of video-based content to texts. This helps companies to develop data and services for consumers who can only use text-based speech.

The services segment is expected to grow the fastest during 2022-2027. There is rapid digital transformation and industries need artificial intelligence for voice recognition, and to develop applications. This increases the demand for speech-to-text APIs. APIs also engage with machine learning and this drives the market during the forecast period. 

Global Speech-To-Text Market: By Deployment

The cloud segment is expected to witness the largest share in the global speech-to-text API market during the forecast period of 2022-2027. Top companies are adopting the cloud because it is flexible as well as a durable option. Cloud computing can be used in servers, storage, databases, and analytics. It helps in faster innovation as it takes less time. Speech-to-text software also enhances productivity and this drives the market during the forecast period.

The on-premise segment is expected to grow the fastest during 2022-2027. On-premise software needs to be installed by an organization and cannot be accessed remotely. It needs in-house servers and good quality computing infrastructure. Big companies and banking institutions prefer on-premise deployment as it is secure and licensed. Hence, considering these advantages the on-premise segment is expected to grow the fastest.

Global Speech-To-Text Market: By Application

The fraud detection segment is expected to witness the largest share in the global speech-to-text API market during the forecast period of 2022-2027. Fraud detection involves analyzing risk and its applications are involved in various sectors. Media and entertainment, banking and finance, and government organizations require speech-to-text API and artificial intelligence for their everyday audits and compliance management. Hence, considering these advantages fraud detection segment will have the largest share.

The content transcription segment is expected to grow the fastest during 2022-2027. Speech-to-text API helps in translating word-on-word documents. This is done for video or audio-based models, and content. Speech-to-text uses machine learning to transcript files and these are editable and can be used for conference call analysis. This helps permanent or semi-disabled consumers and this drives the global speech-to-text API market during the forecast period.

asia pacific speech-to-text market

Global Speech-To-Text Market: By Region

The North America segment is expected to witness the largest share in the global speech-to-text API market during the forecast period of 2022-2027. Due to the increase in disposable income of consumers and the high demand for smartphones, the North America segment will dominate the global speech-to-text API market.

An increase in the standard of living, voice-based assistance, and businesses working remotely are a few reasons which drive the market in the United States. The speech-to-text API industry in the United States has been substantially strong for a few years and due to the increasing demand for horticulture farming, it is estimated to grow further during the forecast period.

Asia-Pacific is expected to grow the fastest during 2022-2027. Asia-Pacific region is developing huge manufacturing industries, infrastructure for the healthcare industry, and education sector. These sectors are adopting voice-based applications for teaching, diagnostics, and trading. This requires speech-to-text converters and this drives the market in the forecast period.

The markets in India, China, and South Korea are developing new technologies and are also expanding businesses, this increases their production capacity. These industries need voice technologies for logistics and a smooth consumer experience. Hence, considering these advantages the global speech-to-text API market is expected to grow.

The Middle East and Africa account for a significant market share. There is substantial growth due to investments in research and development, increased industrial activities, and businesses that are expanding in the global economy. The competitive landscape helps in the growth rate of the global speech-to-text API market.

Global Speech-To-Text Market Share and Competitor Analysis

Amazon, Google LLC, IBM Corporation, Microsoft, Nuance Communications, Speechmatics, Vocapia Research, Verint Systems, Revcom Inc., and VoiceBase, among others, are key players in the speech-to-text API market.

Please note: This is not an exhaustive list of companies profiled in the report.

The global speech-to-text API market has observed several strategic alliances between company profiles to launch new products with added functionalities and maintain revenue share & profitability. Organic and inorganic growth strategies adopted by small players have been the highlight of this market.

Global Speech-To-Text Market Recent Development

  • In March 2020, IBM Corporation updated its HTTP interface for Korean and German language models.
  • In September 2019, Revcom Inc. developed speech-to-text API models which offer phone applications for software models.

Chapter 1   Research Methodology

1.1    Research Assumptions

1.2    Research Methodology

1.2.1    Estimates and Forecast Timeline

1.3    Information Procurement

1.3.1    Purchased Database

1.3.2    GME’s Internal Database

1.3.3    Primary Research

1.3.4    Secondary Sources & Third-Party Perspectives

            1.3.4.1    Company Information Sources

            1.3.4.2    Secondary Data Sources

1.4    Information or Data Analysis

1.4.1    Data Analysis Models

1.5    Market Formulation & Data Visualization

1.6    Data Validation & Publishing

1.7    Market Model

1.7.1    Model Details

            1.7.1.1   Top-Down Approach

            1.7.1.2   Bottom-Up Approach

1.8    Market Segmentation & Scope

1.9    Market Definition

Chapter 2   Executive Summary

2.1    Global Market Outlook

2.2     Component Outlook

2.3     Application Outlook

2.4     Deployment Outlook

2.5    Regional Outlook

Chapter 3   Global Speech-To-Text API Market Trend Analysis

3.1.    Market Introduction

3.2     Penetration & Growth Prospect Mapping

3.3     Impact of COVID-19 on the Speech-To-Text API Market

3.4     Metric Data based on the industry

3.5     Market Dynamic Analysis

3.5.1   Market Driver Analysis

3.5.2   Market Restraint Analysis

3.5.3   Industry Challenges

3.5.4   Industry Opportunities

3.6     Porter’s Five Analysis

3.6.1   Supplier Power

3.6.2   Buyer Power

3.6.3   Substitution Threat

3.6.4   Threat from New Entrant

3.7     Market Entry Strategies

Chapter 4   Speech-To-Text API Market: Component Trend Analysis

4.1   Component: Historic Data vs. Forecast Data Analysis, 2021 vs. 2027

4.2    Software

4.2.1    Market Estimates & Forecast Analysis of Software Segment, By Region, 2019-2027 (USD Billion)

4.3    Services

4.3.1    Market Estimates & Forecast Analysis of Services Segment, By Region, 2019-2027 (USD Billion)

Chapter 5   Speech-To-Text API Market: By Deployment Trend Analysis

5.1   By Deployment: Historic Data vs. Forecast Data Analysis, 2021 vs. 2027

5.2    On-Premise

5.2.1    Market Estimates & Forecast Analysis of On-Premise, By Region, 2019-2027 (USD Billion)

5.3    Cloud

5.3.1    Market Estimates & Forecast Analysis of Cloud Market Segment, By Region, 2019-2027 (USD Billion)

Chapter 6   Speech-To-Text API Market: Application Trend Analysis

6.1   Application: Historic Data vs. Forecast Data Analysis, 2022 vs. 2027

6.2    Fraud Detection

6.2.1    Market Estimates & Forecast Analysis of Fraud Detection Segment, By Region, 2019-2027 (USD Billion)

6.3    Content Transcription

6.3.1    Market Estimates & Forecast Analysis of Content Transcription Segment, By Region, 2019-2027 (USD Billion)

6.4    Subtitle Generation

6.4.1    Market Estimates & Forecast Analysis of Subtitle Generation Segment, By Region, 2019-2027 (USD Billion)

Chapter 7   Speech-To-Text API Market, By Region

7.1    Regional Outlook

7.2    North America

7.2.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.2.2    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.2.3    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.2.4    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.2.5    U.S.

7.2.5.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.2.5.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.2.5.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.2.6    Canada

7.2.6.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.2.6.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.2.6.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.5.7    Mexico

7.5.5.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.5.5.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.5.5.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.3    Europe

7.3.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.3.2    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.3.3    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.3.4    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.3.5    Germany

7.3.5.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.3.5.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.3.5.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.3.6    UK

7.3.6.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.3.6.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.3.6.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.3.7    France

7.3.7.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.3.7.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.3.7.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.3.8    Russia

7.3.8.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.3.8.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.3.8.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.3.9    Italy

7.3.9.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.3.9.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.3.9.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.3.10    Spain

7.3.10.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.3.10.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.3.10.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.3.11    Rest of Europe

7.3.11.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.3.11.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.3.11.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.4    Asia Pacific

7.4.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.4.2    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.4.3    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.4.4    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.4.5    China

7.4.5.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.4.5.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.4.5.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.4.6    India

7.4.6.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.4.6.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.4.6.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.4.7    Japan

7.4.7.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.4.7.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.4.7.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.4.8    Australia

7.4.8.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.4.8.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.4.8.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.4.9    South Korea

7.4.9.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.4.9.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.4.9.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.3.10    Rest of Asia Pacific

7.3.10.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.3.10.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.3.10.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.5    Central & South America

7.5.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.5.2    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.5.3    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.5.4   Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.5.5    Brazil

7.5.5.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.5.5.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.5.5.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.5.6    Rest of Central & South America

7.5.6.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.5.6.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.5.6.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.6    Middle East & Africa

7.6.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.6.2    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.6.3    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.6.4    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.6.5    Saudi Arabia

7.6.5.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.6.5.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.6.5.3   Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.6.6    United Arab Emirates

7.6.6.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.6.6.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.6.6.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.6.7    South Africa

7.6.7.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.6.7.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.6.7.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

7.5.8    Rest of Middle East & Africa

7.5.8.1    Market Estimates & Forecast Analysis, Component, 2019-2027 (USD Billion)

7.5.8.2    Market Estimates & Forecast Analysis, By Deployment, 2019-2027 (USD Billion)

7.5.8.3    Market Estimates & Forecast Analysis, By Application, 2019-2027 (USD Billion)

Chapter 8   Competitive Analysis

8.1    Key Global Players, Recent Developments & their Impact on the Industry

8.2    Four Quadrant Competitor Positioning Matrix

8.2.1    Key Innovators

8.2.2    Market Leaders

8.2.3    Emerging Players

8.2.4    Market Challengers

8.3    Vendor Landscape Analysis

8.4    End-User Landscape Analysis

8.5    Company Market Share Analysis, 2021

Chapter 9   Company Profile Analysis

9.1    Amazon

9.1.1    Company Overview

9.1.2    Financial Analysis

9.1.3    Strategic Initiatives

9.1.4    Product Benchmarking

9.2     Google LLC

9.2.1    Company Overview

9.2.2    Financial Analysis

9.2.3    Strategic Initiatives

9.2.4    Product Benchmarking

9.3     IBM Corporation

9.3.1    Company Overview

9.3.2    Financial Analysis

9.3.3    Strategic Initiatives

9.3.4    Product Benchmarking

9.4    Microsoft

9.4.1    Company Overview

9.4.2    Financial Analysis

9.4.3    Strategic Initiatives

9.4.4    Product Benchmarking

9.5    Nuance Communications

9.5.1    Company Overview

9.5.2    Financial Analysis

9.5.3    Strategic Initiatives

9.5.4    Product Benchmarking

9.6     Speechmatics

9.6.1    Company Overview

9.6.2    Financial Analysis

9.6.3    Strategic Initiatives

9.6.4    Product Benchmarking

9.7     Vocapia Research

9.7.1    Company Overview

9.7.2    Financial Analysis

9.7.3    Strategic Initiatives

9.7.4    Product Benchmarking

9.8    Verint Systems

9.8.1    Company Overview

9.8.2    Financial Analysis

9.8.3    Strategic Initiatives

9.8.4    Product Benchmarking

9.9     Revcom Inc.

9.9.1    Company Overview

9.9.2    Financial Analysis

9.9.3    Strategic Initiatives

9.9.4    Product Benchmarking

9.10   Other Companies

9.10.1    Company Overview

9.10.2    Financial Analysis

9.10.3    Strategic Initiatives

9.10.4    Product Benchmarking

List of Tables

1 Technological Advancements in Speech-To-Text API Market

2 Global Speech-To-Text API Market: Key Market Drivers

3 Global Speech-To-Text API Market: Key Market Challenges

4 Global Speech-To-Text API Market: Key Market Opportunities

5 Global Speech-To-Text API Market: Key Market Restraints

6 Global Speech-To-Text API Market Estimates & Forecast Analysis, 2019-2027 (USD Billion)

7 Global Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

8 Software: Global Speech-To-Text API Market, By Region, 2019-2027 (USD Billion)

9 Services: Global Speech-To-Text API Market, By Region, 2019-2027 (USD Billion)

10 Global Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

11 On-Premise: Global Speech-To-Text API Market, By Region, 2019-2027 (USD Billion)

12 Cloud: Global Speech-To-Text API Market, By Region, 2019-2027 (USD Billion)

13 Global Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

14 Fraud Detection: Global Speech-To-Text API Market, By Region, 2019-2027 (USD Billion)

15 Content Transcription: Global Speech-To-Text API Market, By Region, 2019-2027 (USD Billion)

16 Subtitle Generation: Global Speech-To-Text API Market, By Region, 2019-2027 (USD Billion)

17 Regional Analysis: Global Speech-To-Text API Market, By Region, 2019-2027 (USD Billion)

18 North America: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

19 North America: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

20 North America: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

21 North America: Speech-To-Text API Market, By Country, 2019-2027 (USD Billion)

22 U.S: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

23 U.S: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

24 U.S: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

25 Canada: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

26 Canada: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

27 Canada: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

28 Mexico: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

29 Mexico: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

30 Mexico: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

31 Europe: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

32 Europe: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

33 Europe: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

34 Europe: Speech-To-Text API Market, By Country, 2019-2027 (USD Billion)

35 Germany: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

36 Germany: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

37 Germany: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

38 UK: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

39 UK: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

40 UK: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

41 France: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

42 France: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

43 France: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

44 Italy: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

45 Italy: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

46 Italy: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

47 Spain: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

48 Spain: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

49 Spain: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

50 Rest Of Europe: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

51 Rest Of Europe: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

52 Rest Of Europe: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

53 Asia Pacific: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

54 Asia Pacific: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

55 Asia Pacific: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

56 Asia Pacific: Speech-To-Text API Market, By Country, 2019-2027 (USD Billion)

57 China: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

58 China: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

59 China: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

60 India: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

61 India: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

62 India: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

63 Japan: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

64 Japan: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

65 Japan: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

66 South Korea: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

67 South Korea: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

68 South Korea: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

69 Middle East & Africa: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

70 Middle East & Africa: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

71 Middle East & Africa: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

72 Middle East & Africa: Speech-To-Text API Market, By Country, 2019-2027 (USD Billion)

73 Saudi Arabia: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

74 Saudi Arabia: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

75 Saudi Arabia: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

76 UAE: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

77 UAE: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

78 UAE: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

79 Central & South America: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

80 Central & South America: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

81 Central & South America: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

82 Central & South America: Speech-To-Text API Market, By Country, 2019-2027 (USD Billion)

83 Brazil: Speech-To-Text API Market, Component, 2019-2027 (USD Billion)

84 Brazil: Speech-To-Text API Market, By Deployment, 2019-2027 (USD Billion)

85 Brazil: Speech-To-Text API Market, By Application, 2019-2027 (USD Billion)

86 Amazon: Components Offered

87 Google LLC: Components Offered

88 IBM Corporation: Components Offered

89 Microsoft: Components Offered

90 Nuance Communications: Components Offered

91 Speechmatics: Components Offered

92 Revcom Inc.: Components Offered

93 Vocapia Research: Components Offered

94 Verint Systems: Components Offered

95 Other Companies: Components Offered

List of Figures

1. Global Speech-To-Text API Market Segmentation & Research Scope

2. Primary Research Partners and Local Informers

3. Primary Research Process

4. Primary Research Approaches

5. Primary Research Responses

6. Global Speech-To-Text API Market: Penetration & Growth Prospect Mapping

7. Global Speech-To-Text API Market: Value Chain Analysis

8. Global Speech-To-Text API Market Drivers

9. Global Speech-To-Text API Market Restraints

10. Global Speech-To-Text API Market Opportunities

11. Global Speech-To-Text API Market Challenges

12. Key Speech-To-Text API Market Manufacturer Analysis

13. Global Speech-To-Text API Market: Porter’s Five Forces Analysis

14. PESTLE Analysis & Impact Analysis

15. Amazon: Company Snapshot

16. Amazon: Swot Analysis

17. Google LLC: Company Snapshot

18. Google LLC: Swot Analysis

19. IBM Corporation: Company Snapshot

20. IBM Corporation: Swot Analysis

21. Microsoft: Company Snapshot

22. Microsoft: Swot Analysis

23. Nuance Communications: Company Snapshot

24. Nuance Communications: Swot Analysis

25. Revcom Inc.: Company Snapshot

26. Revcom Inc.: Swot Analysis

27. Vocapia Research: Company Snapshot

28. Vocapia Research: Swot Analysis

29. Verint Systems: Company Snapshot

30. Verint Systems: Swot Analysis

31. Speechmatics: Company Snapshot

32. Speechmatics: Swot Analysis

33. Other Companies: Company Snapshot

34. Other Companies: SWOT Analysis 

The Global Speech-To-Text Market has been studied from the year 2019 till 2027. However, the CAGR provided in the report is from the year 2022 to 2027. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.

The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Speech-To-Text Market.

The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.

Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.

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Frequently Asked Questions

The global speech-to-text market is projected to grow from USD 2.4 billion in 2022 to USD 5.8 billion in 2027 at a CAGR of 19.3% from 2022 to 2027.
Amazon, Google LLC, IBM Corporation, Microsoft, Nuance Communications, Speechmatics, Vocapia Research, Verint Systems, Revcom Inc., and VoiceBase, among others, are key players in the speech-to-text API market.
The COVID-19 pandemic impacted the global speech-to-text API market significantly. The global speech-to-text API market saw a surge during the pandemic. With a high consumer base due to remote working, online education, and several other e-commerce activities, there was an increase in demand for the global speech-to-text API market. But this development and shift to the online mode of work became expensive to many small and medium-sized enterprises. But the adoption of speech-to-text API was significant in the healthcare, and e-learning sectors. The growing demand for the speech-to-text API market will boost the markets revenue between 2022 and 2027.
The major driver in the speech-to-text market is the increase in demand for voice-based devices and their application in various sectors. Voice authentication is also required in banking services, healthcare, and other cloud-based industries. Cloud-based speech-to-text also offers opportunities for special aid students. This allows them equal educational and working opportunities as this works like assistive technology. These advantages drive the market during the forecast period.
The war between Russia and Ukraine had a substantial impact on the global speech-to-text API market. Ukraine and Russia are facing production delays, a rise in transportation costs, and low sales due to the ongoing war. This also affects the other regions in Europe. Many countries trade with Russia and they are facing stockpiling and low demand due to increased prices. This impacts the political relations in the international market. Many companies are shutting down their business in Russia temporarily and this affects their other production plants as they have increased pressure of producing goods.

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