Speech-to-Text API Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The Speech-to-text API market size is projected to grow from $1.6 billion in 2021 to $4.1 billion in 2028 with an average annual growth rate (CAGR) of 20% over the forecast period. The major growth driver of the market is the increased adoption of smart speakers and mobile phones. The innovation of speech-to-text solutions for students with temporary and permanent disabilities and the growing trend towards cloud-based speech-to-text solutions are key factors to add value to speech-to-text services, which should provide opportunities for companies operating in a variety of industries in the speech-to-text market. Cloud adoption is said to be on the rise recently, as vendors are using software as a service to provide cloud-based solutions. Professional users always make sure to offer the most efficient and economical solutions. Cloud-based solutions provide the opportunity to outsource operational operations to other companies. With the help of text-to-speech technology, subtitles and captions can be attached to any video or audio content and can be used for people struggling with visual impairment.

Company Profile

• Amazon Web Services, Inc. (AWS)
• Deepgram, Inc.
• Google LLC
• GoVivace Inc.
• IBM Corporation
• Microsoft Corporation
• Nuance Communications, Inc.
• Speechmatics (Cantab Research Limited)

Market Segmentation

By Deployment Mode

• Cloud
• On-Premises

By Application

• Fraud Detection & Prevention
• Risk & Compliance Management
• Customer Management

 By Industry Vertical

• IT & Telecom
• Travel & Hospitality
• Media & Entertainment
• Retail & Ecommerce
• Healthcare

Scope of the Report

The research study analyzes the Speech-to-Text API industry from 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions, considering multiple aspects some of which are listed below as:

Recent Developments

o Market Overview and growth analysis
o Import and Export Overview
o Volume Analysis
o Current Market Trends and Future Outlook
o Market Opportunistic and Attractive Investment Segment

Geographic Coverage

o North America Market Size and/or Volume
o Latin America Market Size and/or Volume
o Europe Market Size and/or Volume
o Asia-Pacific Market Size and/or Volume
o Rest of the world Market Size and/or Volume

Key Questions Answered by Speech-to-Text API Market Report

1. What was the Speech-to-Text API Market size in 2019 and 2020; what are the estimated growth trends and market forecast (2022-2028).

2. What will be the CAGR of Speech-to-Text API Market during the forecast period (2022-2028)?
3. Which segments (product type/applications/end-user) were most attractive for investments in 2022? How these segments are expected to grow during the forecast period (2022-2028).
4. Which manufacturer/vendor/players in the Speech-to-Text API Market was the market leader in 2020?
5. Overview on the existing product portfolio, products in the pipeline, and strategic initiatives taken by key vendors in the market.