Speech-to-Text API Market Value to Surpass USD 12.1 Billion by 2031

Due to growth drivers like improvements in artificial intelligence and the rising popularity of cloud-based services, the speech-to-text API market is evolving.

PORTLAND, PORTLAND, OR, UNITED STATES, March 3, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, the global speech-to-text API market generated $2.4 billion in 2021, and is estimated to reach $12.1 billion by 2031, witnessing a CAGR of 17.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.

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The report offers a detailed segmentation of the global speech-to-text API market based on component, deployment mode, application, industry vertical, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.

Based on component, the software segment held the largest share in 2021, accounting for more than three-fifths of the global speech-to-text API market and would rule the roost through 2031. The services segment is estimated to witness the fastest CAGR of 19.6% during the forecast period.

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In terms of deployment mode, the on-premise segment captured the largest market share of nearly three-fifths of the global speech-to-text API market in 2021. However, the cloud segment is expected to dominate and achieve the fastest CAGR of 20.4% through 2031.

In terms of application, the contact center and customer management segment captured the largest market share of more than one-third of the global speech-to-text API market in 2021 and is expected to lead the trail during the forecast period. However, the subtitle generation segment is likely to achieve the fastest CAGR of 25.1% through 2031. The report also studies the content transcription, fraud detection and prevention, risk and compliance management, and others segments.

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In terms of industry vertical, the BFSI segment captured the largest market share of nearly one-fourth of the global speech-to-text API market in 2021 and is expected to lead the trail during the forecast period. The healthcare segment is likely to achieve the fastest CAGR of 24.9% through 2031. The report also studies the IT and telecom, retail and e-commerce, media and entertainment, education, government and defense, and others segments.

Based on region, the market in North America was the largest in 2021, accounting for over one-third of the global speech-to-text API market in 2021. However, the market in Asia-Pacific is expected to dominate in terms of revenue and manifest the highest CAGR of 21.0% from 2022 to 2031. The other regions analyzed in the study include LAMEA and Europe.

Leading players of the global speech-to-text API market analyzed in the research include Amazon Web Services, Inc., Google LLC, IBM Corporation, Nuance Communications, Inc. , rev.com, VoiceCloud, Amberscript Global B.V., Microsoft, Speechmatics, and Voicebase, Inc.

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David Correa
Allied Analytics LLP
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