Speech-to-text API Market

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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

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Report Code: TC 7421 Nov, 2019, by marketsandmarkets.com

[163 Pages Report] The global Speech-to-text 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 growth drivers of the market are the growing adoption of smart speakers and mobile phones.

Speech to Text API Market

Among applications, route optimization segment to grow at the highest CAGR during the forecast period

The speech-to-text API market is segmented by application into risk and compliance management, fraud detection and prevention, customer management, content transcription, others (business process management and quality monitoring). The content transcription segment is expected to be the fastest-growing segment in the market owing to the growing need to provide understandable and searchable transcription of audio and video data to fuel the adoption of speech-to-text API.

Cloud deployment mode to grow at a rapid pace during the forecast period

Most vendors in the speech-to-text API market offer cloud-based maintenance solutions to gain maximum profits and automate their equipment maintenance process, effectively. The cloud segment offers benefits, such as scalability and cost effectiveness, which are expected to be instrumental in propelling the growth of the overall market.

Speech to Text API Market

North America to hold the largest market size during the forecast period

North America is expected to hold the largest market size in the global speech-to-text API market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The region is becoming a new hotspot in the market, due to the rising investment in the process of digitalization across potential economies in the region.

North America is the most significant revenue contributor to the global speech-to-text API market. The region is witnessing significant developments in the market. In North America, the high growth rate can be attributed to the increasing use of the big data technology, growing amount of data across verticals, and rising investments by companies in real-time analytics.

Key market players

Major vendors in the global speech-to-text API market include 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), and Contus (India). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global market.

Alphabet is now the parent company of Google, following its founding in August 2015. Google is one of the global technology leaders, and its primary areas include advertising, search, Operating Systems (OS) and platforms, and enterprise and hardware products. Its search segment offers a vast index of websites and other online content that is made available through its search engine. The company is a conglomerate, and its largest part of revenue comes from Google. All non-Google businesses are collectively called Other Bets. Google’s core products include Search, Maps, Chrome, Android, YouTube, Google Play, and Gmail. In the speech-to-text API market, the company offers a speech-to-text solution, which enables easy integration of Google speech recognition technologies into developer applications. By using this speech-to-text solution, users can send audios and receive a text transcriptions from the speech-to-text API service.

Scope of the Report

Report Metrics

Details

Market size available for years

2017–2024

Base year considered

2018

Forecast period

2019–2024

Forecast units

Million (USD)

Segments covered

Component, Deployment Mode, Organization Size, Application, Vertical, and Region

Geographies covered

North America, Europe, APAC, Latin America, and MEA

Companies covered

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), and Contus (India).

This research report categorizes the speech-to-text API market based on component, deployment mode, organization size, application, verticals, and regions.

By Component, the speech-to-text API market is divided into the following segments:

  • Solutions
    • Software
    • Services
  • Services
    • Professional Services
      • Consulting
      • Support and Maintenance
      • Deployment and Integration
    • Managed Services

By Deployment mode, the speech-to-text API market is divided into the following segments:

  • On-premises
  • Cloud

By Organization Size, the speech-to-text API market is divided into the following segments:

  • Large Enterprises
  • Small and Medium-Sized Enterprises (SMEs)

By Application, the speech-to-text API market is divided into the following segments:

  • Risk and Compliance Management
  • Fraud Detection and Prevention
  • Customer Management
  • Content Transcription

By Vertical, the speech-to-text API market is divided into the following segments:

  • 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)

By Region, the Speech-to-text API market is divided into the following segments:

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific (APAC)
    • Japan
    • Australia
    • China
    • India
    • Rest of APAC
  • Middle East and Africa (MEA)
    • Middle East
    • Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America

Recent Developments

  • In October 2019, Google launched a new recorder app. The new Recorder app uses speech recognition and Artificial Intelligence (AI) to transcribe lectures, meetings, and interviews, which means that it must have enhanced capacity to denote separate speakers, clarifying the audio streams.
  • In October 2019, Microsoft announced a partnership with Nuance Communications, a clinical documentation company. This partnership would accelerate the development of ambient sensing tech, AI software that understands patient-clinician conversations and automatically integrates that data into the patient's medical record. 
  • In September 2019, IBM launched its Watson Assistant, voice recognition and assistant system. Watson Assistant is a smart enterprise assistant powered with AI, cloud, and Internet of Things (IoT). It can be accessed via voice or text interaction.

Critical Questions the Report Answers

  • What are the current trends driving the speech-to-text API market?
  • In which vertical are most industrial companies deploying speech-to-text API solutions?
  • Where will recent developments of market vendors take the industry in the mid- to long-term?
  • Who are the top vendors in the market and what is their competitive analysis?
  • What are the drivers and challenges faced by vendors in the speech-to-text API market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst



Table of Contents

1 Introduction (Page No. - 19)
    1.1 Objectives of the Study
    1.2 Market Definition
           1.2.1 Inclusions and Exclusions
    1.3 Market Scope
           1.3.1 Market Segmentation
           1.3.2 Regions Covered
    1.4 Years Considered for the Study
    1.5 Currency Considered
    1.6 Stakeholders

2 Research Methodology (Page No. - 22)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakup of Primary Profiles
                    2.1.2.2 Key Industry Insights
    2.2 Market Breakup and Data Triangulation
    2.3 Market Size Estimation
           2.3.1 Top-Down Approach
           2.3.2 Bottom-Up Approach
    2.4 Market Forecast
    2.5 Competitive Leadership Mapping Methodology
           2.5.1 Vendor Inclusion Criteria
    2.6 Assumptions for the Study
    2.7 Limitations of the Study

3 Executive Summary (Page No. - 32)

4 Premium Insights (Page No. - 37)
    4.1 Attractive Market Opportunities in the Speech-to-Text API Market
    4.2 Market Top 3 Applications
    4.3 Market By Region
    4.4 Market in North America, By Application and Industry Vertical

5 Speech-to-text API Market Overview and Industry Trends (Page No. - 39)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Growing Adoption of Smart Speakers and Mobile Phones
                    5.2.1.2 Stringent Regulatory and Compliance
           5.2.2 Restraints
                    5.2.2.1 Transcribing Audio From Multi-Channels and Its Accuracy
           5.2.3 Opportunities
                    5.2.3.1 Innovation in Speech-to-Text Solutions for Temporarily and Permanently Disabled Students
                    5.2.3.2 Growing Inclination Toward Cloud-Based Deployment Mode
           5.2.4 Challenges
                    5.2.4.1 Multilingual Support for Captioning and Subtitling
                    5.2.4.2 Building Custom Vocabulary as Per Different Industry Verticals
    5.3 Use Cases
           5.3.1 Use Case: Scenario 1
           5.3.2 Use Case: Scenario 2
           5.3.3 Use Case: Scenario 3
    5.4 Regulatory Implications
           5.4.1 Americans With Disabilities Act
           5.4.2 Office of Communications
           5.4.3 Polish Civil Code
           5.4.4 Federal Communications Commission
           5.4.5 General Data Protection Regulation

6 Speech-to-Text API Market By Component (Page No. - 45)
    6.1 Introduction
    6.2 Software
           6.2.1 Growing Inclination Toward Voice-Based Technology to Drive the Demand for Speech-to-Text API Software
    6.3 Services
           6.3.1 Managed Services
                    6.3.1.1 Increasing Need to Monitor and Maintain Tool Operations and Reduce Overhead Costs Driving the Demand for Managed Services
           6.3.2 Professional Services
                    6.3.2.1 Consulting
                               6.3.2.1.1 Technicalities Involved in Implementing Speech-to-Text API Tools and Services to Boost the Demand for Consulting Services
                    6.3.2.2 Deployment and Integration
                               6.3.2.2.1 Growing Need to Overcome System-Related Issues Effectively Driving the Demand for Deployment and Integration Services
                    6.3.2.3 Support and Maintenance
                               6.3.2.3.1 Growing Deployment of Speech-to-Text API Software to Boost the Demand for Support and Maintenance Services

7 Speech-to-Text API Market By Application (Page No. - 54)
    7.1 Introduction
    7.2 Risk and Compliance Management
           7.2.1 Rising Costs of Non-Compliance Compelling Companies to Adopt Speech-to-Text API
    7.3 Fraud Detection and Prevention
           7.3.1 Increasing Instances of Frauds Prompting Banks and Financial Institutions to Adopt Advanced Speech-to-Text API
    7.4 Customer Management
           7.4.1 Need to Extract Meaningful Data From Customer Interactions Driving the Adoption of Speech-to-Text API
    7.5 Content Transcription
           7.5.1 Growing Need to Provide Understandable and Searchable Transcription of Audio and Video Data to Fuel the Adoption of Speech-to-Text API
    7.6 Others

8 Speech-to-Text API Market By Deployment Mode (Page No. - 61)
    8.1 Introduction
    8.2 Cloud
           8.2.1 Cost-Effectiveness and Scalability to Boost the Adoption of Cloud-Based Speech-to-Text API
    8.3 On-Premises
           8.3.1 Data-Sensitive Organizations Preferring the On-Premises Deployment Mode for Speech-to-Text API Software

9 Speech-to-Text API Market By Organization Size (Page No. - 65)
    9.1 Introduction
    9.2 Small and Medium-Sized Enterprises
           9.2.1 Availability of Cloud-Based Cost-Effective Solutions to Fuel the Adoption of Speech-to-Text API in Small and Medium-Sized Enterprises
    9.3 Large Enterprises
           9.3.1 Increasing Use of Advanced Technologies to Boost the Adoption of Speech-to-Text API in Large Enterprises

10 Speech-to-Text API Market By Industry Vertical (Page No. - 69)
     10.1 Introduction
     10.2 Banking, Financial Services, and Insurance
             10.2.1 Rising Need for Automated Customer Service and Query Resolver to Fuel the Adoption of Speech-to-Text API in BFSI
     10.3 Retail and eCommerce
             10.3.1 Need to Deliver Real-Time Customer Experience Driving the Adoption of Speech-to-Text API in Retail and eCommerce
     10.4 Telecommunications and It
             10.4.1 Widespread Adoption of 4G/5G Technology to Boost the Adoption of Speech-to-Text API in Telecommunications and It
     10.5 Healthcare
             10.5.1 Growing Regulatory Requirements and Need for Documentation to Fuel the Adoption of Speech-to-Text API in Healthcare
     10.6 Manufacturing
             10.6.1 Growing Demand for In-Car Infotainment Systems to Drive the Adoption of Speech-to-Text API in Manufacturing
     10.7 Media and Entertainment
             10.7.1 Increased Demand for Content Transcription to Boost the Adoption of Speech-to-Text API in Media and Entertainment
     10.8 Government and Defense
             10.8.1 Growing Government Initiatives to Drive the Adoption of Speech-to-Text API in the Government and Defense Sector
     10.9 Travel and Hospitality
             10.9.1 Increasing Competition Among Players to Drive the Adoption of Speech-to-Text API in Travel and Hospitality
     10.10 Others

11 Speech-to-Text API Market By Region (Page No. - 80)
     11.1 Introduction
     11.2 North America
             11.2.1 United States
                        11.2.1.1 Rapid Growth of Technologies and Infrastructure to Fuel the Adoption of Speech-to-Text API in the US
             11.2.2 Canada
                        11.2.2.1 Growing R&D Activities to Boost the Growth of Speech-to-Text API Market in Canada
     11.3 Europe
             11.3.1 United Kingdom
                        11.3.1.1 Growing Focus on Automating Customer Service to Boost the Adoption of Speech-to-Text API in the UK
             11.3.2 Germany
                        11.3.2.1 Government Initiatives for the Adoption of AI and Interest Among Enterprises to Offer Personalized Customer Services Driving the Growth of Market in Germany
             11.3.3 France
                        11.3.3.1 Ongoing Efforts From Private Companies and Institutional Players to Boost the Growth of Market in France
             11.3.4 Rest of Europe
     11.4 Asia Pacific
             11.4.1 Japan
                        11.4.1.1 Increasing Use of Iva and Chatbots in Telecommunications and Retail Industries to Drive the Adoption of Speech-to-Text API in Japan
             11.4.2 Australia
                        11.4.2.1 Increasing Need to Make Timely Business and Communication Decisions to Drive the Growth of Market Across the Telecommunication Industry Verticals in Australia
             11.4.3 China
                        11.4.3.1 Increasing Need for Automation Across Healthcare Institutions and BFSI Organizations to Drive the Growth of Market in China
             11.4.4 India
                        11.4.4.1 Growing Investment of Industry Players in AI Technology to Drive the Growth of Speech-to-Text API Market in India
             11.4.5 Rest of Asia Pacific
     11.5 Middle East and Africa
             11.5.1 Middle East
                        11.5.1.1 Government Regulations and Increased Penetration of Mobile Devices to Carry Out Different Operations Driving the Growth of Market in the Middle East
             11.5.2 Africa
                        11.5.2.1 Increasing Investments in Technologies, Such as Cloud, Analytics, and Information Security to Drive the Growth of Market in Africa
     11.6 Latin America
             11.6.1 Brazil
                        11.6.1.1 Growing Industries, Such as Banking and eCommerce to Boost the Adoption of Speech-to-Text API in Brazil
             11.6.2 Mexico
                        11.6.2.1 Growing Developments in Ivr, Chatbots, and Customer Self-Service Capabilities to Drive the Growth of Market in Mexico
             11.6.3 Rest of Latin America

12 Competitive Landscape (Page No. - 120)
     12.1 Introduction
     12.2 Competitive Leadership Mapping
             12.2.1 Visionary Leaders
             12.2.2 Innovators
             12.2.3 Dynamic Differentiators
             12.2.4 Emerging Companies

13 Company Profiles (Page No. - 122)
     13.1 Introduction
(Business Overview, Products Offered, Recent Developments, SWOT Analysis & MnM View)*
     13.2 Google
     13.3 Microsoft
     13.4 IBM
     13.5 AWS
     13.6 Nuance Communications
     13.7 Verint
     13.8 Speechmatics
     13.9 Vocapia Research
     13.10 Twilio
     13.11 Baidu
     13.12 Facebook
     13.13 Iflytek
     13.14 Govivace
     13.15 Deepgram
     13.16 Nexmo
     13.17 Voicebase
     13.18 Otter.AI
     13.19 VOCI
     13.20 GL Communications
     13.21 Contus

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis & MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 155)
     14.1 Industry Excerpts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Available Customizations
     14.5 Related Reports
     14.6 Author Details


List of Tables (112 Tables)

Table 1 United States Dollar Exchange Rate, 2015–2018
Table 2 Factor Analysis
Table 3 Evaluation Criteria
Table 4 Speech-to-Text API Market Size and Growth Rate, 2017–2024 (USD Million, Y-O-Y %)
Table 5 Smart Devices Consumption
Table 6 United States Smart Speakers Consumption
Table 7 Speech-to-Text API Market Size, By Component, 2017–2024 (USD Million)
Table 8 Software: Market Size By Region, 2017–2024 (USD Million)
Table 9 Services: Market Size By Type, 2017–2024 (USD Million)
Table 10 Services: Market Size By Region, 2017–2024 (USD Million)
Table 11 Managed Services: Speech-to-Text API Market Size, By Region, 2017–2024 (USD Million)
Table 12 Professional Services: Market Size By Type, 2017–2024 (USD Million)
Table 13 Professional Services: Market Size By Region, 2017–2024 (USD Million)
Table 14 Consulting: Market Size By Region, 2017–2024 (USD Million)
Table 15 Deployment and Integration: Market Size By Region, 2017–2024 (USD Million)
Table 16 Support and Maintenance: Market Size By Region, 2017–2024 (USD Million)
Table 17 Speech-to-Text API Market Size, By Application, 2017–2024 (USD Million)
Table 18 Risk and Compliance Management: Market Size By Region, 2017–2024 (USD Million)
Table 19 Fraud Detection and Prevention: Market Size By Region, 2017–2024 (USD Million)
Table 20 Customer Management: Market Size By Region, 2017–2024 (USD Million)
Table 21 Content Transcription: Market Size By Region, 2017–2024 (USD Million)
Table 22 Other Applications: Market Size By Region, 2017–2024 (USD Million)
Table 23 Speech-to-Text API Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 24 Cloud: Market Size By Region, 2017–2024 (USD Million)
Table 25 On-Premises: Market Size By Region, 2017–2024 (USD Million)
Table 26 Speech-to-Text API Market Size, By Organization Size, 2017–2024 (USD Million)
Table 27 Small and Medium-Sized Enterprises: Market Size By Region, 2017–2024 (USD Million)
Table 28 Large Enterprises: Market Size By Region, 2017–2024 (USD Million)
Table 29 Speech-to-Text API Market Size, By Industry Vertical, 2017–2024 (USD Million)
Table 30 Banking, Financial Services, and Insurance: Market Size By Region, 2017–2024 (USD Million)
Table 31 Retail and eCommerce: Market Size By Region, 2017–2024 (USD Million)
Table 32 Telecommunications and It: Market Size By Region, 2017–2024 (USD Million)
Table 33 Healthcare: Market Size By Region, 2017–2024 (USD Million)
Table 34 Manufacturing: Market Size By Region, 2017–2024 (USD Million)
Table 35 Media and Entertainment: Speech-to-Text API Market Size By Region, 2017–2024 (USD Million)
Table 36 Government and Defense: Market Size By Region, 2017–2024 (USD Million)
Table 37 Travel and Hospitality: Market Size By Region, 2017–2024 (USD Million)
Table 38 Other Industry Verticals: Market Size By Region, 2017–2024 (USD Million)
Table 39 Market Size By Region, 2017–2024 (USD Million)
Table 40 Data Traffic in North America, 2016–2024 (Petabytes/Month)
Table 41 North America: Speech-to-Text API Market Size, By Component, 2017–2024 (USD Million)
Table 42 North America: Market Size By Service, 2017–2024 (USD Million)
Table 43 North America: Market Size By Professional Service, 2017–2024 (USD Million)
Table 44 North America: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 45 North America: Market Size By Organization Size, 2017–2024 (USD Million)
Table 46 North America: Market Size By Application, 2017–2024 (USD Million)
Table 47 North America: Market Size By Industry Vertical, 2017–2024 (USD Million)
Table 48 North America: Market Size By Country, 2017–2024 (USD Million)
Table 49 United States: Market Size, By Component, 2017–2024 (USD Million)
Table 50 United States: Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 51 Canada: Speech-to-Text API Market Size, By Component, 2017–2024 (USD Million)
Table 52 Canada: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 53 Europe: Market Size By Component, 2017–2024 (USD Million)
Table 54 Europe: Market Size By Service, 2017–2024 (USD Million)
Table 55 Europe: Market Size By Professional Service, 2017–2024 (USD Million)
Table 56 Europe: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 57 Europe: Market Size, By Organization Size, 2017–2024 (USD Million)
Table 58 Europe: Market Size By Application, 2017–2024 (USD Million)
Table 59 Europe: Market Size By Industry Vertical, 2017–2024 (USD Million)
Table 60 Europe: Market Size By Country, 2017–2024 (USD Million)
Table 61 United Kingdom: Speech-to-Text API Market Size, By Component, 2017–2024 (USD Million)
Table 62 United Kingdom: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 63 Germany: Market Size By Component, 2017–2024 (USD Million)
Table 64 Germany: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 65 France: Market Size By Component, 2017–2024 (USD Million)
Table 66 France: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 67 Rest of Europe: Speech-to-Text API Market Size, By Component, 2017–2024 (USD Million)
Table 68 Rest of Europe: Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 69 Asia Pacific: Market Size By Component, 2017–2024 (USD Million)
Table 70 Asia Pacific: Market Size By Service, 2017–2024 (USD Million)
Table 71 Asia Pacific: Market Size By Professional Service, 2017–2024 (USD Million)
Table 72 Asia Pacific: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 73 Asia Pacific: Market Size By Organization Size, 2017–2024 (USD Million)
Table 74 Asia Pacific: Market Size By Application, 2017–2024 (USD Million)
Table 75 Asia Pacific: Market Size By Industry Vertical, 2017–2024 (USD Million)
Table 76 Asia Pacific: Market Size By Country, 2017–2024 (USD Million)
Table 77 Japan: Speech-to-Text API Market Size, By Component, 2017–2024 (USD Million)
Table 78 Japan: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 79 Australia: Market Size By Component, 2017–2024 (USD Million)
Table 80 Australia: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 81 China: Market Size By Component, 2017–2024 (USD Million)
Table 82 China: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 83 India: Market Size By Component, 2017–2024 (USD Million)
Table 84 India: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 85 Rest of Asia Pacific: Speech-to-Text API Market Size, By Component, 2017–2024 (USD Million)
Table 86 Rest of Asia Pacific: Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 87 Middle East and Africa: Market Size By Component, 2017–2024 (USD Million)
Table 88 Middle East and Africa: Market Size By Service, 2017–2024 (USD Million)
Table 89 Middle East and Africa: Market Size By Professional Service, 2017–2024 (USD Million)
Table 90 Middle East and Africa: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 91 Middle East and Africa: Market Size By Organization Size, 2017–2024 (USD Million)
Table 92 Middle East and Africa: Market Size By Application, 2017–2024 (USD Million)
Table 93 Middle East and Africa: Market Size By Industry Vertical, 2017–2024 (USD Million)
Table 94 Middle East and Africa: Market Size Sub-Region, 2017–2024 (USD Million)
Table 95 Middle East: Speech-to-Text API Market Size, By Component, 2017–2024 (USD Million)
Table 96 Middle East: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 97 Africa: Market Size By Component, 2017–2024 (USD Million)
Table 98 Africa: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 99 Latin America: Speech-to-Text API Market Size, By Component, 2017–2024 (USD Million)
Table 100 Latin America: Market Size By Service, 2017–2024 (USD Million)
Table 101 Latin America: Market Size By Professional Service, 2017–2024 (USD Million)
Table 102 Latin America: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 103 Latin America: Market Size By Organization Size, 2017–2024 (USD Million)
Table 104 Latin America: Market Size By Application, 2017–2024 (USD Million)
Table 105 Latin America: Market Size By Industry Vertical, 2017–2024 (USD Million)
Table 106 Latin America: Market Size By Country, 2017–2024 (USD Million)
Table 107 Brazil: Speech-to-Text API Market Size, By Component, 2017–2024 (USD Million)
Table 108 Brazil: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 109 Mexico: Market Size By Component, 2017–2024 (USD Million)
Table 110 Mexico: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 111 Rest of Latin America: Market Size By Component, 2017–2024 (USD Million)
Table 112 Rest of Latin America: Market Size By Deployment Mode, 2017–2024 (USD Million)


List of Figures (49 Figures)

Figure 1 Speech-to-Text API Market: Research Design
Figure 2 Market Size Estimation Methodology, Approach 1 (Supply Side): Revenue of Products/Solutions/Services of Speech-to-Text API Market
Figure 3 Market Size Estimation Methodology, Approach 1 – Bottom-Up (Supply Side): Collective Revenue of All Products/Solutions/Services of Speech-to-Text API Market
Figure 4 Market Size Estimation Methodology, Approach 2 – Bottom-Up (Demand Side): Products/Solutions/Services Sold and Their Average Selling Price
Figure 5 Speech-to-Text API Market: Top-Down and Bottom-Up Approaches
Figure 6 Software Segment to Account for A Larger Market Size in 2019
Figure 7 Professional Services Segment to Account for A Higher Market Share in 2019
Figure 8 Consulting Services Segment to Account for the Largest Market Size in 2019
Figure 9 Cloud Deployment Mode to Account for A Higher Market Share in 2019
Figure 10 Large Enterprises Segment to Account for A Higher Market Share in 2019
Figure 11 Risk and Compliance Management Segment to Account for the Highest Market Share in 2019
Figure 12 Retail and eCommerce Industry Vertical to Grow at the Highest CAGR During the Forecast Period
Figure 13 Asia Pacific to Account for the Highest CAGR During the Forecast Period
Figure 14 Growing Adoption of Smart Speakers and Mobile Phones to Drive the Growth of Speech-to-Text API Market During the Forecast Period
Figure 15 Content Transcription Segment to Grow at the Highest CAGR During the Forecast Period
Figure 16 North America to Hold the Highest Market Share in 2019
Figure 17 Risk and Compliance Management Application and BFSI Industry Vertical in North America Accounted for the Highest Shares in the Market in 2019
Figure 18 Speech-to-Text API Market: Drivers, Restraints, Opportunities, and Challenges
Figure 19 Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 20 Managed Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 21 Consulting Segment to Grow at the Highest CAGR During the Forecast Period
Figure 22 Content Transcription Segment to Witness the Highest CAGR During the Forecast Period
Figure 23 Cloud Segment to Witness A Higher CAGR During the Forecast Period
Figure 24 Small and Medium-Sized Enterprises Segment to Grow at A Higher CAGR During the Forecast Period
Figure 25 Retail and eCommerce Industry Vertical to Witness the Highest CAGR During the Forecast Period
Figure 26 Asia Pacific to Grow at the Highest CAGR in the Speech-to-Text API Market During the Forecast Period
Figure 27 Asia Pacific to Grow at the Highest CAGR in the Speech-to-Text API During the Forecast Period
Figure 28 North America: Market Snapshot
Figure 29 Content Transcription Segment to Grow at the Highest CAGR in North America During the Forecast Period
Figure 30 Content Transcription Segment to Grow at the Highest CAGR in Europe During the Forecast Period
Figure 31 Asia Pacific: Market Snapshot
Figure 32 Content Transcription Segment to Grow at the Highest CAGR in Asia Pacific During the Forecast Period
Figure 33 Content Transcription Segment to Grow at the Highest CAGR in Middle East and Africa During the Forecast Period
Figure 34 Content Transcription Segment to Grow at the Highest CAGR in Latin America During the Forecast Period
Figure 35 Speech-to-Text API Market (Global) Competitive Leadership Mapping, 2019
Figure 36 Google: Company Snapshot
Figure 37 Google: SWOT Analysis
Figure 38 Microsoft: Company Snapshot
Figure 39 Microsoft: SWOT Analysis
Figure 40 IBM: Company Snapshot
Figure 41 IBM: SWOT Analysis
Figure 42 AWS: Company Snapshot
Figure 43 AWS: SWOT Analysis
Figure 44 Nuance Communications: Company Snapshot
Figure 45 Nuance Communications: SWOT Analysis
Figure 46 Verint: Company Snapshot
Figure 47 Twilio: Company Snapshot
Figure 48 Baidu: Company Snapshot
Figure 49 Facebook: Company Snapshot

The study involved 4 major activities in estimating the current market size of the speech-to-text Application Program Interface (API) market. An extensive secondary research was done to collect information on the market, peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were used to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the speech-to-text API market.

Secondary Research

In the secondary research process, various secondary sources, such as D&B Hoovers and Bloomberg, BusinessWeek, Dun Bradstreet, and Factiva have been referred to for identifying and collecting information for this study. Secondary sources included annual reports; press releases and investor presentations of companies; whitepapers, certified publications, and articles by recognized authors; gold standard and silver standard websites; Research and Development (R&D) organizations; regulatory bodies; and databases. Journals, repositories, and resources from the Journal including IOSR Journal of Computer Engineering (IOSR-JCE), and International Journal of Advance Research, Ideas and Innovations in Technology were referred to understand the integration of speech-to-text API.

Primary Research

Various primary sources from both the supply and demand sides of the speech-to-text API market were interviewed to obtain qualitative and quantitative information for this study. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), technology and innovation directors, and related key executives from various vendors offering speech-to-text API solutions, associated service providers, and system integrators operating in the targeted regions. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

The following is the breakup of primary profiles:

Speech to Text API Market

To know about the assumptions considered for the study, download the pdf brochure

Speech-to-text API Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the speech-to-text API market. The top-down approach was used to derive the revenue contribution of top vendors and their offerings in the market. The bottom-up approach was used to arrive at the overall market size of the global speech-to-text API market using key companies’ revenue and their offerings in the market. The research methodology used to estimate the market size includes the following:

  • Key players in the market were identified through extensive secondary research
  • The market size, in terms of value, was determined through primary and secondary research processes
  • All percentages, shares split, and breakups were determined using secondary sources and verified through primary sources

Data Triangulation

After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakup procedures were employed, wherever applicable. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.

Report Objectives

  • To define, segment, and project the global speech-to-text API market size for
  • To understand the structure of the market by identifying its various subsegments
  • To provide detailed information about key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To analyze the micromarkets concerning individual growth trends, prospects, and their contribution to the overall market
  • To project the size of the market and its submarkets, in terms of value, for the 5 regions (along with their respective key countries)
  • To profile key players and comprehensively analyze their core competencies
  • To understand the competitive landscape and identify significant growth strategies adopted by players across key regions
  • To analyze competitive developments, such as expansions and fundings, new product launches, mergers and acquisitions, strategic partnerships and agreements in the speech-to-text API market

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix provides a detailed comparison of the product portfolio of each company

Geographic Analysis

  • Further breakup of the North American speech-to-text API market
  • Further breakup of the European market
  • Further breakup of the APAC market
  • Further breakup of the Latin American market
  • Further breakup of the MEA market

Company Information

  • Detailed analysis and profiling of additional market players up to 5

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Report Code
TC 7421
Published ON
Nov, 2019
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