Global Speech to Text API Market 2024-2028

The speech to text API market is forecasted to grow by USD 5552.9 mn during 2023-2028, accelerating at a CAGR of 24.4% during the forecast period. The report on the speech to text API market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing adoption of technologically advanced mobile devices, demand from the growing business process outsourcing (bpo) sector, and adoption of speech to text API for financial trading.

Market Scope
Base Year	2024
End Year	2028
Series Year	2024-2028
Growth Momentum	Accelerate
YOY 2024	20.44%
CAGR	24.4%
Incremental Value	$5552.9 mn

Technavio's speech to text API market is segmented as below:

By Component

Software
Services

By Deployment

On-premises
Cloud-based

By Geographical Landscape

North America
Europe
APAC
South America
Middle East and Africa

This study identifies the growing use of AI integrated with speech to text API as one of the prime reasons driving the speech to text API market growth during the next few years. Also, proliferation of predictive analytics in speech to text API and increase in demand for cloud-based speech to text API solutions will lead to sizable demand in the market.

The report on the speech to text API market covers the following areas:

Speech to text API market sizing
Speech to text API market forecast
Speech to text API market industry analysis

The vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading speech to text API market vendors that include Alphabet Inc., Amazon.com Inc., Baidu Inc., Cantab Research Ltd., Deepgram Inc. , GoVivace Inc., iFLYTEK Co. Ltd., International Business Machines Corp., Liveperson Inc., Meta Platforms Inc., Microsoft Corp., Otter.AI Inc., Rev.com Inc., SoundHound AI Inc., Telefonaktiebolaget LM Ericsson, Twilio Inc., Verint Systems Inc., Vocapia Research SAS, VoiceCloud LLC, and VoxSciences Ltd.. Also, the speech to text API market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.

Product Code: IRTNTR75876

1 Executive Summary

1.1 Market overview
- Executive Summary - Chart on Market Overview
- Executive Summary - Data Table on Market Overview
- Executive Summary - Chart on Global Market Characteristics
- Executive Summary - Chart on Market By Geographical Landscape
- Executive Summary - Chart on Market Segmentation by Component
- Executive Summary - Chart on Market Segmentation by Deployment
- Executive Summary - Chart on Incremental Growth
- Executive Summary - Data Table on Incremental Growth
- Executive Summary - Chart on Company Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Parent Market
- Data Table on - Parent Market
2.2 Market characteristics
- Market characteristics analysis
2.3 Value chain analysis
- Value Chain Analysis

3 Market Sizing

3.1 Market definition
- Offerings of companies included in the market definition
3.2 Market segment analysis
- Market segments
3.3 Market size 2023
3.4 Market outlook: Forecast for 2023-2028
- Chart on Global - Market size and forecast 2023-2028 ($ million)
- Data Table on Global - Market size and forecast 2023-2028 ($ million)
- Chart on Global Market: Year-over-year growth 2023-2028 (%)
- Data Table on Global Market: Year-over-year growth 2023-2028 (%)

4 Historic Market Size

4.1 Global Speech To Text API Market 2018 - 2022
- Historic Market Size - Data Table on Global Speech To Text API Market 2018 - 2022 ($ million)
4.2 Component segment analysis 2018 - 2022
- Historic Market Size - Component Segment 2018 - 2022 ($ million)
4.3 Deployment segment analysis 2018 - 2022
- Historic Market Size - Deployment Segment 2018 - 2022 ($ million)
4.4 Geography segment analysis 2018 - 2022
- Historic Market Size - Geography Segment 2018 - 2022 ($ million)
4.5 Country segment analysis 2018 - 2022
- Historic Market Size - Country Segment 2018 - 2022 ($ million)

5 Five Forces Analysis

5.1 Five forces summary
- Five forces analysis - Comparison between 2023 and 2028
5.2 Bargaining power of buyers
- Bargaining power of buyers - Impact of key factors 2023 and 2028
5.3 Bargaining power of suppliers
- Bargaining power of suppliers - Impact of key factors in 2023 and 2028
5.4 Threat of new entrants
- Threat of new entrants - Impact of key factors in 2023 and 2028
5.5 Threat of substitutes
- Threat of substitutes - Impact of key factors in 2023 and 2028
5.6 Threat of rivalry
- Threat of rivalry - Impact of key factors in 2023 and 2028
5.7 Market condition
- Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Component

6.1 Market segments
- Chart on Component - Market share 2023-2028 (%)
- Data Table on Component - Market share 2023-2028 (%)
6.2 Comparison by Component
- Chart on Comparison by Component
- Data Table on Comparison by Component
6.3 Software - Market size and forecast 2023-2028
- Chart on Software - Market size and forecast 2023-2028 ($ million)
- Data Table on Software - Market size and forecast 2023-2028 ($ million)
- Chart on Software - Year-over-year growth 2023-2028 (%)
- Data Table on Software - Year-over-year growth 2023-2028 (%)
6.4 Services - Market size and forecast 2023-2028
- Chart on Services - Market size and forecast 2023-2028 ($ million)
- Data Table on Services - Market size and forecast 2023-2028 ($ million)
- Chart on Services - Year-over-year growth 2023-2028 (%)
- Data Table on Services - Year-over-year growth 2023-2028 (%)
6.5 Market opportunity by Component
- Market opportunity by Component ($ million)
- Data Table on Market opportunity by Component ($ million)

7 Market Segmentation by Deployment

7.1 Market segments
- Chart on Deployment - Market share 2023-2028 (%)
- Data Table on Deployment - Market share 2023-2028 (%)
7.2 Comparison by Deployment
- Chart on Comparison by Deployment
- Data Table on Comparison by Deployment
7.3 On-premises - Market size and forecast 2023-2028
- Chart on On-premises - Market size and forecast 2023-2028 ($ million)
- Data Table on On-premises - Market size and forecast 2023-2028 ($ million)
- Chart on On-premises - Year-over-year growth 2023-2028 (%)
- Data Table on On-premises - Year-over-year growth 2023-2028 (%)
7.4 Cloud-based - Market size and forecast 2023-2028
- Chart on Cloud-based - Market size and forecast 2023-2028 ($ million)
- Data Table on Cloud-based - Market size and forecast 2023-2028 ($ million)
- Chart on Cloud-based - Year-over-year growth 2023-2028 (%)
- Data Table on Cloud-based - Year-over-year growth 2023-2028 (%)
7.5 Market opportunity by Deployment
- Market opportunity by Deployment ($ million)
- Data Table on Market opportunity by Deployment ($ million)

8 Customer Landscape

8.1 Customer landscape overview
- Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation
- Chart on Market share By Geographical Landscape 2023-2028 (%)
- Data Table on Market share By Geographical Landscape 2023-2028 (%)
9.2 Geographic comparison
- Chart on Geographic comparison
- Data Table on Geographic comparison
9.3 North America - Market size and forecast 2023-2028
- Chart on North America - Market size and forecast 2023-2028 ($ million)
- Data Table on North America - Market size and forecast 2023-2028 ($ million)
- Chart on North America - Year-over-year growth 2023-2028 (%)
- Data Table on North America - Year-over-year growth 2023-2028 (%)
9.4 Europe - Market size and forecast 2023-2028
- Chart on Europe - Market size and forecast 2023-2028 ($ million)
- Data Table on Europe - Market size and forecast 2023-2028 ($ million)
- Chart on Europe - Year-over-year growth 2023-2028 (%)
- Data Table on Europe - Year-over-year growth 2023-2028 (%)
9.5 APAC - Market size and forecast 2023-2028
- Chart on APAC - Market size and forecast 2023-2028 ($ million)
- Data Table on APAC - Market size and forecast 2023-2028 ($ million)
- Chart on APAC - Year-over-year growth 2023-2028 (%)
- Data Table on APAC - Year-over-year growth 2023-2028 (%)
9.6 South America - Market size and forecast 2023-2028
- Chart on South America - Market size and forecast 2023-2028 ($ million)
- Data Table on South America - Market size and forecast 2023-2028 ($ million)
- Chart on South America - Year-over-year growth 2023-2028 (%)
- Data Table on South America - Year-over-year growth 2023-2028 (%)
9.7 Middle East and Africa - Market size and forecast 2023-2028
- Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ million)
- Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ million)
- Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
- Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
9.8 US - Market size and forecast 2023-2028
- Chart on US - Market size and forecast 2023-2028 ($ million)
- Data Table on US - Market size and forecast 2023-2028 ($ million)
- Chart on US - Year-over-year growth 2023-2028 (%)
- Data Table on US - Year-over-year growth 2023-2028 (%)
9.9 Canada - Market size and forecast 2023-2028
- Chart on Canada - Market size and forecast 2023-2028 ($ million)
- Data Table on Canada - Market size and forecast 2023-2028 ($ million)
- Chart on Canada - Year-over-year growth 2023-2028 (%)
- Data Table on Canada - Year-over-year growth 2023-2028 (%)
9.10 China - Market size and forecast 2023-2028
- Chart on China - Market size and forecast 2023-2028 ($ million)
- Data Table on China - Market size and forecast 2023-2028 ($ million)
- Chart on China - Year-over-year growth 2023-2028 (%)
- Data Table on China - Year-over-year growth 2023-2028 (%)
9.11 Germany - Market size and forecast 2023-2028
- Chart on Germany - Market size and forecast 2023-2028 ($ million)
- Data Table on Germany - Market size and forecast 2023-2028 ($ million)
- Chart on Germany - Year-over-year growth 2023-2028 (%)
- Data Table on Germany - Year-over-year growth 2023-2028 (%)
9.12 Japan - Market size and forecast 2023-2028
- Chart on Japan - Market size and forecast 2023-2028 ($ million)
- Data Table on Japan - Market size and forecast 2023-2028 ($ million)
- Chart on Japan - Year-over-year growth 2023-2028 (%)
- Data Table on Japan - Year-over-year growth 2023-2028 (%)
9.13 Market opportunity By Geographical Landscape
- Market opportunity By Geographical Landscape ($ million)
- Data Tables on Market opportunity By Geographical Landscape ($ million)

10 Drivers, Challenges, and Opportunity/Restraints

10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
- Impact of drivers and challenges in 2023 and 2028
10.4 Market opportunities/restraints

11 Competitive Landscape

11.1 Overview
11.2 Competitive Landscape
- Overview on criticality of inputs and factors of differentiation
11.3 Landscape disruption
- Overview on factors of disruption
11.4 Industry risks
- Impact of key risks on business

12 Competitive Analysis

12.1 Companies profiled
- Companies covered
12.2 Market positioning of companies
- Matrix on companies position and classification
12.3 Alphabet Inc.
- Alphabet Inc. - Overview
- Alphabet Inc. - Business segments
- Alphabet Inc. - Key offerings
- Alphabet Inc. - Segment focus
12.4 Amazon.com Inc.
- Amazon.com Inc. - Overview
- Amazon.com Inc. - Business segments
- Amazon.com Inc. - Key news
- Amazon.com Inc. - Key offerings
- Amazon.com Inc. - Segment focus
12.5 Baidu Inc.
- Baidu Inc. - Overview
- Baidu Inc. - Business segments
- Baidu Inc. - Key offerings
- Baidu Inc. - Segment focus
12.6 Cantab Research Ltd.
- Cantab Research Ltd. - Overview
- Cantab Research Ltd. - Product / Service
- Cantab Research Ltd. - Key offerings
12.7 Deepgram Inc.
- Deepgram Inc. - Overview
- Deepgram Inc. - Product / Service
- Deepgram Inc. - Key offerings
12.8 GoVivace Inc.
- GoVivace Inc. - Overview
- GoVivace Inc. - Product / Service
- GoVivace Inc. - Key offerings
12.9 iFLYTEK Co. Ltd.
- iFLYTEK Co. Ltd. - Overview
- iFLYTEK Co. Ltd. - Product / Service
- iFLYTEK Co. Ltd. - Key offerings
12.10 International Business Machines Corp.
- International Business Machines Corp. - Overview
- International Business Machines Corp. - Business segments
- International Business Machines Corp. - Key news
- International Business Machines Corp. - Key offerings
- International Business Machines Corp. - Segment focus
12.11 Liveperson Inc.
- Liveperson Inc. - Overview
- Liveperson Inc. - Business segments
- Liveperson Inc. - Key offerings
- Liveperson Inc. - Segment focus
12.12 Microsoft Corp.
- Microsoft Corp. - Overview
- Microsoft Corp. - Business segments
- Microsoft Corp. - Key news
- Microsoft Corp. - Key offerings
- Microsoft Corp. - Segment focus
12.13 SoundHound AI Inc.
- SoundHound AI Inc. - Overview
- SoundHound AI Inc. - Product / Service
- SoundHound AI Inc. - Key offerings
12.14 Telefonaktiebolaget LM Ericsson
- Telefonaktiebolaget LM Ericsson - Overview
- Telefonaktiebolaget LM Ericsson - Business segments
- Telefonaktiebolaget LM Ericsson - Key news
- Telefonaktiebolaget LM Ericsson - Key offerings
- Telefonaktiebolaget LM Ericsson - Segment focus
12.15 Twilio Inc.
- Twilio Inc. - Overview
- Twilio Inc. - Product / Service
- Twilio Inc. - Key news
- Twilio Inc. - Key offerings
12.16 Verint Systems Inc.
- Verint Systems Inc. - Overview
- Verint Systems Inc. - Product / Service
- Verint Systems Inc. - Key offerings
12.17 VoiceCloud LLC
- VoiceCloud LLC - Overview
- VoiceCloud LLC - Product / Service
- VoiceCloud LLC - Key offerings

13 Appendix

13.1 Scope of the report
13.2 Inclusions and exclusions checklist
- Inclusions checklist
- Exclusions checklist
13.3 Currency conversion rates for US$
- Currency conversion rates for US$
13.4 Research methodology
- Research methodology
13.5 Data procurement
- Information sources
13.6 Data validation
- Data validation
13.7 Validation techniques employed for market sizing
- Validation techniques employed for market sizing
13.8 Data synthesis
- Data synthesis
13.9 360 degree market analysis
- 360 degree market analysis
13.10 List of abbreviations
- List of abbreviations