The global market for speech-to-text API has been growing rapidly in recent years, with a projected growth from $3.24 billion in 2023 to $3.87 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. This growth can be attributed to various factors such as the increased demand for voice-activated devices, accessibility and inclusivity initiatives, remote communication needs, enhanced user experience, multilingual support, mobile application development, and adoption in healthcare and legal transcription.
One of the key drivers of the speech-to-text API market is the growing penetration of smart devices. Smart devices are digital devices connected to the internet that can perform tasks autonomously. Speech-to-text APIs in smart devices enable voice commands for hands-free operation and speech-controlled interactions, enhancing usability and user satisfaction in applications like voice-controlled assistants, home automation, and transcription services. The increasing popularity of smart devices is expected to drive the growth of the speech-to-text API market in the future.
Major companies in the speech-to-text API market are focusing on advancing technologies such as speech-to-text models to strengthen their market position. For example, Deepgram, a US-based AI company, launched Deepgram Nova, a sophisticated voice-to-text model with extensive training across various domains. This model has shown significant improvements in word error rate (WER) and faster inference time, outperforming other models in the market.
Stakeholders in the speech-to-text API market can benefit from comprehensive market insights, informed decision-making, competitive advantage, tailored solutions, and a global perspective. These insights can help stakeholders understand the current and future landscape of the industry, make strategic decisions, identify opportunities for growth, and expand successfully on a global scale.
The market is expected to reach $7.66 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. North America was the largest region in the speech-to-text API market in 2023, indicating the region’s significant presence in the market.
Overall, the speech-to-text API market is poised for continued growth and innovation, driven by advancements in technology, increasing demand for smart devices, and the need for enhanced user experiences in various applications. Stakeholders can leverage the insights and data provided by market research reports to capitalize on opportunities and stay competitive in the evolving market landscape.