According to a new report published by MarketsandMarkets, the global Speech-to-Text Application Program Interface (API) market is set to grow from $1.6 billion in 2019 to $4.1 billion by 2024, with a Compound Annual Growth Rate (CAGR) of 20.6% during the forecasted period.
Some major factors fueling this growth have been the growing use of smart speakers and smartphones, and new, more stringent regulations in the industry.
The large enterprise segment is expected to grow during this period due to an increased demand in real time speech-to-text API services and the large volumes of data this generates. However, Small and Medium-sized Enterprises (SMEs) are forecasted to grow at a higher CAGR over the five year focus of the report owing to an increase of cost-effective cloud-based solutions, the ease in availability of speech-to-text API software, and real-time support services.
Led by major players in the speech-to-text API software market like Google, Apple, Microsoft and Amazon, North America is poised to be the beneficiary of the majority of the increase in revenue during this period.
With home smart speakers like the Amazon Echo, Google Home, and Apple HomePod leveraging the advanced artificial intelligence and Internet of Things technologies that the tech giants have spent years researching and developing, the speech-to-text market in North America is gaining momentum with the growth of the industry as a whole.
The various segments of the speech-to-text API market include banking, financial services and insurance, retail, eCommerce, telecommunications and information technology, healthcare, government and defense, travel and hospitality. Among these, retail and eCommerce are expected to see the highest CAGR during this period.