Speech-to-text API Market To Reach $8,569.5 Million By 2030

Speech-to-text API Market Growth & Trends

The global speech-to-text API market size is estimated to reach USD 8,569.5 million by 2030, registering to grow at a CAGR of 14.1% from 2025 to 2030 according to a new report by Grand View Research, Inc. The rising popularity of smart speakers and smart mobile phones has led to the adoption of voice-enabled systems. The increasing demand for voice-enabled devices is leveraging augmented reality (AR), machine learning (ML), and natural language processing (NLP) to automate conversations.

Moreover, the popularity of transcription and real-time support services motivates the industry giant to develop speech-to-text API solutions. For instance, in April 2022, Google LLC launched a new model for its Speech to text API, improving accuracy in 61 of the supported locales and 23 languages; the model supports different kinds of noise, voices, acoustic, and environmental conditions.

The market is expected to grow due to an increase in the number of virtual or digital conferences and events by technology giants. Speech-to-text solutions offer low cost, high accuracy, and faster transcription; multiple enterprises adopt these solutions to speed up the processes. For instance, in May 2022, PEGA is hosting a digital event, PegaWorldiNspire, where viewers from more than 78 countries are expected to join. They are using a number of AI technologies, including speech-to-text solutions, to make the event successful.

The speech-to-text API industry is developing due to growth-promoting factors such as advancements in the field of artificial intelligence and the rising popularity of cloud-based services. The industry is projected to rise owing to the increasing use of smart speakers and mobile phones. The speech-to-text solution allows people with disabilities to hear the written words on a device or computer. When a speech-to-text system is combined with a screen reader, a visually impaired user can use an auditory interface to interpret and perform computer activities.

Several companies presently operating in the market are aiming to improve their current product range by merging it with advanced technologies such as artificial intelligence and machine learning. For instance, in March 2020, IBM Corporation announced that it upgraded its speech-to-text recognition service. It allows keeping track of every action related to using the asynchronous HTTP interface. Additionally, it enables speaker labels for the Korean and German language models.

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Speech-to-text API Market Report Highlights

• Software component led the market with a revenue share of 70.3% in 2024. High penetration of software segment can be attributed to advancements in increased computing power, information storage capacity, and parallel processing capabilities to supply high-end services.

• The on-premises segment dominates the market with a revenue share in 2024. The on-premises deployment model is preferred by sectors related to communication, marketing, HR, legal departments, studios, researchers, and broadcasters, among others, due to security concerns.

• The large enterprise segment dominates the market, with a revenue share in 2024. The major factor propelling the growth of the segment is the high capital stability, which allows large enterprises to afford such APIs integrations.

• The fraud detection & prevention segment dominates the market with a revenue share in 2024. This is due to the growing need for speech-to-text APIs in the entertainment and media industry.

• The BFSI segment dominates the market, with a revenue share in 2024. The major factor propelling segment growth is using speech-to-text converters to analyze the customer’s feedback.

Speech-to-text API Market Segmentation

Grand View Research has segmented the global Speech-to-text API market based on components, deployment, organization size, application, verticals, and region: 

Speech-to-text API Component Outlook (Revenue, USD Million, 2018 - 2030)

• Software

• Service

Speech-to-text API Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• On-premises

• Cloud

Speech-to-text API Organization size Outlook (Revenue, USD Million, 2018 - 2030)

• Large Enterprises

• Small & Medium-sized Enterprises (SMEs)

Speech-to-text API Application Outlook (Revenue, USD Million, 2018 - 2030)

• Contact center and customer management

• Content Transcription

• Fraud Detection and Prevention

• Risk and Compliance Management

• Subtitle Generation

• Others

Speech-to-text API Verticals Outlook (Revenue, USD Million, 2018 - 2030)

• BFSI

• IT & Telecom

• Healthcare

• Retail & eCommerce

• Government & Defense

• Media & Entertainment

• Travel & Hospitality

• Others

Speech-to-text API Regional Outlook (Revenue, USD Million, 2018 - 2030) 

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Africa

• Latin America

  • Brazil

• Middle East & Africa

  • KSA

  • UAE

  • South Korea

List of Key Players in Speech-to-text API Market

• Amazon Web Service, Inc.

• Amberscript Global B.V.

• AssemblyAI, Inc.

• Deepgram

• Google Inc.

• IBM Corporation

• Microsoft Corporation

• Nuance Communication, Inc.

• Rev.com, Inc.

• Speechmatics Ltd.

• Verint System, Inc.

• Vocapia Research SAS

• VoiceBase, Inc.