Meticulous Research® has published a comprehensive report titled, “Speech-to-Text API Market: Global Forecast to 2030.” This report indicates that the speech-to-text API market is expected to reach $10 billion by 2030, growing at a CAGR of 17.3% from 2023 to 2030. This growth is primarily fueled by the increasing prevalence of voice-enabled devices and advancements in speech technologies, as well as the rising adoption of connected devices.
However, challenges such as the lack of accuracy in recognizing regional accents and dialects may hinder market growth. Nevertheless, innovations aimed at enhancing accessibility for differently-abled individuals and the development of solutions for rare and local languages present new opportunities for market players.
The market is segmented by offering, deployment mode, organization size, application, and end user. In 2023, the solutions segment is projected to dominate the market share, driven by the rising demand for advanced electronic devices. Cloud-based deployment is expected to lead the deployment mode segment due to the growing popularity of cloud computing among small and medium enterprises.
The small and medium-sized enterprises segment is anticipated to hold the largest share based on organization size, while the transcription application is expected to command the largest market share. The IT and telecommunications sector will dominate the end-user segment, with healthcare projected to experience the fastest growth.
Geographically, North America is set to hold the largest market share in 2023, thanks to its advanced technology adoption and integration of speech recognition in consumer electronics. In contrast, the Asia-Pacific region is expected to witness the highest growth rate during the forecast period.
