According to the research report titled ‘Global Speech-to-text API Market Size study, by Component (Software, Services), by Application (Risk and Compliance Management, Fraud Detection and Prevention, Customer Management, Content Transcription, Contact Center Management, Subtitle Generation, Other Applications) and Regional Forecasts 2021-2027,’ available with MarketStudyReport, global speech-to-text API market was valued at USD 1.85 billion in 2020 and is expected to grow at a healthy rate of 19% through 2027, thus reaching a valuation USD 6.25 billion by the end of the forecast period.
 

The surging penetration of voice-based devices, widespread usage of speech & voice technology for transcription, and rising proliferation of smartphones are factors contributing to the growth of global speech-to-text API market.
 

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In this context, Statista reported that in 2020, 64% of experts in e-learning and market research industries used speech-to-text transcription in their field.
 

For the uninitiated, speech-to-text API, in simple language, converts audio or voice into text. It is also used for transcription content with accurate captions.
 

Innovations in speech-to-text solutions for facilitating temporarily or permanently disabled students is creating remunerative prospects for the enterprises in this line of work.
 

On the contrary, the transcription of audio from multiple channels is likely to pose a major challenge to the industry in the forthcoming years.
 

In terms of application spectrum, worldwide speech-to-text API market is categorized into fraud detection & prevention, content transcription, subtitle generation, risk & compliance management, customer management, contact center management, and others. Based on components, the industry is segmented into services, and software.
 

From a regional standpoint, North America market is poised to garner a substantial revenue share during the assessment timeframe, owing to the easy availability of API solutions, huge presence of numerous vendors, and massive spending on technology by private players as well as the government.
 

Whereas Asia Pacific market is anticipated to record a robust growth rate during the projected timeline, given the rising population, and rapid urbanization.
 

The competitive sphere of global speech-to-text API industry is defined by companies such as VoiceCloud LLC, Twilio, VoiceBase Inc., Speechmatics, Google LLC, Baidu Inc., Microsoft Corporation, Verint Systems, Amazon Web Services Inc., and International Business Machines (IBM) Corporation among others.