The large market share of this segment is attributed to the rising adoption of advanced electronic devices, increasing demand for voice-enabled devices, and the growing use of speech technology for transcription. In 2023, the solutions segment is expected to account for the larger share of the speech-to-text API market. However, data security & privacy concerns are a major challenge for market growth.īased on offering, the speech-to-text API market is segmented into solutions and services. Innovations in speech-to-text solutions for specially-abled people and the development of speech-to-text API solutions for rare & local languages are expected to create growth opportunities for the players operating in this market. However, speech-to-text API solutions’ lack of accuracy in regional accent & dialect recognition restrains the growth of this market. The growth of this market is driven by the proliferation of voice-enabled devices, the increasing use of voice & speech technologies for transcription, and technological advancements, coupled with the rising adoption of connected devices. The speech-to-text API market is expected to reach $10 billion by 2030, growing at a CAGR of 17.3% during the forecast period of 2023 to 2030. The research report titled, ‘Speech-to-text API market by Offering (Solutions, Services), Deployment Mode, Organization Size, Application (Transcription, Customer Experience & Analytics, Subtitle & Caption Generation), End User (B2B, B2C, B2G, G2C), Geography - Forecast to 2030,’ provides an in-depth analysis of the speech-to-text API market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030. Speech-to-text API market by Offering (Solutions, Services), Deployment Mode, Organization Size, Application (Transcription, Customer Experience & Analytics, Subtitle & Caption Generation), End User (B2B, B2C, B2G, G2C), Geography - Forecast to 2030 Speech-to-text API Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Application (Transcription, Customer Experience & Analytics, Subtitle & Caption Generation), End User (B2B, B2C, B2G, G2C), Geography - Global Forecast to 2030
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