Regional Insights: Speech-to-Text API Market by Country and Continent

Speech-to-text API Market Growth & Trends

The global speech-to-text API market is experiencing robust growth, projected to reach USD 8,569.5 million by 2030, growing at a CAGR of 14.1% from 2025 to 2030. This expansion is driven by several key factors:

Rising Popularity of Smart Speakers and Smart Mobile Phones:

The widespread adoption of voice-enabled systems in smart speakers and mobile phones is a significant driver. These devices leverage augmented reality (AR), machine learning (ML), and natural language processing (NLP) to automate conversations and provide a hands-free user experience. As more consumers integrate these devices into their daily routines, the demand for underlying speech-to-text API solutions continues to surge.

Increasing Demand for Transcription and Real-time Support Services:

The growing need for accurate transcription and real-time support services across various industries is motivating industry giants to develop advanced speech-to-text API solutions. This includes applications in contact centers, legal documentation, content creation, and more, where converting spoken words into text efficiently is crucial.

Growth in Virtual/Digital Conferences and Events:

The increasing number of virtual and digital conferences and events hosted by technology giants and other enterprises is boosting the demand for speech-to-text solutions. These solutions offer low cost, high accuracy, and faster transcription, enabling seamless communication and accessibility for a global audience. For instance, events like PegaWorldiNspire utilize AI technologies, including speech-to-text, to enhance the viewer experience.

Advancements in Artificial Intelligence (AI) and Cloud-based Services:

Significant advancements in AI, particularly in machine learning and natural language processing, are enhancing the accuracy and capabilities of speech-to-text APIs. The rising popularity of cloud-based services also facilitates the adoption of these solutions by offering scalability, cost-efficiency, and remote accessibility.

Enhanced Accessibility for People with Disabilities:

Speech-to-text solutions play a vital role in improving accessibility for individuals with disabilities. They allow people with visual impairments to “hear” written words when combined with screen readers and provide voice control for individuals with motor impairments. Companies like Voiceitt are specifically developing speech recognition for non-standard speech, opening up voice technology for people with speech disabilities.

Continuous Product Improvement and Innovation:

Companies in the market are actively improving their product ranges by integrating advanced technologies. For example, Google LLC launched a new model for its Speech-to-Text API in April 2022, improving accuracy across numerous languages and supporting diverse acoustic and environmental conditions. Similarly, IBM Corporation upgraded its speech-to-text recognition service in March 2020, enhancing tracking capabilities and adding speaker labels for Korean and German language models. Other key players like Amazon Transcribe, Microsoft Azure Speech Service, Nuance (Dragon Speech Recognition), Deepgram, and AssemblyAI are continuously innovating to offer higher accuracy, multilingual support, and industry-specific solutions.

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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

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