Speech-To-Text API Market size was valued at USD 2.41 billion in 2021 and is poised to grow at a significant CAGR of 14.8% over 2022–2028. An application programming interface (API) for voice-to-text simply allows users to call a service that converts audio into speech. ASR (automatic speech recognition) and speech-to-text API are other names for voice-to-text technology (STT). It is a branch of computational linguistics that develops approaches and technology that enable computer-assisted spoken language translation and recognition. Recent advancements in deep learning and big data have helped the sector. The rise in theoretical papers published on the subject is simply one indicator of the developments; much more striking is the widespread industry acceptance of a number of deep learning techniques for creating and implementing speech recognition systems. The growing popularity of smartphones and smart speakers as well as stringent regulations and compliance are also factors contributing to the growth of the speech-to-text API industry. The advent of voice assistants in recent years has led to an increase in their usage among the global population. Nearly every smartphone today has apps like Google Assistant, Cortana, Alexa, and Siri. Well-known manufacturers are also incorporating them into numerous other gadgets. Consequently, it is anticipated that voice-enabled applications would change how users interact with technology. These elements will therefore accelerate the expansion of the speech-to-text API market globally over the forecast period. The rise in the number of people with various learning disabilities or learning styles, the rising use of handheld devices by the older population, increased government financing for education for students with disabilities, and the rising demand for portable devices are all contributing factors. The quick acceptance of digitalization trends across all industries and the creation of novel, cutting-edge technology in the sphere of education can also be credited with the increase. Speech-to-text API market adoption may be hampered by the transcription of audio from multichannel. The difficulty of establishing many things makes it difficult to accurately transcribe or caption audio from several channels, which is a key limitation of this technology. The accuracy of the transcription may also be hampered by background noise, poor-quality microphones, reverb and echo, and accent changes. It is important to properly train speech-to-text APIs for multi-channel speech recognition using a range of data sets, but it can be challenging for businesses to collect these data sets in order to develop a methodology and solution that accurately translates speech to text for many channels. For kids with disabilities, both temporary and permanent, new speech-to-text technologies are available as an opportunity provided by the speech-to-text market. Any video or audio-based content can be translated by a computer into text using speech-to-text API technology.
Recent Market Developments:
In March 2020, IBM Corporation announced that it had improved its speech-to-text service. It allows for the monitoring of all operations using the asynchronous HTTP interface. Additionally, it supports Korean and German speaker labels.
In September 2021, IBM worked with IntelePeer, one of the top suppliers of communications platform-as-a-service, to set up and test a voice agent and a new agent app intended to facilitate a seamless hand-off to a live agent while keeping the context of the discussion.
In September 2021, To advance digital and intelligent transformation in the energy and power sector, Baidu and China Gas Holdings, a major gas operator and service provider in China, signed a strategic collaboration agreement.
In April 2021, Verint introduced the Verint Virtual Assistant (IVA). This low-code Speech-to-text API can quickly transform the current conversation data into automated self-service experiences. It enables business experts to swiftly create a chatbot that is ready for production to divert calls and assist clients. Businesses may increase capabilities throughout the organization with Verint IVA’s limitless voice and digital intelligence.