Speech-to-Text API Market to Be Worth $5.4 Billion by 2026

Research firmMarketsandMarkets expects the speech-to-text API market to grow from its current value of $2.2 billion to $5.4 billion by 2026 at a compound annual rate of 19.2 percent.

Based on deployment mode, the cloud segment is expected to remain higher than the on-premises segment, due in large part to easy deployment and minimal capital requirements.

The research found that larger companies currently hold a larger market share, but as more cost-effective cloud solutions become available, smaller firms are expected to increase their use of speech-to-text API solutions and services.

The report projects the healthcare and life sciences segment to grow the most during the forecast period, driven by the need for rapid diagnosis, healthcare data analysis, and better patient care. Users are especially looking for medical speech recognition capabilities that help them transcribe video and audio containing COVID-19 terminology into text for downstream analytics.

Financial services, media and entertainment, and retail and e-commerce firms are also expected to see a high uptick in their use of speech-to-text APIs, the research revealed.

The report identifies Google, Microsoft, Amazon Web Services, IBM, Verint, Baidu, Twilio, Speechmatics, VoiceCloud, VoiceBase, Voci, Kasisto, Nexmo, Contus, GoVivace, GL Communications, Wit.ai, VoxSciences, Rev, Vocapia Research, Deepgram, Otter.ai, AssemblyAI, Verbit, Behavioral Signals, Chorus.ai, Gnani.ai, Sayint.ai, and Amberscript as leading players in the market.