Speech-to-Text Market to See Huge Growth Through 2027

The global speech-to-text application programming interface (API) market accounted for $1.32 billion in 2018 and is expected to reach $6.63 billion by 2027, growing at a compound annual rate of 20 percent, Stratistics Market Research Consulting noted in a recent report.

Increasing adoption of smart speakers and mobile phones is likely to boost the growth of the market, the firm predicts. However, transcribing audio from multiple channels and its exactness is likely to hamper profit boundaries.

From the technology perspective, Stratistics notes that speech-to-text has a long history with several waves of major innovations. Most recently, the field has benefited from advances in deep learning and big data, as evidenced by the surge of academic papers published in the field and a worldwide industry adoption of a variety of deep learning methods in designing and deploying speech recognition systems, the company found.

Stratistics expects the small and mid-sized business segment to grow at a higher rate of adoption due to the high availability of cost-effective cloud solutions, easier availability, and real-time support services .

The report identifies Voicebase, Voci, Vocapia Research, Verint, Twilio, Speechmatics, Otter AI, Nuance Communications, Vonage's Nexmo, Microsoft, iFLYTEK, IBM, Govivace, Google, GL Communications, Facebook, Deepgram, Baidu, and Amazon Web Services (AWS) as key players in the industry.