Several organizations are gradually transitioning to cloud infrastructure, a trend that is expected to grow in the coming years. The adoption of cloud computing and storage systems is gaining popularity among small and medium-sized enterprises. In 2023, the cloud-based deployment segment is expected to account for the larger share of the speech-to-text API market. The solutions segment is also projected to record the higher CAGR during the forecast period.īased on deployment mode, the speech-to-text API market is segmented into on-premise deployment and cloud-based deployment. 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 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. Dublin, Ap(GLOBE NEWSWIRE) - The "Speech-to-text API Market by Offering, Deployment Mode, Organization Size, Application, End User, Geography - Global Forecast to 2030" report has been added to 's offering.
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