Technological advancements in AI are transforming industries, including automotive, healthcare, and consumer electronics. The emergence of smart technologies and the rising adoption of voice-enabled devices in these industries are increasingly creating opportunities to integrate voice and speech recognition capabilities into smart solutions to improve the user experience.
According to Comscore, Inc. (U.S.), in 2021, smart speaker ownership hit an all-time high, with almost 50% of internet users owning at least one smart speaker. In 2019 and 2020, ownership increased by an astonishing 70%. In addition, the rising popularity of voice assistants equipped with speech recognition technology has made smart speakers and voice-activated assistant devices almost ubiquitous. Their convenience and hands-free functionalities have increased consumers’ dependence on these devices. According to Google, 72% of people owning voice-activated speakers stated that their devices are often used in their daily routines. A recent outage in the U.K. proved that users now depend on these voice-enabled devices, even for simple, everyday tasks.
Voice-enabled devices for smart homes, such as smart TVs, vacuum cleaners, and Wi-Fi-based smart thermostats with voice control, developed by companies such as Amazon and Honeywell, are in high demand, as such devices make household tasks easier. Thus, the proliferation of voice-enabled devices is boosting the utilization of speech-to-text API solutions, driving the growth of this market.
Increasing Use of Voice & Speech Technologies for Transcription is Projected to Drive the Growth of Speech-to-text API Market
Speech transcription enables the conversion of spoken audio from video content into text and returns blocks of text for each portion of the transcribed audio. In contrast to voice recognition software, which is usually integrated into other software to recognize human voices and words, transcription software provides advanced, standalone platforms, known as speech-to-text (STT), that can transcribe speech on a large scale.
Speech transcription is gaining popularity as companies work to improve customer experiences. Speech transcription software solutions are ideal for contact centers or call centers. Contact centers generate large volumes of audio data from their customer calls and conversations that take much effort to manually transcribe and score. However, with speech-to-text software, every call can be transcribed, analyzed, and aggregated with other custom data points relevant to operations. Speech transcription can be a key part of enterprises’ digital transformation strategies. Speech transcription solutions offer many benefits, which are expected to increase further with technological advancements. Thus, enterprises’ increasing adoption of transcription solutions powered by voice & speech technologies is driving the growth of the speech-to-text API market.
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