Speech-to-Text API Market to Reach $3,036.5 Million by

Pune, India, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The global speech-to-text API market is set to gain traction from the rapid development of innovative contact centres possessing multi-functional and multi-site consumer experience management systems. This information is published by Fortune Business Insights™ in a recent report, titled, “Speech-to-Text API Market Size, Share and Industry Analysis, By Component (Software, Services), By Deployment (On-Premise and Cloud), By Application (Contact Center and Customer Management, Transcription, Fraud Detection, Compliance Management, Voice Search and Others), By Industry (BFSI, IT and Telecom, Healthcare, Retail and Consumer Goods, Media & Entertainment, Education, Others) and Regional Forecast, 2020-2027.” The report further mentions that the speech-to-text API market size was USD 1,321.5 million in 2019 and is projected to reach USD 3,036.5 million by 2027, exhibiting a CAGR of 11.0% during the forecast period.

This Report Would Answer the Following Questions:

What are the growth drivers, trends, and obstacles that the market would come across in the near future?
How will changing consumer behavior affect the market be affected in the coming years?
What are the challenges and opportunities in the market?
How would the key players boost sales in this competitive market?

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List of the Companies Profiled in the Speech-to-Text API Market:

Amazon Web Services, Inc.
Google LLC
Rev.com, Inc.
Microsoft Corporation
Nuance Communications, Inc.
IBM Corporation
Speechmatics
Verint Systems, Inc.
Vocapia Research SAS,
VoiceBase, Inc.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Drivers & Restraints-

Rising Adoption of Voice Assistants & Smart Speakers to Aid Growth

Since the past few years, the emergence of voice assistants and smart speakers has given rise to their increasing usage amongst the masses worldwide. Applications, such as Google Assistant, Alexa, Cortana, and Siri are present in almost every smartphone. They are also being integrated by the renowned manufactures in various other devices. Therefore, voice-enables applications are likely to change the user’s participation with technology. The demand for smart speakers, on the other hand, has surged owing to their increasing adoption in numerous households. It is projected to rise dramatically during the forecast period. These factors are set to boost the speech-to-text API market growth in the coming years. However, these applications give rise to privacy issues and data leakages. It may hamper market growth.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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Report Scope and Segmentation:

Report Coverage	Details
Forecast Period	2020 to 2027
Forecast Period 2020 to 2027 CAGR	11.0 %
2027 Value Projection	USD 3036.5 Million
Base Year	2019
Market Size in 2019	USD 1321.5 Million
Historical Data for	2016 to 2018
No. of Pages	160
Segments covered	By Component, By Deployment, By Application, By Industry
Growth Drivers	Smart Speakers and Intelligent Voice Assistants to Drive the Revenues through Speech Recognition
	Artificial Intelligence (AI) Incorporated with Speech Technology Promises to Increase Profits and Transform Businesses
	Adoption of IP-based Interactive Voice Response (IVR) in Contact Centers Trending in the Market
Pitfalls & Challenges	Privacy Issues to Impede Adoption of Voice-enabled Applications

The Outbreak of Covid-19: Will it Act as a Boon or a Bane for the Market?

Large, as well as small and medium enterprises (SMEs) are anticipated to lower their expenditure on research and development activities to enhance speech-to-text API software solutions.
The demand for speech-to-text API software solutions is predicted to upsurge considerably during the forthcoming period backed by stay-at-home, work-from-home, and social distancing initiatives taken by the ruling bodies across the globe.
Industries, such as media & entertainment, e-learning, and healthcare are set to experience higher adoption of these API solutions to optimize the execution of their processes.
The demand would also rise stoked by the conduction of virtual or digital conferences owing to cancellation of events and closure of offices by industry giants.
These solutions are cost-effective, accurate, and provide faster transcription. Hence, they are mainly preferred by multiple organizations nowadays to speed up their operations. Even political leaders are capable of giving speeches through them.

Segment-

Contact Centre and Customer Management Segment to Grow Rapidly Backed by Increasing Usage of API Solutions

Based on application, the market is fragmented into voice search, compliance management, fraud detection, transcription, contact centre and customer management, and others. Out of these, the contact centre and customer management segment held 18.8% speech-to-text API market share in 2019. This growth is attributable to the rising adoption of these solutions by contact centres to aid them in creating phone menus through community forums, Omni-channel self-service tools, and interactive voice recognition (IVR). It is mainly done by them on their websites to attract and engage the consumers.

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Regional Analysis-

Increasing Demand from Banking & Technology Sectors to Drive Growth in North America

In terms of geography, the market is segregated into Latin America, North America, Asia Pacific, the Middle East and Africa, and Europe. Amongst these, North America procured USD 426.4 million revenue in 2019. The region showcased higher adoption of advanced speech technology, as well as other related applications across a wide range of industry verticals. The developed countries, especially Canada and the U.S. are at the forefront in terms of the usage of state-of-the-art technologies. The electronics and banking sectors are also contributing to the market growth fueled by the increasing usage of voice technology. In Europe, the presence of major organizations, namely, Google LLC and Microsoft Corporation would drive the market growth.

Competitive Landscape-

Key Companies Focus on Enhancing Product Portfolio to Broaden their Businesses

Reputed companies present in the market are mainly aiming to broaden their businesses by improving their pre-existing product portfolio by integrating it with novel technologies, such as artificial intelligence and machine learning. Below are a couple of the latest key industry developments:

March 2020: IBM Corporation announced that it updated its speech-to-text recognition service. It enables tracking of all the activities for operations of the asynchronous HTTP interface. It also supports speaker labels for German and Korean language models.
October 2019: Rev.com unveiled its real-time audio transcription. It is powered by Rev.ai API, the company’s proprietary speech engine. It allows building speech recognition directly into services and applications efficiently.

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Detailed Table of Content

Introduction
- Definition, By Segment
- Research Approach
- Sources
Executive Summary
Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
Global Speech to Text API Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecasts
  - By Component (Value)
    - Software
    - Services
  - By Deployment (Value)
    - On-Premise
    - Cloud
  - By Application (Value)
    - Contact Centre and Customer Management
    - Transcription
    - Fraud Detection
    - Compliance Management
    - Voice Search
    - Others (Route Optimization, Speaker Diarization, etc.)
  - By Industry (Value)
    - BFSI
    - IT & telecom
    - Healthcare
    - Retail and Consumer Goods
    - Education
    - Media & Entertainment
    - Others (Government, Construction, and Defense etc.)
    - By Geography (Value)
    - North America
    - Europe
    - Asia Pacific
    - Middle East and Africa
    - Latin America

TOC Continued...!!!

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