Pune, India, July 05, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global 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 2028, exhibiting a CAGR of 11.0% during the forecast period [2022-2028].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, By Deployment, By Application, By Industry and Regional Forecast, 2020-2028.”
Industry Development:
- 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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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2028 |
| Forecast Period 2022 to 2028 CAGR | 11.0% |
| 2028 Value Projection | USD 3036.5 Million |
| Base Year | 2021 |
| Speech to Text API Market Size in 2019 | USD 1321.5 Million |
| Historical Data for | 2017-2019 |
| No. of Pages | 160 |
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.
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.
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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?
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.
Market Segmentations:
| Segmentation | By Component
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By Deployment
| |
By Application
| |
By Industry
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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.
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.
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Major Points in TOC:
- 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, 2016-2028
- 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
- By Component (Value)
- North America Speech to Text API Market Analysis, Insights and Forecast, 2016 -2028
- 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 Country (Value)
- United States
- Canada
- By Component (Value)
- Europe Speech to Text API Market Analysis, Insights and Forecast, 2016-2028
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