Report Id: SNS/ICT/1576 | June 2022 | Region: Global | 135 Pages
Report Scope & Overview:
The Speech-to-text API Market size was valued at USD 1.9 Bn in 2021 and is expected to reach USD 8.86 Bn by 2028, and grow at a CAGR of 21.23% over the forecast period 2022-2028.
An Application Programming Interface (API) is a piece of software that works as a middleman, allowing two programs to communicate with one another. To assure compatibility, an API is a modified version, particular to a component, or built based on an industry standard. APIs facilitate modular programming by concealing information, enabling consumers to utilize the interface regardless of the implementation. As a result, a speech-to-text API is a straightforward API that allows a user to convert voice to text.
Speech-to-text API is a type of technology that makes use of voice-activated assistants to enable enhanced interactions and engagement at scale across users and platforms. It integrates speech-based technology, natural language processing, and machine learning into a unified platform that can be used to design and construct applications for a variety of verticals and use cases.
With the increasing acceptance of technology and the tremendous development of internet-based information.
The demand for smart gadgets, such as smart speakers and smartphones, has risen.
Taking audio from numerous sources and transcribing it.
Background noise, poor microphone quality, reverb and echo, and accent changes.
A computer may transform video or audio-based material into text, which is beneficial to students who have difficulty hearing or who are hard of hearing.
This system functions as assistive technology, allowing impaired persons to benefit from information and communication technologies.
For content makers, linguistic diversity throughout the world is a huge challenge.
In nations with several regional and local languages, speech-to-text API solutions have proved challenging to deploy.
IMPACT OF COVID-19:
Many organizations suffered a considerable rise in consumer pressure during the epidemic, but their number of available personnel declined. Many contact centers were unable to meet demand or were forced to close due to lockdown limitations, resulting in high wait times for customer care requests and a negative impact on the customer experience. Speech-to-text API is moving to the forefront of technological enablers as firms adopt a more strategic strategy that offers resilience to operations through flexibility and scalability while also striving to increase operational efficiencies. Medical voice recognition skills are sought by data analytics application developers to assist them in swiftly and accurately transcribing video and audio incorporating COVID-19 terminology into text for downstream analytics.
The market for speech-to-text APIs is divided into two categories based on deployment mode: on-premises and cloud. During the forecast period, the cloud sector is expected to have a larger market than the on-premises segment. The benefits of cloud technology, such as simplicity of deployment and cheap capital needs, make the cloud deployment paradigm simpler to accept. The COVID-19 epidemic is likely to encourage enterprises to switch to cloud-based speech-to-text API solutions that can be administered remotely, as lockdowns and social distancing practices encourage firms to move to cloud-based speech-to-text API solutions. The cloud sector of the speech-to-text API market is predicted to develop faster as demand for scalable, easy-to-use, and cost-effective speech-to-text API solutions grows.
The Speech-to-text API market has been divided into major businesses and SMEs based on company size. During the projection period, the SMEs category is expected to grow at a faster rate. In 2021, the big enterprise category is expected to have a greater market share. The segment's growth is due to rising competition from emerging SMEs in major corporations. Speech-to-text API solutions and services are likely to increase at a significant rate among SMEs over the projection period, thanks to the availability of cost-effective cloud solutions.
The Speech-to-text API market has been divided into risk and compliance management, fraud detection and prevention, customer management, content transcription, contact center management, subtitle production, and other applications, based on application (business process management, quality monitoring, and conference call analysis). In 2021, the fraud detection and prevention category are predicted to be the largest. The increased need for speech-to-text APIs in the media and entertainment business to transcribe audio and video information into searchable and shareable text is ascribed to this rise.
KEY MARKET SEGMENTS:
On The Basis of Component:
On The Basis of Deployment Mode:
On The Basis of Organization Size:
Small and medium-sized enterprises (SMEs)
On The Basis of Applications
Risk and Compliance Management
Fraud Detection and Prevention
Contact Center Management
On The Basis of Vertical
Banking Finance Services and Insurance (BFSI)
IT and Telecom
Media and Entertainment
Healthcare and Life Sciences
Retail and eCommerce
Travel and Hospitality
Government and Defense
During the projection period, APAC is predicted to have the quickest growth rate. The expanding technical breakthroughs in nations like China, Japan, and India are responsible for APAC's rise. The widespread usage of voice-controlled linked devices, as well as the growing penetration of smart devices, are driving the speech-to-text API market in APAC. During the projection period, Europe is also expected to be the second-largest market in terms of market size. The increased demand for speech-to-text APIs in Europe stems from a desire to minimize business tasks connected to client engagement and retention.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are Google, Microsoft, IBM, Nuance Communications, Verint, Speechmatics, Vocapia Research, Twilio, Baidu, Facebook
|Market Size in 2021||US$ 1.9 Bn|
|Market Size by 2028||US$ 8.86 Bn|
|CAGR||CAGR of 21.23% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Component (Software and Service)
• by Deployment Mode (Cloud and On-premises)
• by Organization Size (Large Enterprises and Small and medium-sized enterprises (SMEs))
• by Application (Risk and Compliance Management, Fraud Detection and Prevention, Customer Management, Content Transcription, Contact Center Management, Subtitle Generation, Other Applications)
• by Industry Vertical (Banking Finance Services and Insurance (BFSI), IT and Telecom, Media and Entertainment, Healthcare and Life Sciences, Retail and eCommerce, Travel and Hospitality, Government and Defense, Education, Other Verticals)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Google, Microsoft, IBM, Nuance Communications, Verint, Speechmatics, Vocapia Research, Twilio, Baidu, Facebook|
|Key Drivers||• With the increasing acceptance of technology and the tremendous development of internet-based information
• The demand for smart gadgets, such as smart speakers and smartphones, has risen
|Market Challenges||• In nations with several regional and local languages, speech-to-text API solutions have proved challenging to deploy.|
Frequently Asked Questions (FAQ) :
Ans: - Speech-to-text API size was valued at USD1.9 Bn in 2021.
Ans: - The demand for smart gadgets, such as smart speakers and smartphones, has risen.
Ans: -The segments covered in the Speech-to-text API Market report for study are on the basis of component, deployment mode, organization size, applications, and vertical.
Ans. The primary growth tactics of Speech-to-text API Market participants include merger and acquisition, business expansion, and product launch.
Ans. The study includes a comprehensive analysis of Speech-to-text API Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Speech-to-text API Market Segmentation, by Component
9. Speech-to-text API Market Segmentation, by Deployment Mode
10. Speech-to-text API Market Segmentation, by Organization Size
10.1 Large enterprises
10.2 Small and medium-sized enterprises (SMEs)
11. Speech-to-text API Market Segmentation, by Applications
11.1 Risk and Compliance Management
11.2 Fraud Detection and Prevention
11.3 Customer Management
11.4 Content Transcription
11.5 Contact Center Management
11.6 Subtitle Generation
11.7 Other Applications
12. Speech-to-text API Market Segmentation, by Vertical
12.1 Banking Finance Services and Insurance (BFSI)
12.2 IT and Telecom
12.3 Media and Entertainment
12.4 Healthcare and Life Sciences
12.5 Retail and eCommerce
12.6 Travel and Hospitality
12.7 Government and Defense
12.9 Other Verticals
13. Regional Analysis
13.2 North America
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4.2 South Korea
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.3 South Africa
13.6 Latin America
13.6.3 Rest of Latin America
14. Company Profiles
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.4 Nuance Communications
14.7 Vocapia Research
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
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