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The Global Speech-To-Text API Market Size Stood At 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.
Speech-to-text API Market Overview
Contrive Datum Insights published a new report titled “Speech-to-text API Market” research report which is segmented by Types (On-premises, Cloud, other), By Applications (Financial Services and Insurance, Telecommunications and Information Technology, Health Care, Retail and E-commerce, Government and Defense, Other, others). The report offers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It delivers a comprehensive analysis of the market fragments which include products types, applications, and competitive breakdown.
Global Speech-to-text API Market Size, Status, and Forecast 2022-2030. In-depth research accumulated to offer Latest insights about acute features of the global Speech-to-text API market. This report provides a detailed overview of key factors in the Speech-to-text API Market and factors such as driver, restraint, past and current trends, regulatory scenarios and technology development. The impact of the COVID-19 outbreak on the industry was fully assessed. Fully risk assessment and industry recommendations were made for Speech-to-text API in a special period. This report also compares the markets of Pre COVID-19 and Post COVID-19. In addition, research considers the impact of COVID-19/Russia-Ukraine War on the regional economy.
In December 2021, Microsoft is ready to expand its footprint in healthcare after receiving unconditional approval from the European Commission (EC) to acquire AI voice recognition company Nuance Communications for $19.7 billion. Nuance’s Dragon software, which uses deep learning to transcribe speech, is used in the medical field.
In July 2021, Rev.com, the world’s most accurate speech-to-text engine, announced that Rev.ai, its industry-leading automatic speech recognition technology, is now available in 31 languages. The Speech-to-Text API package enables developers to create powerful downstream applications using a speech engine trained on over 50,000 hours of human-transcribed content.
In April 2021, iFLYTEK JAPAN AI SOLUTIONS Co., Ltd. started selling VOITER and VOITER mini, “AI handwriting recorders” that automatically convert voice to text.
Some of the key players profiled in the study are
Google (US), Microsoft (US), IBM (US), AWS (US), Nuance Communications (US), Verint (US) and, and Others.
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Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
North America accounted for a dominant revenue share of over 34% in 2021, owing to the wide accessibility of solutions with heavy technology spending and strong vendor presence. The region will also expand further as the need to gain relevant insights from voice data grows. In this region, developed countries such as the United States and Canada are leading the way in adopting advanced technologies such as intelligent virtual assistants that can rapidly transform existing conversational data into automated self-service experiences and improve customer service.
For example, in April 2021 Verint Systems, a software analytics company based in New York, USA, launched Verint IVA (Intelligent Virtual Assistant). This Speech-to-text API product can quickly transform existing conversational information into an automated, self-service experience. This allows business professionals to quickly implement production-ready chatbots to handle calls and provide customer support. With limitless intelligence for both voice and digital, Verint IVA helps businesses improve their capabilities across the enterprise.
The Asia Pacific voice-to-text API market is expected to register the fastest revenue CAGR during the forecast period. Widespread use of voice-controlled connected devices and growing acceptance of smart devices are major factors driving the growth of the APAC market. Increasing spending on technological advancement in developing countries in the region and growing demand for technological tools in various sectors are further contributing to the growth of the APAC market.
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Table of Content of Speech-to-text API Market:
1: Introduction, market driving force product Objective of Study and Research Scope the Global Speech-to-text API market (2022-2030).
2: Exclusive Summary – the basic information of the Global Speech-to-text API Market.
3: Changing Impact on Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Global Speech-to-text API; Post COVID Analysis.
4: Presenting the Global Speech-to-text API Market Factor Analysis, Post COVID Impact Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
5: Displaying the by Type, End User and Region/Country 2017-2022.
6: Evaluating the leading manufacturers of the Global Speech-to-text API Market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile.
7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2022-2030).
… To be continued
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Global Speech-to-text API Market Is Expected to Grow at a CAGR of 11% During Forecast Period – Digital Journal
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