Share
Speech-to-text API market by Component (Software and Services); by Application (Fraud detection, Voice search, Compliance management, Transcription, Contact center & customer management and Others); by Deployment ( on-Premise and Cloud); by Industry (IT and Telecom, Banking Financial Services and Insurance, Healthcare, Retail and consumer goods, Education, Media and entertainment, Others); by Region ( North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa)- Analysis of market share, size & trends for 2016-19 and Forecast To 2019-2030
Speech-to-text API Market to surpass USD 10.8 billion by 2030 from USD 2.2 billion in 2021 at a CAGR of 19.40% throughout the forecast period, i.e., 2020-30.
API is the acronym for Application Programming Interface, which is a software intermediary that allows two applications to interact with each other. Speech recognition is an innovative technology that is increasingly being adopted for allowing computing systems to recognize and respond to human speech. This technology is presently being employed in several verticals to enable spoken input into devices and boost productivity.
Speech-to-text API Market is expected to project a CAGR of 19.40% during the forecast period, 2020-2030
The growth of the API market is to be supported by the following reasons. Growing usage of smart speakers and mobile phones based on voice-assistants aid the overall growth of the market. Additionally, various MSMEs are assumed to be the top adopters of the speech-recognition market. These enterprises are presumed to propel the growth of the market in the forecast period.
On the basis of Deployment
the market is segregated into On-Premise and Cloud. Most vendors in the market offer Cloud-based maintenance solutions to maximize their profits and work efficiently. The Cloud segment offers benefits such as cost-effectiveness and scalability, which are going to propel the overall demand.
Based on Industry
the market is divided into IT and Telecom, Banking Financial Services and Insurance (BFSI), Healthcare, Retail, and consumer goods, Education, Media and entertainment, and others. The maximum growth rate is attributed to BFSI, followed by the healthcare sector and Retail and Consumer goods.
Increasing adoption of Smart Speakers and mobile phones, i.e., over the past few years
the development of voice assistants and smart speakers has increased their usage worldwide. Applications like Siri, Google Assistant, Alexa, and others are present in almost every device. They are also being incorporated into other devices. On the other hand, the demand for these smart speakers has spurred due to fewer complications while operating, changing lifestyles, and inclination towards luxurious entertainment.
Transcribing audio from multi-channels
its accuracy is expected to restrain the overall market growth. This may be due to differences in accent, incorrect pronunciation, or other communication barriers involved in the process.
Company overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Speech-to-text API Market Report also contains an analysis on:
The Speech-to-Text API Market size was estimated at USD 10.8 billion by 2030 and is expected to reach USD 2.2 billion in 2021
Google, Microsoft Corporation, IBM Corporation, AWS, Speechmatics, Verint Systems, Nuance Communication, VoiceBase, Contus, Others
On the basis of Deployment and Based on Industry are anticipated to hold the Speech-to-Text API Market
Drivers Increasing adoption of Smart Speakers and mobile phones, i.e., over the past few years
API is the acronym for Application Programming Interface, which is a software intermediary that allows two applications to interact with each other.
Select License Type
Select License Type
FATPOS CLIENT Appriciation DURING THE PROJECT
Working with Fatpos Global, allowed us to take advantage of their knowledge and easy approach, allowing us to collect important data utilizing a variety of techniques. The results were clearly presented and explained, and FG responded to our questions with speed and expertise.
|
Swiss-based global building materials manufacturer |
The analyses and presentations Fatpos Global have produced for us have been of a very high caliber and have allowed us to proactively improve our customer relationship management. They have also done so while maintaining complete anonymity. Without any doubt, we suggest Fatpos Global to you.
|
|
Tech-powered construction company |
We appreciate the team’s punctuality, flexibility in terms of report modification, post report purchase support and pleasant reaction all around. Overall, my experience with this company was nothing but positive, and I couldn't be more grateful for their excellent service. Thank you for all that you do!
|
|
American global management consulting firm |
We are able to concentrate on the topics and implications that are most important to our clients thanks to the adaptability and responsiveness of the team at Fatpos Global. We would highly recommend this company to anyone in need of their services, and I will certainly be using them again in the future.
|
|
Headquartered in Zug, Switzerland, leading supplier of medical and surgical instrument |
To better study our client demographics, develop the ideal product-price architecture, and enhance our target marketing initiatives, we hired Fatpos Global. Every component of the project was completed, and we are very happy with the useful insights and actionable results.
|
|
Kosovan company, A leading organic fertilizers producer |
Thank you for your team's generous assistance, The final report was delivered to me, and I find it to be really helpful. Also, you may be sure that I will get in touch with you if I ever require fresh materials for market research. Gratitude once more.
|
|
German specialty chemicals company based in Cologne, Germany |
