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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
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.
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