Speech-to-Text API Market Latest Industry Trends, Statistics, Competition Strategies and Latest Industry Share by 2028, Fortune Business Insights

According to the report, 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 (Software, Services), By Deployment (On-Premise and Cloud), By Application (Contact Center and Customer Management, Transcription, Fraud Detection, Compliance Management, Voice Search and Others), By Industry (BFSI, IT and Telecom, Healthcare, Retail and Consumer Goods, Media & Entertainment, Education, Others) and Regional Forecast, 2020-2027."

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 2027, exhibiting a CAGR of 11.0% during the forecast period.

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 behaviour 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?

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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. Below are a couple of the latest key industry developments:

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.

Fortune Business Insights™ lists out the names of all the companies operating in the speech-to-text API market. They are as follows:

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.
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.

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.

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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.

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.

By Component Analysis
Services Segment to Experience a Healthy CAGR during the Forecast Period

By component, the global market is segmented as software and services.

With digital transformation, industries are directing rapidly toward automation and the smart era. With virtual assistant and artificial intelligence, voice recognition technology continues to develop. It is useful for services such as transcription software and the APIs. Moreover, the adoption of voice-enabled digital assistance, smart speakers, and many other voice-enabled applications increases the utilization of speech-to-text software. As the key players are engaged in the enhancement of the system by integrating it with machine learning and artificial intelligence, services are expected to grow in the forthcoming years.

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Detailed Table of Content

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, 2016-2027
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
TOC Continued...!!!

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