Speech-To-Text API Market Size, Growth Strategies 2022-28

According to Precision Business Insights (PBI), latest report, the global speech-to-text API market size was valued at USD 2.41 billion in 2021 and is poised to grow at a significant CAGR of 14.8% over 2022-2028. Voice assistants and smart speakers have recently become more and more popular among people all over the world as a result of their development.

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On-Premises to Dominate the Speech-To-Text API Market:
The market is split into on-premises and cloud deployment categories. The growth rate of deployment of on-premises is anticipated to be the highest. The market is anticipated to be dominated by the on-premises segment. Due to security concerns, industries like communication, marketing, HR, legal departments, studios, researchers, and broadcasters, among others, choose the on-premises deployment option. Large enterprises and banking institutions also favour on-premises deployment because of its security and licencing. During the projection period, it is projected that these security issues will support the on-premises model segment's growth.

North America Speech-To-Text API Market
The North American region is expected to grow significantly in the global speech-to-text market over the forecast period and is expected to continue growing during the projection period. Due to its high technological investment and easy access to solutions with a big vendor presence, the US dominates the North American speech-to-text API sector. The growing requirement to derive actionable insights from voice data will propel the growth of the speech-to-text API market in Canada during the coming years. Canada is the nation with the fastest economic growth in North America.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In October 2019, Rev.com announced their real-time audio transcription. Rev.ai API, the business's in-house speech engine, powers it. It enables effective integration of voice recognition into services and applications. In September 2021, to strengthen the bank's commitment to cloud first and further its global data and analytics strategy, Google Cloud and Scotiabank announced a strategic agreement. For Scotiabank customers in the Americas and around the world, Google Cloud will help build a more individualized and anticipatory banking experience.

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The speech-to-text API market is segmented based on the component, deployment, organization size, application, industry, and geography.
Based on the component:
• Software
• Service

Based on the deployment:
• On-premises
• Cloud

Based on the organization size:
• Large enterprises
• Small enterprises
• Medium-sized Enterprises

Based on the application:
• Contact Center and Customer Management
• Content Transcription
• Fraud Detection and Prevention
• Risk And Compliance Management
• Subtitle Generation

Based on the industry:
• BFSI
• IT & Telecom
• Healthcare
• Retail and eCommerce
• Government and Defense
• Media and Entertainment
• Travel and Hospitality

Based on the region:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players in the speech-to-text API market are Amazon Web Services, Inc., Rev.com, Inc., Google LLC, Microsoft Corporation, IBM Corporation, Nuance Communications, Inc., Verint Systems, Inc., Speechmatics, Vocapia Research SAS, VoiceBase, Inc., and Others.

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