Speech to Text API Market is Estimated to Reach USD 3.46 Billion By 2030: Cognitive Market Research

Speech-to-Text API Market Overview:
- The speech-to-text application programming interface (API) is a programming interface, which enables the use of speech synthesis and recognition in a variety of devices and applications. Speech-to-text API is a multidisciplinary subject of computational linguistics that explores methods that allow computers to translate and recognize audible language into text.

Summary:
• Global Speech to Text API Market Size Was Valued at USD 2.11 Billion In 2022 And Is Expected to Grow at A CAGR Of 4.71 % During the Forecast Period, Reaching USD 3.46 Billion By 2030.
• In terms of components, the software segment has the largest revenue share in the speech-to-text API market.
• In terms of application, the fraud detection and prevention segment has the largest revenue share in the speech-to-text API market.
• In terms of industry verticals, the BFSI segment has the largest revenue share in the speech-to-text API market.
• North America has the largest revenue share in the speech-to-text API market.

To know more The Speech to Text API Market statistics click here: https://www.cognitivemarketresearch.com/speech-to-text-api-market-report

Market Dynamics:
- The increasing popularity of cloud-based services and the need for voice-based devices for a better and faster experience is the key factor expected to drive the growth of the speech-to-text API market. In addition, advances in artificial intelligence are expected to drive the growth of the speech-to-text API market. Furthermore, innovation in speech-to-text solutions for temporarily and permanently disabled students creates growth opportunities for the speech-to-text API market. However, transcribing audio from multichannel may hinder the growth of the speech-to-text API market.

Market Segmentation:
- Component:
• Software
• Services
In terms of components, the software segment has the largest revenue share in the speech-to-text API market. This is due to the increasing adoption of software by end users such as education and BFSI.

- Deployment Mode:
• On-Premise
• Cloud
In terms of deployment mode, the on-premise segment has the largest revenue share in the speech-to-text API market. This is attributed to the on-premises deployment model preferred by sectors related to communication, marketing, HR, legal departments, studios, researchers, and broadcasters, among others due to its security.

- Organization Size:
• Large Enterprises
• Small & Medium-sized Enterprises
In terms of organization size, the large enterprise segment has the largest revenue share in the speech-to-text API market. This is attributed to high capital stability which allows large enterprises to afford such API integrations.

- Application:
• Contact Center and Customer Management
• Content Transcription
• Fraud Detection and Prevention
• Risk and Compliance Management
• Subtitle Generation
• Others
In terms of application, the fraud detection and prevention segment has the largest revenue share in the speech-to-text API market. This is due to the increasing need for speech-to-text APIs in the entertainment and media industry, which convert video and audio content into shareable and searchable text.

- Industry Vertical:
• BFSI
• IT and Telecom
• Healthcare
• Retail and E-Commerce
• Media and Entertainment
• Education
• Government and Defense
• Others
In terms of industry verticals, the BFSI segment has the largest revenue share in the speech-to-text API market. This is due to the increasing demand for speech-to-text API in the BFSI sector expected to drive the growth of this segment.

- Competitive Analysis for Speech to Text API Market: Google (US), Vocapia Research (France), AWS (US), Microsoft (US), Speechmatics (England), IBM (US), Baidu (China), Verint (US), Nuance Communications (US), Twilio (US), Nexmo (US), Voci (US), Facebook (US), Contus (India), VoiceBase (US), Deepgram (US), iFLYTEK (China), GL Communications (US), Otter.ai (US), Govivace (US)

Get free sample pages of latest published Speech to Text API Market Report: https://www.cognitivemarketresearch.com/speech-to-text-api-market-report

- North America accounted for the largest share of the speech-to-text API market
North America has the largest revenue share in the speech-to-text API market. This is due to the increasing disposable income of consumers and the demand for smartphones in the region. In addition, the presence of key players in the region is anticipated to drive the growth of the speech-to-text API market in the region.

News:
- Microsoft has completed the acquisition of nuance, ushering in a new era of outcomes-based AI
In March 2022, Microsoft Corp has announced the completion of its acquisition of Nuance Communications Inc. a leader in conversational AI and ambient intelligence across industries including healthcare, financial services, retail and telecommunications.

Browse Here For Full TOC:
Table of Content (Revenue USD Edition), (Enquire about Volume/Consumption Edition Data)
Chapter 1 Industrial Insight and Market Scope
• 1.1 Global Speech to text API Industry Introduction
• 1.2 Objectives of the Study
• 1.3 USP of the Report
• 1.4 Who is this report for?
• 1.5 Designing of Market Scope
1.5.1 Speech to text API Market Segmentation
1.5.1 Speech to text API Market Regional Fragmentation
1.5.1 Speech to text API Market Players
• 1.6 Report Duration
Chapter 2 Research MethodologyReview Complete Research Methodology
Chapter 3 Executive Summary of Speech to text API Market
• 3.1 Global Speech to text API Market Size 2018 - 2030, (USD Million)
• 3.2 Global Speech to text API Market Statistics 2022: Snapshot
Chapter 4 Global Speech to text API Market Overview
Chapter 5 Competitive Analysis (Subject to Availability)
Chapter 6 Qualitative Analysis
Chapter 7 Company Profiling (Subject to Availability)
Chapter 8 Global Speech to text API Market by Type Segmentation Analysis (2018-2030)
Chapter 9 Global Speech to text API Market by Application Segmentation Analysis (2018-2030)
Chapter 10 Global Speech to text API Market Regional Analysis
Chapter 11 North America Speech to text API Market Outlook (2018 - 2030)
Chapter 12 Europe Speech to text API Market Outlook (2018 - 2030)
Chapter 13 Asia Pacific Speech to text API Market Outlook (2018 - 2030)
Chapter 14 Latin America Speech to text API Market Outlook (2018 - 2030)
Chapter 15 Middle East and Africa Speech to text API Market Outlook (2018 - 2030)
Chapter 16 Research Findings
To know more Speech to Text API Market TOC click here:

Related Report:
• Text to Speech (TTS) Market- https://www.cognitivemarketresearch.com/text-to-speech-market-report
• Speech Recognition Market- https://www.cognitivemarketresearch.com/speech-recognition-market-report
• Text to Speech Education Technology Market- https://www.cognitivemarketresearch.com/text-to-speech-education-technology-market-report
• Text to Speech Software Market- https://www.cognitivemarketresearch.com/text-to-speech-software-market-report

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