Rising Demand for Speech-to-Text API Market Share Growing at a CAGR of 17.8%

Allied Market Research published a new report, titled, " Rising Demand for Speech-to-Text API Market Share Growing at a CAGR of 17.8%." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Rise in need for voice-based devices drives the speech-to-text API market growth. Several new advanced devices are being introduced with voice-controlled features, which include voice processing features, such as content transcription, conference call analysis, enabling users to access educational, entertainment and other content through their smart devices. In addition, rise in need for voice-based devices for better and faster experience is also boosting market growth. Thus, these factors drive the growth of the speech-to-text API market size.

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The global speech-to-text API market was valued at $2.4 billion in 2021, and is projected to reach $12.1 billion by 2031, growing at a CAGR of 17.8% from 2022 to 2031.

The speech-to-text application programming interface (API) is a programming interface that enables the utilization 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. This is also called as Automatic Speech Recognition (ASR) or Speech-to-Text. It encompasses electrical engineering, computer science, and linguistics research and knowledge. Moreover, it provides hints to boost the transcription accuracy of rare and domain-specific words or phrases. Use classes to automatically convert spoken numbers into addresses, years and currencies.

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The speech-to-text API market is segmented on the basis of component, deployment mode, application and industry vertical. By component, it is segmented into software and services. By deployment mode, it is segmented into on-premise and cloud. By application, it is bifurcated into contact center and customer management, content transcription, fraud detection and prevention, risk and compliance management, subtitle generation and others. By industry vertical, it is segmented into BFSI, IT and telecom, healthcare, retail and e-commerce, media and entertainment, education, government and defense, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of component, the software segment holds the largest market share as many enterprises are adopting speech-to-text API to improve customer experience. However, the services segment is expected to grow at the highest rate during the forecast period, owing to increase adoption of managed and professional services for speech-to-text API during the forecast period.

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On the basis of region, North America attained the highest growth in 2021, due to the increase in disposable income of consumers and the high demand for smartphones. Moreover, an increase in the standard of living. voice-based assistance, and businesses working remotely are a few reasons which drive the market in the North America.

The report analyzes the profiles of key players operating in the speech-to-text API market such as Amazon Web Services, Inc., Amberscript Global B.V., Google LLC, IBM Corporation, Microsoft, Nuance Communications, Inc., rev.com, Speechmatics, Voicecloud and VoiceBase, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the speech-to-text API market share.

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Key Findings of the Study

● By component, the software segment accounted for the largest speech-to-text API market share in 2021.
● By deployment mode, the on-premise segment accounted for the highest speech-to-text API industry in 2021.
● By application, fraud detection and prevention segment registered highest growth rate in speech-to-text API market forecast
● By region, North America generated the highest revenue in speech-to-text API industry in 2021.
● By industry vertical, BFSI segment accounted for the largest share in speech-to-text API market analysis in 2021.

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