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(IT-NEWSWIRE.COM, December 10, 2021 ) According to a market research report "Speech-to-text API Market by Component (Software and Services), Application (Fraud Detection & Prevention, Content Transcription, Subtitle Generation), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Speech-to-text API Market is projected to grow from USD 2.2 billion in 2021 to USD 5.4 billion by 2026; it is expected to grow at a CAGR of 19.2% during 2021–2026.
Browse and in-depth TOC on “Speech-to-text API Market”
306 - Tables
61 - Figures
295 - Pages
During the pandemic, many companies experienced a significant increase in pressure from customers, while their number of available employees decreased. Many contact centers were unable to cope with demand or closed because of lockdown restrictions, leading to long delays in customer service queries, which significantly affected the customer experience. As businesses develop a more strategic approach that delivers resilience into operations through the flexibility and scalability while at the same time working to improve operational efficiencies, so speech-to-text API is rising to the forefront of technology enablers.
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Data analytics application builders are seeking medical speech recognition
capabilities that help them efficiently and accurately transcribe video and audio containing COVID-19 terminology into text for downstream analytics. For instance, AWS offers Amazon Transcribe Medical, which is a fully managed speech recognition (ASR) service that makes it easy to add medical speech-to-text capabilities to any application. Powered by deep learning, the service offers a ready-to-use medical speech recognition model that users can integrate into a variety of voice applications in the healthcare and life sciences domain. Users can use the custom vocabulary feature to accurately transcribe more specific medical terminologies, such as medicine names, product brands, medical procedures, illnesses, or COVID-19-related terminology.
The services segment to hold higher CAGR during the forecast period
Based on components, the market size of the software segment is expected to hold a larger market share in 2021, while the services segment is projected to grow at a higher CAGR during the forecast period. This can be attributed to the need for determining the time and cost required to install the API/software tools that require fully managed speech-to-text API services. The high growth is attributed to the higher adoption of speech-to-text API solutions across key verticals, such as BFSI, media and entertainment, and retail and eCommerce.
The cloud segment to hold the larger market size during the forecast period
Based on deployment mode the Speech-to-text API Market is bifurcated into on-premises and cloud. The market size and CAGR of the cloud segment are estimated to be higher than the on-premises segment during the forecast period. The cloud technology benefits of easy deployment and minimal capital requirement facilitate the adoption of the cloud deployment model. The adoption of cloud-based speech-to-text API solutions is expected to be supported by the COVID-19 pandemic, as lockdowns and social distancing practices are encouraging companies to move to cloud solutions that can be managed remotely. The increasing demand for scalable, easy-to-use, and cost-effective speech-to-text API solutions is expected to accelerate the growth of the cloud segment in the Speech-to-text API Market.
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The large enterprises segment to hold a larger market size during the forecast period
The large enterprises segment is estimated to hold a larger market share in 2021. The growth of the segment is due to increased competition in large enterprises from budding SMEs. Owing to the availability of cost-effective cloud solutions, speech-to-text API solutions and services are expected to witness a prominent growth rate among SMEs during the forecast period.
Healthcare and life sciences vertical is to have the highest CAGR during the forecast period
The healthcare and life sciences segment is projected to grow at the highest CAGR during the forecast period. Speech-to-text API helps financial institutions effortlessly connect with customers to provide an enhanced customer experience. The need for rapid diagnosis, healthcare data analysis, and better patient care is expected to drive the growth of the healthcare and life sciences vertical in the APAC region.
North America to hold the largest market share during the forecast period
In North America is expected to hold the largest market size in 2021. In North America, speech-to-text API/software tools and services are highly effective in most organizations due to the increasing need to extract meaningful insights from voice data to enhance user experience. APAC is expected to hold the largest CAGR during the forecast period, while Latin America and MEA are slowly picking up speech-to-text API due to its benefits for various industries to get user insights.
Key players offering Speech-to-text API Market. The major vendors covered Google (US), Microsoft (US), AWS (US), IBM (US), Verint (US), Baidu (China), Twilio (US), Speechmatics (UK), VoiceCloud (US), VoiceBase (US), Voci (US), Kasisto (US), Nexmo (US), Contus (India), GoVivace (US), GL Communications (US), Wit.ai (US), VoxSciences (US), Rev (US), Vocapia Research (France), Deepgram (US), Otter.ai (US), AssemblyAI (US), Verbit (US), Behavioral Signals (US), Chorus.ai (US), Gnani.ai (India), Sayint.ai (India), and Amberscript (Netherlands).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
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MarketsandMarkets™ INC.
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Content Source: https://www.marketsandmarkets.com/PressReleases/speech-to-text-api.asp
Report: https://www.marketsandmarkets.com/Market-Reports/speech-to-text-api-market-203810785.html
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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