Speech-to-Text API Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Speech-to-Text API Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Speech-to-Text API Market

The speech-to-text API market size was valued at USD 1321.5 million in 2019, and the market is now projected to grow from USD 1321.5 million in 2019 to USD 3036.5 million by 2027, exhibiting a CAGR of 11.0% during the forecast period of 2019-2027.

Pandemic has caused a reduction in research and improvement spending on speech-to-text content software and solutions for massive firms and SMEs. However, call for these solutions is predicted to rise due to social distancing and stay-at-home initiatives. Adoption is predicted to be high in industries like healthcare, e-getting to know, and media & entertainment to optimize operations.

Advances in speech reputation technologies have caused the development of voice-enabled interfaces that meet purchaser requirements. Tandem improvements in AI, cloud computing, and facts technology have accelerated voice-to-textual content progress, contributing to the speech-to-text API market growth. Artificial intelligence and machine mastering permit conversational gadgets to understand speech, improving self-learning competencies. AI-based speech-to-text content conversion models enhance accuracy and adapt to language changes, making speech-to-text with AI an regular carrier. AI-based speech and voice reputation structures seize agent-client interactions, offering hidden feedback and possibilities.

Contact facilities are actually incorporated into multi-site purchaser revel in management structures, the use of superior speech-to-textual content solutions. In 2019, GL Communications, Inc. Developed a speech-to-textual content conversion utility for trying out Voice Mail structures and IVR, allowing companies to acquire customer information and motivate dealers. This technology allows contact facilities apprehend patron desires with the aid of in-depth statistics mining on purchaser communications, allowing them to gauge their customers and gain a deeper understanding in their desires.

Comprehensive Analysis of Speech-to-Text API Market

The global market for voice-enabled devices is expected to grow due to privacy concerns, cloud deployment, and application segments. Key players like Microsoft, IBM, and Google are offering voice technologies to enhance productivity and flexibility. The speech-to-text API market is divided into customer management, transcription, fraud detection, compliance management, and voice search. Organizations, quality analysts, and business analysts are mining voice data to gain insights into customer satisfaction, operational efficiency, and quality across all communication channels. Real-time transcription is trending, with customized languages and programming interface options. Speech analytics is used to monitor high-risk or low-quality calls, reducing risk and compliance costs. The market is classified into BFSI, IT & telecom, healthcare, retail, consumer goods, media & entertainment, and others. Banking and financial institutes are using voice technology to analyze customer feedback and augment customer care management for e-commerce platforms. The healthcare industry is developing voice-enabled applications, with Google LLC and Amazon's virtual health assistants investing in voice technology applications. The retail industry is showing an average growth rate for speech-to-text software adoption.

The North America region lead the speech-to-text API market share by benefitting a market size of USD 426.4 million in 2019 due to surge in speech generation adoption, in particular in large enterprises, as the conventional self-service market has reached saturation. Large companies are the most important consumers of voice-assisted solutions, closely the use of interactive voice response (IVR) systems. Developed nations like the U.S. And Canada are main in adopting advanced technologies.

Key market players are improving their customized product portfolios with superior technologies like gadget mastering and articles intelligence. They also are accomplishing strategic partnerships, mergers, and acquisitions to increase their business and product portfolio. Key groups profiled consist of Amazon Web Services, Google, IBM, Microsoft, Nuance Communications, Rev.Com, Speechmatics, Verint Systems, Vocapia Research SAS, and VoiceBase.

IBM Corporation updated its speech-to-text recognition service in March 2020, enabling activity tracking and speaker labels for Korean and German language models.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2019

Unit Value (USD million)

By ComponentSoftware

Services

By DeploymentOn-Premise

Cloud

By ApplicationContact Center and Customer Management

Transcription

Fraud Detection

Compliance Management

Voice Search

Others (Route Optimization, Speech Diarization etc.)

By IndustryBFSI

IT and Telecom

Healthcare

Retail and Consumer Goods

Education

Media & Entertainment

Others (Government, Construction, and Defense)

By RegionNorth America (the U.S. and Canada)

Europe (the U.K., Germany, France, Scandinavia, and Rest of Europe)

Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)

Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

Latin America (Brazil, Mexico and Rest of Latin America)


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