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
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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).
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