Speech-To-Text API Market: Industry Trends, Future Scope And Market Analysis by 2028 | Leading Players: Google, Microsoft, IBM, AWS, Nuance Communications, Verint, Speechmatics among Others

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Speech-To-Text API Market

Speech-To-Text API Market

This detailed market study covers Speech-To-Text API market growth potentials which can assist the stake holders to understand key trends and prospects in Speech-To-Text API market identifying the growth opportunities and competitive scenarios. The report also focuses on data from different primary and secondary sources, and is analyzed using various tools. It helps to gain insights into the market’s growth potential, which can help investors identify scope and opportunities. The analysis also provides details of each segment in the global Speech-To-Text API market.

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Speech-to-text API enables developers to convert audio to text by applying powerful neural network models in an easy-to-use API. It is also known as automatic speech recognition (ASR), computer speech recognition or speech t-text (STT). It incorporates knowledge and research in the linguistics, computer science, and electrical engineering fields. Major growth drivers of the market are the growing adoption of smart speakers and mobile phones.

Based on segment the speech-to-text API market is segmented as component, application, deployment mode, organization size, vertical and region. Based on verticals segment the market is further classified as Banking, Financial Services and Insurance (BFSI), Telecommunications & Information Technology (IT), Retail & eCommerce, Healthcare, Media & Entertainment, Government & Defense, Travel & Hospitality, Manufacturing, Others. Based on application the market is bifurcated as risk and compliance management, and fraud detection and prevention. The content transcription segment is expected to be the fastest-growing segment in the market owing to the growing need to provide understandable and searchable transcription of audio and video data to fuel the adoption of speech-to-text API.

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Based on region, the global speech-to-text API market is segmented into North America, Asia Pacific, Western Europe, Eastern Europe, the Middle East, and the Rest of the World. North America is expected to dominate the market. The region is becoming a new hotspot in the market, due to the rising investment in the process of digitalization across potential economies in the region. Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period.
The North America and Western Europe regions are estimated to register a stable demand during the forecast period with market recovery from recent slowdowns. North America region includes the US, Canada, and Mexico. The US is estimated to dominate this market with a sizeable share followed by Canada, and Mexico. The industrial sector is a major contributor to the US and Canada economies overall. Hence, the supply of advanced materials in production activities is critical to the overall growth of industries in this region.

Western Europe region is dominated by Germany, the UK, France, Italy, and Spain. These countries also have a strong influence on the industrial sector resulting in sizeable demand for Speech-To-Text API market. Asia Pacific is estimated to register the highest CAGR by region during the forecast period. The presence of some of the high growth economies such as China and India is expected to propel the demand in this region. Besides, this region has witnessed strategic investments by major companies to increase their market presence. The Middle East and Eastern Europe are estimated to be other key regions for the Speech-To-Text API market with a strong market potential during the forecast period. Rest of the World consisting of South America and Africa are estimated to be emerging markets during the forecast period.

The speech-to-text API market report presents an in-depth assessment of the offering of various players- Google, Microsoft, IBM, AWS, Nuance Communications, Verint, Speechmatics, Vocapia Research, Twilio, Baidu, Facebook, iFLYTEK, Govivace, Deepgram, Nexmo, VoiceBase, Otter.ai, Voci, GL Communications, Contus. Their strategies to consolidate their shares or positions, and their insight into brand positioning strategies for key traction players are studied here. The analysis in the report looks at the investment patterns of leading players more closely.

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Market Segmentation:

By Component:
o Software
o Services

By Application:
o Risk and Compliance Management
o Fraud Detection and Prevention

By Deployment Mode:
o On-Premises
o Cloud

By Organization Size:
SMES
Large Enterprise

By Vertical:
o Banking, Financial Services and Insurance (BFSI)
o Telecommunications & Information Technology (IT)
o Retail & eCommerce
o Healthcare
o Media & Entertainment
o Government & Defense
o Travel & Hospitality
o Manufacturing
o Others

By Region:

North America
o North America, by Country
o US
o Canada
o Mexico
o North America, by Component
o North America, by Application
o North America, by Deployment Mode
o North America, by Organization Size
o North America, by Vertical

Western Europe
o Western Europe, by Country
o Germany
o UK
o France
o Italy
o Spain
o The Netherlands
o Rest of Western Europe
o Western Europe, by Component
o Western Europe, by Application
o Western Europe, by Deployment Mode
o Western Europe, by Organization Size
o Western Europe, by Vertical

Asia Pacific
o Asia Pacific, by Country
o China
o India
o Japan
o South Korea
o Australia
o Indonesia
o Rest of Asia Pacific
o Asia Pacific, by Component
o Asia Pacific, by Application
o Asia Pacific, by Deployment Mode
o Asia Pacific, by Organization Size
o Asia Pacific, by Vertical

Eastern Europe
o Eastern Europe, by Country
o Russia
o Turkey
o Rest of Eastern Europe
o Eastern Europe, by Component
o Eastern Europe, by Application
o Eastern Europe, by Deployment Mode
o Eastern Europe, by Organization Size
o Eastern Europe, by Vertical

Middle East
o Middle East, by Country
o UAE
o Saudi Arabia
o Qatar
o Iran
o Rest of Middle East
o Middle East, by Component
o Middle East, by Application
o Middle East, by Deployment Mode
o Middle East, by Organization Size
o Middle East, by Vertical

Rest of the World
o Rest of the World, by Country
o South America
o Africa
o Rest of the World, by Component
o Rest of the World, by Application
o Rest of the World, by Deployment Mode
o Rest of the World, by Organization Size
o Rest of the World, by Vertical

Years Covered in the Study:
Historic Year: 2016-2017
Base Year:2018
Estimated Year: 2019
Forecast Year: 2028

Objectives of this report:
o To estimate market size for speech-to-text API market on regional and global basis.
o To identify major segments in speech-to-text API market and evaluate theirmarket shares and demand.
o To provide a competitive scenario for the speech-to-text API market with major developments observed by key companies in the historic years.
To evaluate key factors governing the dynamics of speech-to-text API market with their potential gravity during the forecast period.Reasons to Buy This Report:
o Provides niche insights for decision about every possible segment helping in strategic decision making process.
o Market size estimation of the speech-to-text API market on a regional and global basis.
o A unique research design for market size estimation and forecast.
o Identification of major companies operating in the market with related developments
o Exhaustive scope to cover all the possible segments helping every stakeholder in the speech-to-text API market.

Customization:

This study is customized to meet your specific requirements:
o By Segment
o By Sub-segment
o By Region/Country
o Product Specific Competitive Analysis

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