The Worldwide Speech-to-Text API Industry is Expected to Reach $5.4 Billion by 2026

DUBLIN, Dec. 21, 2021 /PRNewswire/ -- The "Global Speech-to-Text API Market by Component (Software, Services), Application (Fraud Detection & Prevention, Content Transcription, Subtitle Generation), Deployment Mode, Organization Size, Vertical, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global Speech-to-text API market is projected to grow from USD 2.2 billion in 2021 to USD 5.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.2% during the forecast period.

The cloud segment to have the larger market size during the forecast period

Speech-to-text API market is segmented on the basis of deployment mode which include on-premises and cloud. The market size 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.

The SMEs segment to hold higher CAGR during the forecast period

On the basis of organization size the Speech-to-text API market has been segmented into large enterprises and SMEs. The SMEs segment is projected to record a higher CAGR 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.

The Fraud detection and prevention applications is to have the largest market size during the forecast period

On the basis of application the Speech-to-text API market has been segmented into risk and compliance management, fraud detection and prevention, customer management, content transcription, contact center management, subtitle generation, and other applications (business process management, quality monitoring, and conference call analysis). The fraud detection and prevention segment is expected to hold the largest market size in 2021. This growth is attributed to the increasing demand for speech-to-text APIs across the media and entertainment industry to transcribe audio and video content into searchable and shareable text.

Among regions, APAC to have highest CAGR during the forecast period

APAC is expected to hold the fastest growth rate during the forecast period. APAC's growth can be attributed to the increasing technological advancements in countries, such as China, Japan, and India. The extensive adoption of voice-controlled connected devices and the rapid penetration of smart devices are the major factors driving the growth of the speech-to-text API market in APAC. Europe is also considered to be the second-largest in terms of market size during the forecast period. The growing demand to reduce enterprise workloads related to customer engagement and retention is the key factor in adopting speech-to-text APIs across Europe.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Speech-To-Text API Market
4.2 Market: Top Three Applications
4.3 Market: by Region
4.4 Market in North America, Top Three Applications and Verticals

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Need for Voice-Based Devices Coupled with the Proliferation of Smartphones
5.2.1.2 Stringent Regulations and Compliance to Boost the Demand for Speech Technology
5.2.1.3 Increasing Usability of Speech and Voice Technology for Transcription
5.2.1.4 Growing Demand for Voice Authentication in Mobile Banking Applications During COVID-19
5.2.2 Restraints
5.2.2.1 Transcribing Audio from Multi-Channels May Hinder the Adoption of Speech-To-Text API
5.2.2.2 Concerns Regarding Data Privacy and Security due to Pandemic
5.2.2.3 Huge Investments and Costs to Incur while Implementing Speech Technology
5.2.3 Opportunities
5.2.3.1 Innovation in Speech-To-Text Solutions for Temporarily and Permanently Disabled Students
5.2.3.2 Development of Speech-To-Text API for Micro-Linguistics and Local Languages
5.2.3.3 Growing Inclination Toward Cloud-Based Speech-To-Text Software
5.2.4 Challenges
5.2.4.1 Multilingual Support for Captioning and Subtitling
5.2.4.2 Building Custom Vocabulary Across Various Verticals
5.2.4.3 Excessive Background Noise or Echoes May Increase the Error Rate
5.2.5 Cumulative Growth Analysis
5.3 Speech-To-Text API: Evolution
5.4 Ecosystem
5.5 Supply Chain Analysis
5.6 Market: COVID-19 Impact
5.7 Trends/Disruptions Impacting Buyers/Clients of the Market
5.8 Regulatory Implications
5.8.1 General Data Protection Regulation
5.8.2 Health Insurance Portability and Accountability Act
5.8.3 California Consumer Privacy Act
5.8.4 Children's Online Privacy Protection Act
5.8.5 Americans with Disabilities Act
5.8.6 Office of Communications
5.8.7 Polish Civil Code
5.8.8 Federal Communications Commission
5.9 Case Study Analysis
5.10 Technology Analysis
5.11 Patent Analysis
5.12 Pricing Model Analysis, 2021
5.13 Porter's Five Forces Analysis
5.14 Scenario

6 Speech-To-Text API Market, by Component
6.1 Introduction
6.1.1 Components: COVID-19 Impact
6.2 Software
6.2.1 Growing Inclination Toward Voice-Based Technology to Enhance the Customer Experience to Boost the Demand for Speech-To-Text API and Software
6.3 Services
6.3.1 Professional Services
6.3.1.1 Training and Consulting
6.3.1.1.1 Technicalities Involved in Implementing Speech-To-Text API and Services to Boost the Demand for Training and Consulting Services
6.3.1.2 Deployment and Integration
6.3.1.2.1 Growing Need to Overcome System-Related Issues Effectively to Drive the Demand for System Integration and Deployment Services
6.3.1.3 Support and Maintenance
6.3.1.3.1 Growing Deployment of Speech-To-Text API and Software Tools to Boost the Demand for Support and Maintenance Services
6.3.2 Managed Services
6.3.2.1 Increasing Need to Monitor and Maintain Tool Operations and Reduce Overhead Costs to Drive the Demand for Managed Services

7 Speech-To-Text API Market, by Deployment Mode
7.1 Introduction
7.1.1 Deployment Modes: COVID-19 Impact
7.2 On-Premises
7.2.1 Data-Sensitive Organizations to Adopt the On-Premises Deployment Mode to Deploy Speech-To-Text API Across the Globe
7.3 Cloud
7.3.1 The Increasing Demand for Scalable, Easy-To-Use, and Cost-Effective Speech-To-Text API to Accelerate the Growth of the Cloud Deployment Mode

8 Speech-To-Text API Market, by Organization Size
8.1 Introduction
8.1.1 Organization Sizes: COVID-19 Impact
8.2 Large Enterprises
8.2.1 Increasing Use of Advanced Technologies to Boost the Adoption of Speech-To-Text API in Large Enterprises
8.3 Small and Medium-Sized Enterprises
8.3.1 Availability of the Cloud-Based Cost-Effective Solutions to Fuel the Adoption of Speech-To-Text API in Small and Medium-Sized Enterprises

9 Speech-To-Text API Market, by Application
9.1 Introduction
9.1.1 Applications: COVID-19 Impact
9.2 Risk and Compliance Management
9.2.1 Rising Non-Compliance Costs to Compel Companies to Adopt Speech-To-Text API
9.3 Fraud Detection and Prevention
9.3.1 Increasing Instances of Frauds to Prompt Banks and Financial Institutions to Adopt Advanced Speech-To-Text API
9.4 Customer Management
9.4.1 Need to Extract Meaningful Data from Customer Interactions to Boost the Demand for Speech-To-Text API
9.5 Content Transcription
9.5.1 Growing Need to Provide Understandable and Searchable Transcription of Audio and Video Data to Fuel the Adoption of Speech-To-Text API
9.6 Contact Center Management
9.6.1 Growing Need to Manage Daily Operations of the Contact Center to Fuel the Adoption of Speech-To-Text API
9.7 Subtitle Generation
9.7.1 Growing Need to Generate Automatic Captions to Boost the Adoption of Speech-To-Text API for Subtitle Generation Application
9.8 Other Applications

10 Speech-To-Text API Market, by Vertical
10.1 Introduction
10.1.1 Verticals: COVID-19 Impact
10.2 Banking, Financial Services, and Insurance
10.2.1 Rising Need for Automated Customer Service and Query Resolver to Fuel the Adoption of Speech-To-Text API
10.3 IT and Telecom
10.3.1 Widespread Adoption of 4G/5G Technology to Boost the Adoption of Speech-To-Text API Across IT and Telecom Sector
10.4 Media and Entertainment
10.4.1 Increased Demand for Content Transcription to Boost the Adoption of Speech-To-Text API in Media and Entertainment
10.5 Healthcare and Life Sciences
10.5.1 Growing Regulatory Requirements and Need for Documentation to Fuel the Adoption of Speech-To-Text API Across Healthcare and Life Sciences Vertical
10.6 Retail and e-Commerce
10.6.1 Need to Deliver Real-Time Customer Experience to Drive the Adoption of Speech-To-Text API in Retail and e-Commerce Vertical
10.7 Travel and Hospitality
10.7.1 Increasing Competition Among Players to Drive the Adoption of Speech-To-Text API in Travel and Hospitality
10.8 Government and Defense
10.8.1 Growing Government Initiatives to Drive the Adoption of Speech-To-Text API in the Government and Defense Sector
10.9 Education
10.9.1 Growing Demand for Online Learning Software to Drive the Adoption of Speech-To-Text API Across the Education Sector
10.10 Other Verticals

11 Speech-To-Text API Market, by Region

12 Competitive Landscape
12.1 Overview
12.2 Key Player Strategies
12.3 Revenue Analysis
12.4 Market Share Analysis
12.5 Company Evaluation Quadrant
12.5.1 Stars
12.5.2 Emerging Leaders
12.5.3 Pervasive
12.5.4 Participant
12.6 Competitive Benchmarking
12.6.1 Company Product Footprint
12.7 Startup/SME Evaluation Quadrant
12.7.1 Progressive Companies
12.7.2 Responsive Companies
12.7.3 Dynamic Companies
12.7.4 Starting Blocks
12.8 Startup/SME Competitive Benchmarking
12.8.1 Company Product Footprint
12.9 Competitive Scenario and Trends
12.9.1 Product Launches
12.9.2 Deals

13 Company Profiles
13.1 Introduction
13.2 Key Players
13.2.1 Google
13.2.2 Microsoft
13.2.3 AWS
13.2.4 IBM
13.2.5 Verint
13.2.6 Baidu
13.2.7 Twilio
13.2.8 Speechmatics
13.2.9 Voicecloud
13.2.10 Voicebase
13.2.11 Voci
13.2.12 Kasisto
13.2.13 Nexmo
13.2.14 Contus
13.2.15 Govivace
13.2.16 GL Communications
13.2.17 Wit.AI
13.2.18 Voxsciences
13.2.19 Rev
13.2.20 Vocapia Research
13.3 SMEs/Start-Ups
13.3.1 Deepgram
13.3.2 Otter.AI
13.3.3 Assemblyai
13.3.4 Aisense
13.3.5 Verbit
13.3.6 Behavioral Signals
13.3.7 Chorus.AI
13.3.8 Gnani.AI
13.3.9 Sayint.AI
13.3.10 Amberscript

14 Adjacent and Related Markets

15 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/4xx06w

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