Global Speech-to-text API Market Size, Share, Growth Analysis, By Deployment(Cloud Based, On premise), By Application(Content Transcription, Customer Management), By Industry Vertical(BFSI, Healthcare)

Description

Speech-to-Text API Market size was valued at USD 2.3 billion in 2021, and it is predicted to reach USD 5.6 billion by 2028. The market is expected to grow at a CAGR of 19% during the forecast period (2022-2028).

The market for application programming interfaces (APIs) that can convert spoken language into text format is described as "global speech-to-text API market". Speech-to-text APIs are used to convert audio and video content into searchable and editable text format in a variety of industries, such as healthcare, legal, media, and education.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Speech-to-Text API market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The global speech-to-text API market is segmented based on product type, application, and region. Based on deployment Speech-to-Text API Market is categorized into cloud based, on- premise. Based on application Speech-to-Text API Market is categorized into: content transcription, customer management, risk and compliance management, fraud detection and prevention, others. On the basis of industry vertical, Speech-to-Text API Market is segmented into BFSI, healthcare, retail, IT and telecom, media and entertainment, retail and E-commerce, travel and hospitality, and others. Based on region Speech-to-Text API Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Driver

The increasing adoption of speech recognition technology across a wide range of sectors is one of the major factors driving the global speech-to-text API market. The demand for speech-to-text APIs is being driven by the rising use of dictation software in offices and the popularity of digital voice assistants like Siri and Alexa. Additionally, the demand for speech-to-text APIs is being driven by the increasing amount of audio and video information being produced across numerous industries.

Restraint

The accuracy of the transcription that's what drives the global speech-to-text API market. With recent significant advancements in speech recognition technology, transcription errors can still occur and it may prohibit some industries from implementing it. A significant barrier to the industry is also the lack of standardisation in speech-to-text APIs and the compatibility with different languages and accents.

Market Trends

The use of machine learning and artificial intelligence technologies to increase transcription accuracy is one of the key trends in the global speech-to-text API industry. More accurate transcriptions result from these technologies' ability to learn and adjust to various languages, accents, and dialects. Additionally, the popularity of subscription-based models, which provide customers with more flexibility and scalability, is being fueled by the trend towards cloud-based speech-to-text APIs. Also, a major market trend is the usage of speech-to-text APIs in the healthcare industry for clinical documentation and medical transcription.

Product Code: SQSG45E2053

Executive Summary

Market Overview
Wheel of Fortune

Research Methodology
- Information Procurement
- Secondary & Primary Data Sources
- Market Size Estimation
- Market Assumptions & Limitations
Parent Market Analysis
- Market Overview
- Market Size
- Market Dynamics
Drivers
Opportunities
Restraints
Challenges
Key Market Insights
- Technology Analysis
- Pricing Analysis
- Supply Chain Analysis
- Value Chain Analysis
- Ecosystem of the Market
- IP Analysis
- Trade Analysis
- Startup Analysis
- Raw Material Analysis
- Innovation Matrix
- Pipeline Product Analysis
- Macroeconomic Indicators
- Top Investment Analysis
- Key Success Factor
- Degree of Competition
Market Dynamics & Outlook
- Market Dynamics
Drivers
Opportunities
Restraints
Challenges
- Regulatory Landscape
- Porters Analysis
Competitive rivalry
Threat of Substitute Products
Bargaining Power of Buyers
Threat of New Entrants
Bargaining Power of Suppliers
- Skyquest Special Insights on Future Disruptions
Political Impact
Economic Impact
Social Impact
Technical Impact
Environmental Impact
Legal Impact
Global Speech-to-text API Market by Deployment
- Market Overview
- Cloud Based
- On premise
Global Speech-to-text API Market by Application
- Market Overview
- Content Transcription
- Customer Management
- Risk
- Compliance Management
- Fraud Detection
- Prevention
- Others
Global Speech-to-text API Market by Industry Vertical
- Market Overview
- BFSI
- Healthcare
- Retail
- IT
- Telecom
- Media
- Entertainment
- Retail
- E-commerce
- Travel
- Hospitality
- Others
Global Speech-to-text API Market Size by Region
- Market Overview
- North America
USA
Canada
- Europe
Germany
Spain
France
UK
Rest of Europe
- Asia Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
- Latin America
Brazil
Rest of Latin America
- Middle East & Africa (MEA)
GCC Countries
South Africa
Rest of MEA
Competitive Landscape
- Top 5 Player Comparison
- Market Positioning of Key Players, 2021
- Strategies Adopted by Key Market Players
- Top Winning Strategies
By Development
By Company
By Year
- Recent Activities in the Market
- Key Companies Market Share (%), 2021
Key Company Profiles
- Google (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Microsoft (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- AWS (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- IBM (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Verint (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Baidu (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Twilio (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Speechmatics (UK)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- VoiceCloud (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- VoiceBase (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Voci (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Kasisto (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Nexmo (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Verbit (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Behavioral Signals (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Chorus.ai (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Gnani.ai (India)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Sayint.ai (India)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
- Amberscript (Netherlands)
Company Overview
Business Segment Overview
Financial Updates

Global Speech-to-text API Market Size, Share, Growth Analysis, By Deployment(Cloud Based, On premise), By Application(Content Transcription, Customer Management), By Industry Vertical(BFSI, Healthcare) - Industry Forecast 2022-2028

Description

Table of Contents

Table of Contents

Executive Summary