According to a research report "Speech-to-text API Market by Component (Software and Services), Application (Risk and Compliance Management, and Fraud Detection and Prevention), Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, The global speech-to-text Application Program Interface (API) market size is expected to grow from USD 1.6 billion in 2019 to USD 4.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 20.6% during the forecast period. Major factors fueling the market growth are growing adoption of smart speakers and mobile phones, and stringent regulatory and compliance.
Browse 112 market data Tables and 49 Figures spread through 163 Pages and in-depth TOC on "Speech-to-text API Market by Component (Software and Services), Application (Risk and Compliance Management, and Fraud Detection and Prevention), Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2024"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/speech-to-text-api-market-203810785.html
The large enterprises segment to hold a larger market size during the forecast period
The speech-to-text API market is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs) by organization size. The large enterprises segment is expected to have a larger market size during the forecast period, owing to large volumes of data being generated by large enterprises and increasing demand for real-time speech-to-text API software and services. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. Due to the high availability of cost-effective cloud solutions, speech-to-text API software and services are expected to witness a prominent growth rate among SMEs during the forecast period. Moreover, easy availability of speech-to-text API solutions as well as real-time support services are factors projected to drive the demand for such solutions across SMEs.
By vertical, retail and eCommerce to grow at the highest CAGR during the forecast period
The speech-to-text API market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), telecommunications and Information Technology (IT), retail and eCommerce, healthcare, media and entertainment, government and defense, travel and hospitality, manufacturing, others (transportation and logistics, and education). A rise in the number of competitors and their emergence of a number of eCommerce players in the online retail space are factors projected to contribute to the growth of this segment.
North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the global speech-to-text API market. The region is witnessing significant developments in the speech-to-text API market. Many speech-to-text API solution providers in North America are experimenting in the market by integrating advanced technologies, such as Artificial Intelligence (AI) and Internet of Things (IoT) with their existing speech-to-text API solutions. They are also adopting various growth strategies to strengthen their positions in the overall market.
Major North American vendors in the speech-to-text API market are Google (US), Microsoft (US), IBM (US), AWS (US), Nuance Communications (US), Verint (US), Speechmatics (England), Vocapia Research (France), Twilio (US), Baidu (China), Facebook (US), iFLYTEK (China), Govivace (US), Deepgram (US), Nexmo (US), VoiceBase (US), Otter.ai (US), Voci (US), GL Communications (US), Contus (India).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441