DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The Speech-to-Text Application Program Interface (API) Market Size is Projected to Grow from USD 1.6 Billion in 2019 to USD 4.1 Billion by 2024, at a CAGR of 20.6%.
The speech-to-text API market is driven by the growing adoption of smart speakers and mobile phones and stringent regulatory and compliance. However, transcribing audio from multi-channels and its accuracy may hinder the growth of the speech-to-text API market.
Services segment to grow at a higher CAGR during the forecast period
The speech-to-text API market by component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are professional services and managed services. Professional services are further bifurcated into consulting, deployment and integration, and support and maintenance. The growth of this segment can be attributed to the increasing deployment of the speech-to-text API software, which leads to increasing the demand for pre- and post-deployment services, as these solutions require training, owing to technical complexities.
Retail and eCommerce vertical 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 competition among players in the online retail market and the emergence of a number of eCommerce players are factors projected to drive the growth of this vertical.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The region is becoming a new hotspot in the speech-to-text API market, due to rising investments in the process of digitalization across potential economies in the region.
Market Dynamics
Drivers
- Growing Adoption of Smart Speakers and Mobile Phones
- Stringent Regulatory and Compliance
Restraints
- Transcribing Audio From Multi-Channels and Its Accuracy
Opportunities
- Innovation in Speech-to-text Solutions for Temporarily and Permanently Disabled Students
- Growing Inclination Toward Cloud-Based Deployment Mode
Challenges
- Multilingual Support for Captioning and Subtitling
- Building Custom Vocabulary as Per Different Industry Verticals
Use Cases
- Use Case: Scenario 1
- Use Case: Scenario 2
- Use Case: Scenario 3
Regulatory Implications
- Americans With Disabilities Act
- Office of Communications
- Polish Civil Code
- Federal Communications Commission
- General Data Protection Regulation
Company Profiles: Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis
- AWS
- Baidu
- Contus
- Deepgram
- GL Communications
- Govivace
- IBM
- iFLYTEK
- Microsoft
- Nexmo
- Nuance Communications
- Otter.AI
- Speechmatics
- Twilio
- Verint
- Vocapia Research
- Voci
- Voicebase
For more information about this report visit https://www.researchandmarkets.com/r/m2oso9
