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Global Speech-to-text API Market to reach USD 6.25 billion by 2027.

Global Speech-to-text API Market Size study, by Component (Software, Services), by Application (Risk and Compliance Management, Fraud Detection and Prevention, Customer Management, Content Transcription, Contact Center Management, Subtitle Generation, Other Applications) and Regional Forecasts 2021-2027

Product Code: ICTNGT-76957181
Publish Date: 24-02-2022
Page: 200

Global Speech-to-text API Market is valued at approximately USD 1.85 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 19.00 % over the forecast period 2021-2027. Speech-to-text API is a type of walk-in clinic that provides ambulatory care in a dedicated medical facility outside of a conventional emergency room (ER). Also, the Speech-to-text API is used for treating injuries and illnesses that need immediate care. The rising need for voice-based devices coupled with the proliferation of smartphones, increasing usage of speech and voice technology for transcription has led to the adoption of Speech-to-text API across the forecast period. For Instance: As per Statista, approximately 64 percent of surveyed experts within the industries of E-learning and market research used speech-to-text automated transcription in 2020. 25 percent of the respondents from the market research industry reported the use of automated transcription on a monthly basis. Also, with the innovation in speech-to-text solutions for temporarily and permanently disabled students, the adoption & demand for Speech-to-text API is likely to increase the market growth during the forecast period. However, transcribing audio from multi-channels impedes the growth of the market over the forecast period of 2021-2027.

The key regions considered for the global Speech-to-text API market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world in terms of market share owing to the huge spending on technology and easy availability of solutions with a significant presence of vendors. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027. Factors such as urbanization, rising population would create lucrative growth prospects for the Speech-to-text API market across Asia-Pacific region.

Major market players included in this report are:
VoiceBase (US)
Google (US)
Microsoft (US)
AWS (US)
IBM (US)
Verint (US)
Baidu (China)
Twilio (US)
Speechmatics (UK)
VoiceCloud (US)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component:
Software
Services
By Application:
Risk and Compliance Management
Fraud Detection and Prevention
Customer Management
Content Transcription
Contact Center Management
Subtitle Generation
Other Applications
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027

Target Audience of the Global Speech-to-text API Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Global Speech-to-text API Market, by Region, 2019-2027 (USD Billion)
1.2.2. Global Speech-to-text API Market, by Component, 2019-2027 (USD Billion)
1.2.3. Global Speech-to-text API Market, by Application, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Speech-to-text API Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Speech-to-text API Market Dynamics
3.1. Speech-to-text API Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1. Rising need for voice-based devices coupled with the proliferation of smartphones
3.1.1.2. Increasing usability of speech and voice technology for transcription
3.1.2. Market Challenges
3.1.2.1. Transcribing audio from multi-channels
3.1.3. Market Opportunities
3.1.3.1. Innovation in speech-to-text solutions for temporarily and permanently disabled students
Chapter 4. Global Speech-to-text API Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1.1. Assessment of the overall impact of COVID-19 on the industry
5.1.2. Pre COVID-19 and post COVID-19 market scenario
Chapter 6. Global Speech-to-text API Market, by Component
6.1. Market Snapshot
6.2. Global Speech-to-text API Market by Component, Performance – Potential Analysis
6.3. Global Speech-to-text API Market Estimates & Forecasts by Component, 2018-2027 (USD Billion)
6.4. Speech-to-text API Market, Sub Segment Analysis
6.4.1. Software
6.4.2. Services
Chapter 7. Global Speech-to-text API Market, by Application
7.1. Market Snapshot
7.2. Global Speech-to-text API Market by Application, Performance – Potential Analysis
7.3. Global Speech-to-text API Market Estimates & Forecasts by Application, 2018-2027 (USD Billion)
7.4. Speech-to-text API Market, Sub Segment Analysis
7.4.1. Risk and Compliance Management
7.4.2. Fraud Detection and Prevention
7.4.3. Customer Management
7.4.4. Content Transcription
7.4.5. Contact Center Management
7.4.6. Subtitle Generation
7.4.7. Other Applications
Chapter 8. Global Speech-to-text API Market, Regional Analysis
8.1. Speech-to-text API Market, Regional Market Snapshot
8.2. North America Speech-to-text API Market
8.2.1. U.S. Speech-to-text API Market
8.2.1.1. Component breakdown estimates & forecasts, 2018-2027
8.2.1.2. Application breakdown estimates & forecasts, 2018-2027
8.2.2. Canada Speech-to-text API Market
8.3. Europe Speech-to-text API Market Snapshot
8.3.1. U.K. Speech-to-text API Market
8.3.2. Germany Speech-to-text API Market
8.3.3. France Speech-to-text API Market
8.3.4. Spain Speech-to-text API Market
8.3.5. Italy Speech-to-text API Market
8.3.6. Rest of Europe Speech-to-text API Market
8.4. Asia-Pacific Speech-to-text API Market Snapshot
8.4.1. China Speech-to-text API Market
8.4.2. India Speech-to-text API Market
8.4.3. Japan Speech-to-text API Market
8.4.4. Australia Speech-to-text API Market
8.4.5. South Korea Speech-to-text API Market
8.4.6. Rest of Asia Pacific Speech-to-text API Market
8.5. Latin America Speech-to-text API Market Snapshot
8.5.1. Brazil Speech-to-text API Market
8.5.2. Mexico Speech-to-text API Market
8.6. Rest of The World Speech-to-text API Market

Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. VoiceBase (US)
9.2.1.1. Key Information
9.2.1.2. Overview
9.2.1.3. Financial (Subject to Data Availability)
9.2.1.4. Product Summary
9.2.1.5. Recent Developments
9.2.2. Google (US)
9.2.3. Microsoft (US)
9.2.4. AWS (US)
9.2.5. IBM (US)
9.2.6. Verint (US)
9.2.7. Baidu (China)
9.2.8. Twilio (US)
9.2.9. Speechmatics (UK)
9.2.10. VoiceCloud (US)
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

The study of the market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geographies to provide a better regional outlook. In the report, country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. Our analysts contact company executives, managers, key opinion leaders, and industry experts. This enables our analyst to derive the closest possible figures without any major deviations in the actual number.

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