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. The growing adoption of smart speakers and mobile phones is one of the major drivers of the speech-to-text API market.
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.
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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.
Major speech-to-text API vendors include 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), and Contus (India). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global speech-to-text API market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2017 to 2019, which has helped them to innovate their product offerings and broaden their customer base.
Alphabet is now the parent company of Google, following its founding in August 2015. Google is one of the global technology leaders, and its primary areas include advertising, search, Operating Systems (OS) and platforms, and enterprise and hardware products. Its search segment offers a vast index of websites and other online content that is made available through its search engine. Alphabet is a conglomerate, and the largest part of its revenue comes from Google. All non-Google businesses are collectively called Other Bets. Google’s core products include Search, Maps, Chrome, Android, YouTube, Google Play, and Gmail. In the speech-to-text API market, the company offers a speech-to-text solution, which enables the easy integration of Google speech recognition technologies into developer applications. By using this speech-to-text solution, users can send audios and receive a text transcriptions from the speech-to-text API service.
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Microsoft (US) develops and supports software, services, devices, and solutions. Its product offerings include OS, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company also designs, manufactures, and sells devices, such as Personal Computers (PCs), tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. It offers a range of services, such as solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms, and content. The company further offers online advertising. It is a global leader in building analytics platforms and provides production services for AI-infused intelligent cloud. In the speech-to-text API market, the company offers speech-to-text service from Azure Speech Services. The speech-to-text service uses the universal language model, which enables real-time transcription of audio streams into text that customers’ applications, tools, or devices can consume, display, and take action on as command input. This service is powered by the same recognition technology that Microsoft uses for Cortana and Office products and works seamlessly with the translation and text-to-speech.
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