The Speech-to-text API market size is projected to grow from $1.6 billion in 2021 to $4.1 billion in 2028 with an average annual growth rate (CAGR) of 20% over the forecast period. The major growth driver of the market is the increased adoption of smart speakers and mobile phones. The innovation of speech-to-text solutions for students with temporary and permanent disabilities and the growing trend towards cloud-based speech-to-text solutions are key factors to add value to speech-to-text services, which should provide opportunities for companies operating in a variety of industries in the speech-to-text market. Cloud adoption is said to be on the rise recently, as vendors are using software as a service to provide cloud-based solutions. Professional users always make sure to offer the most efficient and economical solutions. Cloud-based solutions provide the opportunity to outsource operational operations to other companies. With the help of text-to-speech technology, subtitles and captions can be attached to any video or audio content and can be used for people struggling with visual impairment.
Company Profile
- Amazon Web Services, Inc. (AWS)
- Deepgram, Inc.
- Google LLC
- GoVivace Inc.
- IBM Corporation
- Microsoft Corporation
- Nuance Communications, Inc.
- Speechmatics (Cantab Research Limited)
Market Segmentation
By Deployment Mode
- Cloud
- On-Premises
By Application
- Fraud Detection & Prevention
- Risk & Compliance Management
- Customer Management
By Industry Vertical
- IT & Telecom
- Travel & Hospitality
- Media & Entertainment
- Retail & Ecommerce
- Healthcare
Scope of the Report
The research study analyzes the Speech-to-Text API industry from 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions, considering multiple aspects some of which are listed below as:
Recent Developments
o Market Overview and growth analysis
o Import and Export Overview
o Volume Analysis
o Current Market Trends and Future Outlook
o Market Opportunistic and Attractive Investment Segment
A full report of Speech-to-Text API Market is available at:https://orionmarketreports.com/speech-to-text-api-market/47426/
Geographic Coverage
o North America Market Size and/or Volume
o Latin America Market Size and/or Volume
o Europe Market Size and/or Volume
o Asia-Pacific Market Size and/or Volume
o Rest of the world Market Size and/or Volume
Key Questions Answered by Speech-to-Text API Market Report
1. What was the Speech-to-Text API Market size in 2019 and 2020; what are the estimated growth trends and market forecast (2022-2028).
- What will be the CAGR of Speech-to-Text API Market during the forecast period (2022-2028)?
3. Which segments (product type/applications/end-user) were most attractive for investments in 2022? How these segments are expected to grow during the forecast period (2022-2028).
4. Which manufacturer/vendor/players in the Speech-to-Text API Market was the market leader in 2020?
5. Overview on the existing product portfolio, products in the pipeline, and strategic initiatives taken by key vendors in the market.
The report covers the following objectives:
- Proliferation and maturation of trade in the Speech-to-Text API market.
- The market share of the Speech-to-Text API market, supply and demand ratio, growth revenue, supply chain analysis, and business overview.
- Current and future market trends that are influencing the growth opportunities and growth rate of the Speech-to-Text API market.
- Feasibility study, new market insights, company profiles, investment return, revenue (value), and consumption (volume) of the Speech-to-Text API market.
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