Industry Background:
Speech to text API is a subfield of computational linguistics which develops the technologies for the translation of spoken to text by computers. It is useful for converting the audio content into the searchable format. Also, it helps in fraud detection, marketing and prevention application. These solutions are equipped with Artificial intelligence and ML technologies which delivers the real time results to the customers. These benefits are increasing the demand of speech to text API.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Google (United States), Microsoft (United States), IBM (United States), AWS (United States), Nuance Communications (United States), Verint (United States), Speech matics (England), Vocapia Research (France), Twilio (United States) and Baidu (China) |
According to AMA, the market for Speech-to-text API is expected to register a CAGR of 6.6% during the forecast period to 2030. This growth is primarily driven by Rising Adoption of Smart Speakers and Mobile Phones and Growing Lifestyle of People in the Developing Economies.
Globally, a noticeable market trend is evident Increasing Consumer Acceptance for Speech Recognition System Major Players, such as Google (United States), Microsoft (United States), IBM (United States), AWS (United States), Nuance Communications (United States), Verint (United States), Speech matics (England), Vocapia Research (France), Twilio (United States) and Baidu (China), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The companies are exploring the market by adopting expansions, investments, and new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations.
Key Developments in the Market:
In November 2019, Google has acquired CloudSimple to move the onsite operations to cloud. and In November 2018, IBM has acquired Red Hat. This acquisition helps the company to move all business applications to cloud.
In April 2018, Google has launched speech to text services for developers with improved voice recognition performance. It has promised to reduce 54 % of errors across Google’s tests.
Influencing Trend:
Increasing Consumer Acceptance for Speech Recognition System
Market Growth Drivers:
Rising Adoption of Smart Speakers and Mobile Phones and Growing Lifestyle of People in the Developing Economies
Challenges:
Stiff Competition among the Major Players
Restraints:
Multi-Channel Transcribing of Audio May Hamper the Market Growth and Low Accuracy of Speech to Text
Opportunities:
Growing Demand of Real Time Speech to Text API Services and Continuous Research and Development in the Speech Recognition System
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Speech-to-text API Market
- Analysis about New Entrants in Speech-to-text API Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Speech-to-text API Study Sheds Light on
The Speech-to-text API Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Speech-to-text API industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Speech-to-text API industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.