Speech-to-text API - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Speech-to-text API Market is accounted for $1.32 billion in 2018 and is expected to reach $6.63 billion by 2027 growing at a CAGR of 20%. Increasing adoption of smart speakers and mobile phones and stringent administrative and consistence is likely to boost the growth of the market. However, Transcribing audio from multi-channels and its exactness is likely to hamper the profit boundaries.
Speech-to-text API is an interdisciplinary subfield of computational linguistics that develops methodologies and technologies that enables the recognition and translation of spoken language into text by computers. It is also known as automatic speech recognition (ASR), computer speech recognition or speech to text (STT). It incorporates knowledge and research in the linguistics, computer science, and electrical engineering fields. From the technology perspective, Speech-to-text API has a long history with several waves of major innovations. Most recently, the field has benefited from advances in deep learning and big data. The advances are evidenced not only by the surge of academic papers published in the field, but more importantly by the worldwide industry adoption of a variety of deep learning methods in designing and deploying speech recognition systems.
Based on the organization size, the Small and Medium-sized Enterprises 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.
By geography, North America is expected to hold the largest market size in the global speech-to-text API market. North America is the most significant revenue contributor to the global speech-to-text API market. The region is witnessing significant developments in the market. In North America, the high growth rate can be attributed to the increasing use of the big data technology, growing amount of data across verticals, and increasing investments by companies in real-time analytics
Some of the key players in the Speech-to-text API market include Voicebase, Voci, Vocapia Research, Verint, Twilio, Speechmatics, Otter AI, Nuance Communications, Nexmo, Microsoft, iFLYTEK, IBM, Govivace, Google, GL Communications, Facebook, Deepgram, Baidu and AWS.
Components Covered:
• Services
• Software
• Other Components
Deployment Modes Covered:
• On-Premises
• Cloud
• Other Development Modes
Organization Sizes Covered:
• Small and Medium-Sized Enterprises
• Large Enterprises
• Other Organization Sizes
Applications Covered:
• Content Transcription
• Customer Management
• Fraud Detection and Prevention
• Risk and Compliance Management
• Other Applications
End Users Covered:
• Travel and Hospitality
• Telecommunications and IT
• Retail and Ecommerce
• Media and Entertainment
• Manufacturing
• Healthcare
• Government and Defense
• Banking, Financial Services, and Insurance
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2017, 2018, 2019, 2023 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the clients interest (Note: Depends of feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Futuristic Market Scenario
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Speech-to-text API Market, By Component
5.1 Introduction
5.2 Services
5.2.1 Managed Services
5.2.2 Professional Services
5.2.2.1 Consulting
5.2.2.2 Deployment and Integration
5.2.2.3 Support and Maintenance
5.3 Software
5.4 Other Components
6 Global Speech-to-text API Market, By Deployment Mode
6.1 Introduction
6.2 On-Premises
6.3 Cloud
6.4 Other Development Modes
7 Global Speech-to-text API Market, By Organization Size
7.1 Introduction
7.2 Small and Medium-Sized Enterprises
7.3 Large Enterprises
7.4 Other Organization Sizes
8 Global Speech-to-text API Market, By Application
8.1 Introduction
8.2 Content Transcription
8.3 Customer Management
8.4 Fraud Detection and Prevention
8.5 Risk and Compliance Management
8.6 Other Applications
9 Global Speech-to-text API Market, By End User
9.1 Introduction
9.2 Travel and Hospitality
9.3 Telecommunications and IT
9.4 Retail and Ecommerce
9.5 Media and Entertainment
9.6 Manufacturing
9.7 Healthcare
9.8 Government and Defense
9.9 Banking, Financial Services, and Insurance
9.10 Other End Users
10 Global Speech-to-text API Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Voicebase
12.2 Voci
12.3 Vocapia Research
12.4 Verint
12.5 Twilio
12.6 Speechmatics
12.7 Otter AI
12.8 Nuance Communications
12.9 Nexmo
12.10 Microsoft
12.11 iFLYTEK
12.12 IBM
12.13 Govivace
12.14 Google
12.15 GL Communications
12.16 Facebook
12.17 Deepgram
12.18 Baidu
12.19 AWS
List of Tables
1 Global Speech-to-text API Market Outlook, By Region (2017-2027) ($MN)
2 Global Speech-to-text API Market Outlook, By Component (2017-2027) ($MN)
3 Global Speech-to-text API Market Outlook, By Services (2017-2027) ($MN)
4 Global Speech-to-text API Market Outlook, By Managed Services (2017-2027) ($MN)
5 Global Speech-to-text API Market Outlook, By Professional Services (2017-2027) ($MN)
6 Global Speech-to-text API Market Outlook, By Software (2017-2027) ($MN)
7 Global Speech-to-text API Market Outlook, By Deployment Mode (2017-2027) ($MN)
8 Global Speech-to-text API Market Outlook, By On-Premises (2017-2027) ($MN)
9 Global Speech-to-text API Market Outlook, By Cloud (2017-2027) ($MN)
10 Global Speech-to-text API Market Outlook, By Other Development modes (2017-2027) ($MN)
11 Global Speech-to-text API Market Outlook, By Organization Size (2017-2027) ($MN)
12 Global Speech-to-text API Market Outlook, By Small and Medium-Sized Enterprises (2017-2027) ($MN)
13 Global Speech-to-text API Market Outlook, By Large Enterprises (2017-2027) ($MN)
14 Global Speech-to-text API Market Outlook, By Other Organization Sizes (2017-2027) ($MN)
15 Global Speech-to-text API Market Outlook, By Application (2017-2027) ($MN)
16 Global Speech-to-text API Market Outlook, By Content Transcription (2017-2027) ($MN)
17 Global Speech-to-text API Market Outlook, By Customer Management (2017-2027) ($MN)
18 Global Speech-to-text API Market Outlook, By Fraud Detection and Prevention (2017-2027) ($MN)
19 Global Speech-to-text API Market Outlook, By Risk and Compliance Management (2017-2027) ($MN)
20 Global Speech-to-text API Market Outlook, By Other Applications (2017-2027) ($MN)
21 Global Speech-to-text API Market Outlook, By End User (2017-2027) ($MN)
22 Global Speech-to-text API Market Outlook, By Travel and Hospitality (2017-2027) ($MN)
23 Global Speech-to-text API Market Outlook, By Telecommunications and IT (2017-2027) ($MN)
24 Global Speech-to-text API Market Outlook, By Retail and Ecommerce (2017-2027) ($MN)
25 Global Speech-to-text API Market Outlook, By Media and Entertainment (2017-2027) ($MN)
26 Global Speech-to-text API Market Outlook, By Manufacturing (2017-2027) ($MN)
27 Global Speech-to-text API Market Outlook, By Healthcare (2017-2027) ($MN)
28 Global Speech-to-text API Market Outlook, By Government and Defense (2017-2027) ($MN)
29 Global Speech-to-text API Market Outlook, By Banking, Financial Services, and Insurance (2017-2027) ($MN)
30 Global Speech-to-text API Market Outlook, By Other End Users (2017-2027) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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