An Application Programming Interface (API) is software, which acts as an intermediary and allows two applications to talk to each other. An API is a customized version, specific to a component, or designed based on an industry-standard to ensure interoperability. Through information hiding, APIs enable modular programming, allowing users to use the interface independently of the implementation. Therefore, a speech – to – text API is a simple API, which allows a user to convert audio to written text.
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Objective of the Report:
The objective of the report is to present a comprehensive analysis of the Global Speech – to – Text API Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Speech – to – Text API Market dynamics, structure by analyzing the market segments and project the Global Speech – to – Text API Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Speech – to – Text API Market make the report investor’s guide.
Global Speech-to-Text API Market Scenario:
The Global Speech – to – Text API Market was valued around at $1.5 Bn in the year 2019 and is projected to reach $XX Bn by the year 2027, growing at a CAGR of almost 12%during the forecasted period.
Global Speech-to-Text API Market Overview:
Scope of Global Speech-to-Text API Market: Inquire before buying
• High Utilization of Artificial Intelligence
With the invention and quick adoption of artificial intelligence and machine learning, conversational devices are able to properly understand speech which enhances self – learning abilities of the system. Moreover, AI–based speech and voice recognition systems are capable of capturing the complete agent-customer interaction to provide hidden feedback and opportunities. Therefore, such efficient use of artificial intelligence could be one of the major reasons for driving the market of speech–to–text API, during the forecast period.
• Data Security
Privacy issues with the voice-enabled devices act as one of the major restraints, and could hamper the growth of the market for the speech – to – text API, during the forecast period. For example, when Google LLC reported a privacy issue in 2019, by its AI-based speech recognition, it was restricted by Germany’s data protection commissioner for listening to Europe’s voice recordings.
Global Speech-to-Text API Market Segmentation
The report for the global Speech – to – Text API market is studied across the 5 major segments:
Global Speech-to-Text API Market, By Component
Global Speech-to-Text API Market, By Deployment Mode
o On Premise
o Cloud Based
The Cloud-Based deployment mode is expected to have dominance in the market, during the forecast period. The reason being the various benefits offered by the cloud-based services, like scalability, cost-effectiveness, among many others, which act as the main reason for propelling the demand for the segment.
Global Speech-to-Text API Market, By Application
o Contact Center & Customer Management
o Fraud Detection
o Compliance Management
o Voice Search
Global Speech-to-Text API Market, By Industry Vertical
o Information Technology & Telecom
o Retail & Consumer Goods
o Media & Entertainment
The Customer Management Segment is predicted to register the highest CAGR, basically due to the reason that the consumers, while surfing any type of content are easily adopting the speaking approach rather than typing themselves.
Global Speech-to-Text API Market, By Geography
o North America
o South America
o Asia Pacific
o Middle East & Africa
North America is expected to grow with the highest market share in the global Speech – to – Text API market, during the forecast period, owing to the rise in the investment in the process of digitalization across the potential economies in the region. Also, North America accounts as a significant revenue contributor in the market for speech–to–text API.
Global Speech-to-Text API Market Competitive Landscape
• The major key players operating in this market include -:
o Nuance Communications
o Vocapia Research
o GL Communications
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