Speech to Text API Market Reflect Impressive Growth Rate During 2021-2028 | Recent Trends, Business Opportunities, Technology, Companies, Demand & Challenges
The massive growth in cloud-based technologies is taking the Speech-to-Text API market by storm. The global speech-to-text API market size is projected to reach USD 8,698.56 million by 2028.
Dallas, United States – April 26, 2021 /MarketersMedia/ —
Global Speech to Text API Market
Speech-to-text API is also called as speech t- text (STT), automatic speech recognition (ASR) or computer speech recognition. It is a process of computational linguistics that develops technologies methodologies that enable translation and recognition of spoken language making use of computers. In recent times the field has had numerous developments in terms of technology like in big data and deep learning. The development in the Speech to Text API Market can not only be seen by the rise in theoretical papers published in the field but also with the increase in the adoption of speech recognition systems and also numerous deep learning methods in designing.
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The Global Speech to Text API Market has recorded a praiseworthy growth in the overall performance in recent years. The growth of the Speech to Text API industry is attributed by numerous driving factors. The rising adoption of internet and smart devices like smartphones and smart speakers has been one of the most fundamental aspects contributing to the maximum share in the market growth. In addition to that, stringent laws, regulatory and compliance being imposed across several regions have also been adding fuel to the growth of the industry. In past decade, the rise of voice assistants has provided boost to the usage among the worldwide population.
The rising penetration of smartphones with applications like Siri, Alexa, Cortana and Google Assistant has been acting as a catalyst in the growth of Speech to Text API industry. These applications are also being incorporated by their major manufactures in several other devices as well. The technological advancements in the speech to text API field are anticipated to boost the industry growth in future as well. The players in the industry are making heavy investments in research and development activities in order to introduce even moiré advanced solutions and provide new updates to the already existing ones.
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The major players of the global speech-to-text API market are Google, Microsoft, IBM, AWS, Verint, Speechmatics, Nuance Communications, Vocapia Research, Facebook, iFLYTEK, Twilio, Baidu, Govivace, Deepgram, Nexmo, Voci, GL Communications, VoiceBase, Otter.ai, and ContuS.
Key Segments of the Global Speech-to-text API Market
Deployment Mode Overview, 2018-2028 (USD Billion)
• On-Premises
• Cloud-Based
Organization Size Overview, 2018-2028 (USD Billion)
• Large Enterprises
• Small and Medium-Sized Enterprises (SMEs)
Vertical Overview, 2018-2028 (USD Billion)
• Banking, Financial Services and Insurance (BFSI)
• Telecommunications and Information Technology (IT)
• Retail and e-Commerce
• Healthcare
• Media and Entertainment
• Government and Defense
• Travel and Hospitality
• Manufacturing
• Others
Regional Overview, 2018-2028 (USD Billion)
• North America
o U.S.
o Canada
• Europe
o UK
o Germany
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
• Middle East and Africa
o UAE
o South Africa
o Rest of the Middle East and Africa
• South America
o Brazil
o Rest of South America
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