The Speech-to-Text Application Program Interface (API) Market Size is Projected to Grow from USD 1.6 Billion in 2019 to USD 4.1 Billion by 2024, at a CAGR of 20.6%.
The speech-to-text API market is driven by the growing adoption of smart speakers and mobile phones and stringent regulatory and compliance. However, transcribing audio from multi-channels and its accuracy may hinder the growth of the speech-to-text API market.
Speech-to-text APIs enable users to convert speech or audio content into textual formats. Such solutions are helpful in transcribing audio or video content into searchable formats, which help in marketing, customer care, and fraud detection and prevention applications. Call centers, nowadays, are flooded with large volumes of customer data, accumulated through hours of interactions each day.
Speech-to-text APIs have emerged as crucial tools to transcribe such data into textual formats and apply various analytics to extract meaningful insights and drive business performance. The software solutions are integrated with Artificial Intelligence (AI) and ML technologies to deliver real-time and accurate results to the customers.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the Speech-to-text API Market 4.2 Market Top 3 Applications 4.3 Market By Region 4.4 Market in North America, By Application and Industry Vertical
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 220.127.116.11 Growing Adoption of Smart Speakers and Mobile Phones 18.104.22.168 Stringent Regulatory and Compliance 5.2.2 Restraints 22.214.171.124 Transcribing Audio From Multi-Channels and Its Accuracy 5.2.3 Opportunities 126.96.36.199 Innovation in Speech-to-text Solutions for Temporarily and Permanently Disabled Students 188.8.131.52 Growing Inclination Toward Cloud-Based Deployment Mode 5.2.4 Challenges 184.108.40.206 Multilingual Support for Captioning and Subtitling 220.127.116.11 Building Custom Vocabulary as Per Different Industry Verticals 5.3 Use Cases 5.3.1 Use Case: Scenario 1 5.3.2 Use Case: Scenario 2 5.3.3 Use Case: Scenario 3 5.4 Regulatory Implications 5.4.1 Americans With Disabilities Act 5.4.2 Office of Communications 5.4.3 Polish Civil Code 5.4.4 Federal Communications Commission 5.4.5 General Data Protection Regulation
6 Speech-to-text API Market By Component 6.1 Introduction 6.2 Software 6.2.1 Growth in Voice-Based Technology to Drive the Demand for Speech-to-text API Software 6.3 Services 6.3.1 Managed Services 18.104.22.168 Increasing Need to Monitor and Maintain Tool Operations and Reduce Overhead Costs Driving the Demand for Managed Services 6.3.2 Professional Services 22.214.171.124 Consulting 126.96.36.199.1 Technicalities Involved in Implementing Speech-to-text API Tools and Services to Boost the Demand for Consulting Services 188.8.131.52 Deployment and Integration 184.108.40.206.1 Growing Need to Overcome System-Related Issues Effectively Driving the Demand for Deployment and Integration Services 220.127.116.11 Support and Maintenance 18.104.22.168.1 Growing Deployment of Speech-to-text API Software to Boost the Demand for Support and Maintenance Services
7 Speech-to-text API Market By Application 7.1 Introduction 7.2 Risk and Compliance Management 7.2.1 Rising Costs of Non-Compliance Forcing Companies to Adopt Speech-to-text API 7.3 Fraud Detection and Prevention 7.3.1 Increasing Instances of Frauds Prompting Banks and Financial Institutions to Employ Advanced Speech-to-text API 7.4 Customer Management 7.4.1 Need to Extract Meaningful Data From Customer Interactions Driving the Adoption of Speech-to-text API 7.5 Content Transcription 7.5.1 Growing Need to Provide Understandable and Searchable Transcription of Audio and Video Data to Fuel the Adoption of Speech-to-text API 7.6 Others
8 Speech-to-text API Market By Deployment Mode 8.1 Introduction 8.2 Cloud 8.2.1 Cost-Effectiveness and Scalability to Boost the Adoption of Cloud-Based Speech-to-text API 8.3 On-Premises 8.3.1 Data-Sensitive Organizations Preferring the On-Premises Deployment Mode for Speech-to-text API Software
9 Speech-to-text API Market By Organization Size 9.1 Introduction 9.2 Small and Medium-Sized Enterprises 9.2.1 Availability of Cloud-Based Cost-Effective Solutions to Fuel the Adoption of Speech-to-text API in Small and Medium-Sized Enterprises 9.3 Large Enterprises 9.3.1 Increasing Adoption of Advanced Technologies to Boost the Adoption of Speech-to-text API in Large Enterprises
10 Speech-to-text API Market By Industry Vertical 10.1 Introduction 10.2 Banking, Financial Services, and Insurance 10.2.1 Rising Need for Automated Customer Service and Query Resolver to Fuel the Adoption of Speech-to-text API in BFSI 10.3 Retail and Ecommerce 10.3.1 Need to Deliver Real-Time Customer Experience Driving the Adoption of Speech-to-text API in Retail and Ecommerce 10.4 Telecommunications and IT 10.4.1 Widespread Adoption of Advanced Technologies to Boost the Adoption of Speech-to-text API in Telecommunications and It 10.5 Healthcare 10.5.1 Growing Regulatory Requirements and Need for Documentation to Fuel the Adoption of Speech-to-text API in Healthcare 10.6 Manufacturing 10.6.1 Growing Demand for In-Car Infotainment Systems to Drive the Adoption of Speech-to-text API in Manufacturing 10.7 Media and Entertainment 10.7.1 Increased Demand for Content Transcription to Boost the Adoption of Speech-to-text API in Media and Entertainment 10.8 Government and Defense 10.8.1 Demand for Advanced Technologies to Drive the Adoption of Speech-to-text API in the Government and Defense Sector 10.9 Travel and Hospitality 10.9.1 Increasing Competition Among Players to Drive the Adoption of Speech-to-text API in Travel and Hospitality 10.10 Others