North America Speech-to-text API Market Size, Share & Industry Trends Analysis Report By Component (Solution and Services), By Vertical, By Organization Size, By Deployment Type, By Application, By Country and Growth Forecast, 2021 - 2027
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Market Report Description
The North America Speech-to-text API Market would witness market growth of 17.4% CAGR during the forecast period (2021-2027).
Businesses and consumers are now producing more content, using voice commands to manage apps and gadgets, and interacting with chatbots. In addition to dictation and translation, speech-to-text APIs can greatly assist them in producing written text. Speech-to-text APIs are basic application programming interfaces (APIs) that do speech recognition and convert voice to text. It detects patterns in sound waves using machine learning and artificial intelligence for precise transcription.
It takes a lot of effort to manually type long texts for articles, manuals, presentations, and other purposes. Instead, anyone can dictate your words and have them produced as text using a speech-to-text API. It would make the work easier and faster while providing a much-needed break to human hands. The accuracy of a competent speech-to-text API is great. As a result, many companies are relying on these solutions to produce documents and papers faster and with fewer errors. Moreover, it also aids a person in multitasking.
In North America, the current trend about speech technology and its uses in various industries is ongoing. In the region's primary industry verticals, the traditional self-service market has reached a high level of saturation, leaving plenty of room for speech technology development. This is especially true in large enterprises, which have become the largest users of voice-assisted systems. Large enterprises in the region are heavily implementing interactive voice response (IVR) systems as a result of businesses embracing customer-centric solutions.
Additionally, companies in the region are paving the way for customers of current touch-tone systems to transition smoothly to next-generation speech-enabled IVR devices. The United States and Canada, as well as other developed countries in the region, have been at the forefront of adopting sophisticated technologies. Moreover, the regional market is witnessing the increased use of speech-enabled applications in smartphones, as well as the expanding penetration of voice technology in the banking and electronics sectors.
The US market dominated the North America Speech-to-text API Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,509.2 million by 2027. The Canada market is anticipated to grow at a CAGR of 20.1% during (2021 - 2027). Additionally, The Mexico market would experience a CAGR of 19% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services. Based on Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Travel & Hospitality, and Others. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on Deployment Type, the market is segmented into Cloud and On-premise. Based on Application, the market is segmented into Fraud Detection & Prevention, Contact Center & Customer Management, Risk & Compliance Management, Content Transcription, Subtitle Generation, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LivePerson, Inc. (VoiceBase, Inc.), VoiceCloud LLC, Speechmatics Ltd., IBM Corporation, Microsoft Corporation, Google LLC, Baidu, Inc., Twilio, Inc., Amazon Web Services, Inc., and Verint Systems, Inc.
Scope of the Study
Market Segments Covered in the Report:
- IT & Telecom
- Retail & eCommerce
- Government & Defense
- Media & Entertainment
- Travel & Hospitality
By Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises (SMEs)
By Deployment Type
- Fraud Detection & Prevention
- Contact Center & Customer Management
- Risk & Compliance Management
- Content Transcription
- Subtitle Generation
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- LivePerson, Inc. (VoiceBase, Inc.)
- VoiceCloud LLC
- Speechmatics Ltd.
- IBM Corporation
- Microsoft Corporation
- Google LLC
- Baidu, Inc.
- Twilio, Inc.
- Amazon Web Services, Inc.
- Verint Systems, Inc.
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