Published Date: 31-Mar-2022
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According to a new report, published by KBV research, The Global Speech-to-text API Market size is expected to reach $5.8 billion by 2027, rising at a market growth of 19.0% CAGR during the forecast period.
The Services segment shows high growth rate of 21.9% during (2021 - 2027). This is due to the necessity to calculate the time and expense of installing API/software tools that require fully managed speech-to-text API services. Moreover, higher usage of speech-to-text API services across major verticals such as BFSI, media and entertainment, and retail and eCommerce would boost the growth of the segment during the forecasting period.
The BFSI segment is generating high revenue in the Global Speech-to-text API Market by Vertical 2020, thereby, achieving a market value of $1.5 billion by 2027. Banking and financial institutions file complaints, address issues, and collect feedback from customers while dealing with massive amounts of transaction data every day. Speech-to-text converters are critical in assessing customer feedback since most customers today prefer to speak with an operator rather than type their questions or browse through multiple screens and menus.
The Large Enterprises segment is leading the Global Speech-to-text API Market by Organization Size 2020, thereby, achieving a market value of $3.9 billion by 2027. This is because of the growing competition from emerging SMEs in large corporations. Speech-to-text API solutions and services are likely to increase at a significant rate among these enterprises due to the availability of cost-effective cloud solutions. Moreover, large enterprises have high spending capacity as compared to SMEs, which would allow them to incorporate advanced and latest solutions.
The Contact Center & Customer Management market is showcasing a CAGR of 18.1% during (2021 - 2027). Across all communication channels, most enterprises, quality analysts, and business analysts are mining their voice data to gain important customer insights into customer happiness, operational efficiency, and quality. In order to engage customers, contact centers use APIs to generate phone menus using Interactive Voice Recognition (IVR), as well as Omni-channel self-service tools and community forums on the company's website. Moreover, leading companies are offering customizable languages and programming interface options for content transcription as real-time transcription becomes more popular.
The North America market is the fastest growing region in the Global Speech-to-text API Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2.0 billion by 2027. The Europe market is estimated to witness a CAGR of 18.1% during (2021 - 2027). Additionally, The Asia Pacific market would display a CAGR of 20.9% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Organization Size
By Deployment Type
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