Dublin, Dec. 30, 2019 (GLOBE NEWSWIRE) -- The "Speech-to-text API Market by Component (Software and Services), Application (Risk and Compliance Management, and Fraud Detection and Prevention), Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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.

Report Scope

This market study covers the speech-to-text API market across segments. It aims at estimating the market size and the growth potential of this market, across different segments, such as component, deployment mode, organization size, application, vertical, and region.

The report includes the study of the key players offering speech-to-text API solutions and services. It profiles major vendors in the global speech-to-text API market. It also includes an in-depth competitive analysis of key players in the speech-to-text API market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.

Services segment to grow at a higher CAGR during the forecast period

The speech-to-text API market by component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are professional services and managed services. Professional services are further bifurcated into consulting, deployment and integration, and support and maintenance. The growth of this segment can be attributed to the increasing deployment of the speech-to-text API software, which leads to increasing the demand for pre- and post-deployment services, as these solutions require training, owing to technical complexities.

Retail and eCommerce vertical to grow at the highest CAGR during the forecast period

The speech-to-text API market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), telecommunications and Information Technology (IT), retail and eCommerce, healthcare, media and entertainment, government and defense, travel and hospitality, manufacturing, others (transportation and logistics, and education). A rise in competition among players in the online retail market and the emergence of a number of eCommerce players are factors projected to drive the growth of this vertical.

APAC to grow at the highest CAGR during the forecast period

Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The region is becoming a new hotspot in the speech-to-text API market, due to rising investments in the process of digitalization across potential economies in the region.

Key Topics Covered

1 Introduction

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
5.2.1.1 Growing Adoption of Smart Speakers and Mobile Phones
5.2.1.2 Stringent Regulatory and Compliance
5.2.2 Restraints
5.2.2.1 Transcribing Audio From Multi-Channels and Its Accuracy
5.2.3 Opportunities
5.2.3.1 Innovation in Speech-to-text Solutions for Temporarily and Permanently Disabled Students
5.2.3.2 Growing Inclination Toward Cloud-Based Deployment Mode
5.2.4 Challenges
5.2.4.1 Multilingual Support for Captioning and Subtitling
5.2.4.2 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
6.3.1.1 Increasing Need to Monitor and Maintain Tool Operations and Reduce Overhead Costs Driving the Demand for Managed Services
6.3.2 Professional Services
6.3.2.1 Consulting
6.3.2.1.1 Technicalities Involved in Implementing Speech-to-text API Tools and Services to Boost the Demand for Consulting Services
6.3.2.2 Deployment and Integration
6.3.2.2.1 Growing Need to Overcome System-Related Issues Effectively Driving the Demand for Deployment and Integration Services
6.3.2.3 Support and Maintenance
6.3.2.3.1 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

11 Speech-to-text API Market By Region
11.1 Introduction
11.2 North America
11.2.1 United States
11.2.1.1 Rapid Growth of Technologies and Infrastructure to Fuel the Adoption of Speech-to-text API in the US
11.2.2 Canada
11.2.2.1 Growing R&D Activities to Boost the Growth of Speech-to-text API Market in Canada
11.3 Europe
11.3.1 United Kingdom
11.3.1.1 Growing Focus on Automating Customer Service to Boost the Adoption of Speech-to-text API in the UK
11.3.2 Germany
11.3.2.1 Government Initiatives for the Adoption of AI and Interest Among Enterprises to Offer Personalized Customer Services Driving the Growth of Market in Germany
11.3.3 France
11.3.3.1 Ongoing Efforts From Private Companies and Institutional Players to Boost the Growth of Market in France
11.3.4 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.1.1 Increasing use of Iva and Chatbots in Telecommunications and Retail Industries to Drive the Adoption of Speech-to-text API in Japan
11.4.2 Australia
11.4.2.1 Increasing Need to Make Timely Business and Communication Decisions to Drive the Growth of Speech-to-text API Market Across the Telecommunication Industry Verticals in Australia
11.4.3 China
11.4.3.1 Increasing Need for Automation Across Healthcare Institutions and BFSI Organizations to Drive the Growth of Market in China
11.4.4 India
11.4.4.1 Growing Investment of Industry Players in AI Technology to Drive the Growth of Market in India
11.4.5 Rest of Asia Pacific
11.5 Middle East and Africa
11.5.1 Middle East
11.5.1.1 Government Regulations and Increased Penetration of Mobile Devices to Carry Out Different Operations Driving the Growth of Speech-to-text API Market in the Middle East
11.5.2 Africa
11.5.2.1 Increasing Investments in Technologies, Such as Cloud, Analytics, and Information Security to Drive the Growth of Market in Africa
11.6 Latin America
11.6.1 Brazil
11.6.1.1 Growing Industries, Such as Banking and Ecommerce to Boost the Adoption of the Speech-to-text API in Brazil
11.6.2 Mexico
11.6.2.1 Growing Developments in IVR, Chatbots, and Customer Self-Service Capabilities to Drive the Growth of Speech-to-text API Market in Mexico
11.6.3 Rest of Latin America

12 Competitive Landscape
12.1 Introduction
12.2 Competitive Leadership Mapping
12.2.1 Visionary Leaders
12.2.2 Innovators
12.2.3 Dynamic Differentiators
12.2.4 Emerging Companies

13 Company Profiles
13.1 Introduction
13.2 Google
13.3 Microsoft
13.4 IBM
13.5 AWS
13.6 Nuance Communications
13.7 Verint
13.8 Speechmatics
13.9 Vocapia Research
13.10 Twilio
13.11 Baidu
13.12 Facebook
13.13 iFLYTEK
13.14 Govivace
13.15 Deepgram
13.16 Nexmo
13.17 Voicebase
13.18 Otter.AI
13.19 Voci
13.20 GL Communications
13.21 Contus

For more information about this report visit https://www.researchandmarkets.com/r/9rnvq4

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