Speech-to-Text API Market to Reach $3,036.5 Million by 2027; Rising Digital & Virtual Conferences Owing to Covid-19 will Aid Growth

The global speech-to-text API market size is projected to reach USD 3,036.5 million by 2027. It is set to gain impetus from the increasing demand for voice assistants, such as Cortana, Alexa, Google Assistant, and Siri. Besides, the usage of smart speakers is upsurging worldwide owing to their ability to support users in operating specific tools and navigating the internet environment. Fortune Business Insights™ published this information in a recent report, titled, “Speech-to-Text API Market Size, Share and Industry Analysis, By Component (Software, Services), By Deployment (On-Premise and Cloud), By Application (Contact Center and Customer Management, Transcription, Fraud Detection, Compliance Management, Voice Search and Others), By Industry (BFSI, IT and Telecom, Healthcare, Retail and Consumer Goods, Media & Entertainment, Education, Others) and Regional Forecast, 2020-2027”. The report further states that the market stood at USD 1,321.5 million in 2019. However, it is likely to exhibit a CAGR of 11.0% during the forecast period between 2020 to 2027.

NXP Semiconductors Announces Availability of SLN-LOCAL-IOT

In February 2020, NXP Semiconductors based in Netherlands, declared that SLN-LOCAL-IOT is now available in the market. It is the company’s fully integrated development platform that poses as a unique voice solution specially meant for offline voice control. Its base known as the i.MX RT106L crossover microcontroller (MCU) helps in fulfilling the demand for voice control platforms coming from the industrial, commercial, and smart home markets. The solution contains an entire hardware module design, as well as other software needed for implementing voice control. It also presents customizable local commands and a wake word.

The availability of this solution would enable original equipment manufacturers (OEMs) in reducing time and system cost by leveraging a production ready platform. Apart from that, end users would get hands-free, low latency, secure, and private experiences. At the same time, the local solution is capable of removing the complexities and costs of cloud. It would be able to aid in protecting the privacy of the user by connecting to audio that can be directly processed on the device. This speech-to-text API would certainly prove to be beneficial for the company, as well as for its large consumer base.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/speech-to-text-api-market-102781

Effects of Covid-19 Pandemic on the Growth of the Market

The outbreak of Covid-19 pandemic is projected to affect the market in both positive and negative ways. Many small and medium enterprises (SMEs), as well as large enterprises are likely to lower their expenditure on research and development activities to develop state-of-the-art speech-to-text API software. It may hamper the development process of new solutions. But, the demand for these software solutions is expected to increase in the coming years owing to the rising practices of stay-at-home and social distancing going on across the globe.

In addition to that, industries, such as media & entertainment, e-learning, and healthcare would utilize these solutions because of their capability to optimize the entire operation. Owing to the closure of academic institutions and offices, events, conferences, classes are taking place through these applications as they offer high accuracy at a low cost. They also provide faster transcription. These factors are set to drive the speech-to-text API market growth during the forecast period.

Key Players Adopt AI & Machine Learning to Introduce New Products

Reputed organizations operating in the market are focusing on mergers and acquisitions, as well as strategic collaborations to expand their businesses and product portfolio. They are also using innovative technologies, such as artificial intelligence (AI) and machine learning to cater to the unmet demand of the consumers.

Fortune Business Insights™ lists out all the companies present in this market. They are as follows:

• Amazon Web Services, Inc.


• Google LLC


• IBM Corporation


• Microsoft Corporation


• Nuance Communications, Inc.


• Rev.com, Inc.


• Speechmatics


• Verint Systems, Inc.


• Vocapia Research SAS,


• VoiceBase, Inc.

A Notable Industry Development-

• September 2019: Rev.com Inc., a provider of online technology platform headquartered in Texas, announced the development of its latest RevSpeech API. It would enable software developers to access the company’s speech recognition model. The company had been striving persistently to improve its speech-to-text API models since the launch of Temi. However, currently, it possesses one of the world’s most accurate speech recognition solutions.

Further Report Findings-

• In terms of application, the contact center and customer management segment held 18.8% speech-to-text API market share in 2019. This growth is attributable to the increasing usage speech-to-text API software solutions by contact centers to develop phone menus by using Omni-channel self-service tools, interactive voice recognition (IVR), and community forms. They do so to attract and engage their consumers’ attentions.


• North America procured USD 426.4 million revenue in 2019 backed by the adoption of advanced technologies in countries, such as Canada and the U.S. Also, speech-to-text API solutions are mainly used by the banking and electronics industries in this region. It would aid growth.


• In Europe, the rising investments in the development of voice technology would promote market growth and hence, increase the demand for speech-to-text API software solutions.

The global market can be segmented in the following way: