Speech-to-Text API Market Size [2022-2029] Industry Trends, Share, Growth, SWOT Analysis, Market Drivers
The global Speech-to-Text API Market Size is expected to rise with an impressive CAGR and generate the highest revenue by 2029. Fortune Business Insights™ in its latest report published this information. The report is titled "Speech-to-Text API Market Size, Share and Trends Forecast". The report discusses research objectives, research scope, methodology, timeline and challenges during the entire forecast period [2022 - 2029].
- Fortune Business Insights says that the market value stood at US $ 1321.5 Million in 2019
- By 2027, the Speech-to-Text API Market size is expected to reach US $ 3036.5 Million
- The market is expected to grow at a CAGR of 11% in the forecast period (2020-2027).
- The growth rate of the Global Speech-to-Text API Market is 11%, with an estimated value of US $ 3036.5 Million million by 2027.
Driving Factor:
Rising Adoption of Voice Assistants & Smart Speakers to Aid Growth
Since the past few years, the emergence of voice assistants and smart speakers has given rise to their increasing usage amongst the masses worldwide. Applications, such as Google Assistant, Alexa, Cortana, and Siri are present in almost every smartphone. They are also being integrated by the renowned manufactures in various other devices. Therefore, voice-enables applications are likely to change the user’s participation with technology. The demand for smart speakers, on the other hand, has surged owing to their increasing adoption in numerous households. It is projected to rise dramatically during the forecast period. These factors are set to boost the speech-to-text API market growth in the coming years. However, these applications give rise to privacy issues and data leakages. It may hamper market growth.
Major companies in Speech-to-Text API Market Report are:
- Amazon Web Services, Inc.
- Google LLC
- Rev.com, Inc.
- Microsoft Corporation
- Nuance Communications, Inc.
- IBM Corporation
- Speechmatics
- Verint Systems, Inc.
- Vocapia Research SAS,
- VoiceBase, Inc.
Pre-Post COVID-19 Impact on Global Speech-to-Text API Market
COVID-19 is an infectious disease caused by the most recently discovered novel corona virus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks.
In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the Speech-to-Text API Market, since end-user industries were still not operating at their full capacity.
Secondary Research:
This research study made extensive use of secondary sources, directories, and databases such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource to identify and collect information useful for a technical, market-oriented, and commercial study of the global Speech-to-Text API Market. Other secondary sources included company annual reports, press releases, and investor presentations, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research:
Various sources from both the supply and demand sides were interviewed during the primary research process to obtain qualitative and quantitative information for this report. Primary sources included industry experts from the core and related industries, as well as preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations from all segments of the value chain of this industry. To obtain and verify critical qualitative and quantitative information, in-depth interviews were conducted with a variety of primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants.
Estimation of Market Size
The total size of the Speech-to-Text API Market was estimated and validated using both top-down and bottom-up approaches. These methods were also widely used to estimate the size of various market sub segments. The following research methodologies were used to estimate market size:
Extensive secondary research was used to identify the industry’s key players.
The revenues generated by the market’s leading players in molecular diagnostics have been determined through primary and secondary research.
All percentage shares, splits, and breakdowns were calculated using secondary sources and confirmed using primary sources.
FAQ's:
1. How big is Speech-to-Text API Market?
The global speech-to-text api market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 11% during the forecast period, to Reach USD 3036.5 Million by 2027, from USD 1321.5 Million in 2019
2. Who is the market leader in Speech-to-Text API?
Major Points in Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Annexure / Appendix
- Global Speech-to-Text API Market Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
TOC Continued...!
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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