By 2024 Speech-to-text API Market expected to reach $4.1 billion, at a CAGR of 20.6%

According to a market research
report “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″, published by MarketsandMarkets, The global
speech-to-text Application Program Interface (API) market size is expected to
grow from USD 1.6 billion in 2019 to USD 4.1 billion by 2024, at a Compound
Annual Growth Rate (CAGR) of 20.6% during the forecast period.

Major factors fueling the
market growth are growing adoption of smart speakers and mobile phones, and
stringent regulatory and compliance.

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The large enterprises
segment to hold a larger market size during the forecast period

The speech-to-text API
market is segmented into large enterprises and Small and Medium-sized Enterprises
(SMEs) by organization size. The large enterprises segment is expected to have
a larger market size during the forecast period, owing to large volumes of data
being generated by large enterprises and increasing demand for real-time
speech-to-text API software and services. However, the SMEs segment is expected
to grow at a higher CAGR during the forecast period. Due to the high
availability of cost-effective cloud solutions, speech-to-text API software and
services are expected to witness a prominent growth rate among SMEs during the
forecast period. Moreover, easy availability of speech-to-text API solutions as
well as real-time support services are factors projected to drive the demand
for such solutions across SMEs.

By vertical, retail and
eCommerce 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 the number of competitors and their emergence of a
number of eCommerce players in the online retail space are factors projected to
contribute to the growth of this segment.

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North America to hold the largest market size during the forecast period

North America is the most
significant revenue contributor to the global speech-to-text API market. The
region is witnessing significant developments in the speech-to-text API market.
Many speech-to-text API solution providers in North America are experimenting
in the market by integrating advanced technologies, such as Artificial
Intelligence (AI) and Internet of Things (IoT) with their existing
speech-to-text API solutions. They are also adopting various growth strategies
to strengthen their positions in the overall market.

Major North American
vendors in the speech-to-text API market are Google (US), Microsoft (US), IBM
(US), AWS (US), Nuance Communications (US), Verint (US), Speechmatics
(England), Vocapia Research (France), Twilio (US), Baidu (China), Facebook
(US), iFLYTEK (China), Govivace (US), Deepgram (US), Nexmo (US), VoiceBase
(US), Otter.ai (US), Voci (US), GL Communications (US), Contus (India).

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