In North America, the current global buzz regarding speech technology and its uses in various industries has reverberated. North America had the largest revenue share in the global speech-to-text market. The cloud segment of the speech-to-text API market is predicted to develop faster as demand for scalable, easy-to-use, and cost-effective speech-to-text API solutions grows. The COVID-19 pandemic is likely to encourage enterprises to switch to cloud-based speech-to-text API solutions that can be administered remotely, as lockdowns and social distancing practices encourage companies to move to cloud-based speech-to-text API solutions. The advantages of cloud technology, such as ease of deployment and low capital requirements, make it easier to embrace the cloud deployment paradigm. Know more about this report : request for sample pages Insight by Deployment Modeīased on the deployment mode market segment, the cloud segment is projected to garner the largest revenue share. Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa).Latin America (Brazil, Mexico, Argentina).Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea).Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria).The market is primarily segmented based on component, vertical mode, deployment mode, applications, and region. As a result, key companies' acquisitions and software advances are the factors driving industry expansion over the projection period. With unlimited intelligence for both speech and digital, Verint IVA enables enterprises to grow capabilities across the workplace. It enables business professionals to easily install a production-ready chatbot to handle calls and provide customer service. In addition, in April 2021, Verint Virtual Assistant (IVA) is a speech-to-text API that can quickly transform conversations into self-service practical speech experiences. For instance, in September 2021, Baidu and China Gas Holdings signed an agreement to use the former’s AI Cloud to accelerate intelligent transformation in the clean energy and power sector. Know more about this report : request for sample pages Industry Dynamicsĭeveloping trends of automation and intelligence judgments are all examples of key companies' endeavors. The rising popularity of intelligent voice assistants is expected to propel this speech-to-text market forward. However, voice assistant recordings provide businesses with new proof of data that may conceivably be used to profile clients in other areas, such as mood analysis or aspects of mental health. Furthermore, the growing availability of smart speakers that use less power than prior models has contributed to the speech-to-text market's expansion. Without a doubt, the evolution of voice-activated smart speakers opens up exciting possibilities for consumers, making it easier for them to explore the internet or use specific products.įurthermore, smart speakers and voice assistants, in addition to providing broader linguistic support, improve the quality of speech recognition, which may be extended and amortized across a range of platforms. Smart speakers have become increasingly popular, with forecasts that the number of households using them will skyrocket in the following year. Voice-enabled apps are anticipated to fundamentally revolutionize how people interact with technology as these devices become more widely adopted. Know more about this report : request for sample pages Smart speakers and speech assistants like Alexa, Sid, Cortana, and Google Assistant have become more popular in recent years. During the projection period, important factors such as the growing requirement to improve the quality of decisions and attain corporate agility with increased effectiveness are driving speech-to-text API industry expansion. The global speech-to-text API market was valued at USD 2.24 billion in 2021 and is expected to grow at a CAGR of 19.0% during the forecast period.
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