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The Worldwide Speech-to-Text API Industry is Expected to Reach $5.4 Billion by 2026DUBLIN, Dec. 21, 2021 /PRNewswire/ -- The "Global Speech-to-Text API Market by Component (Software, Services), Application (Fraud Detection & Prevention, Content Transcription, Subtitle Generation), Deployment Mode, Organization Size, Vertical, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.  The global Speech-to-text API market is projected to grow from USD 2.2 billion in 2021 to USD 5.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.2% during the forecast period. The cloud segment to have the larger market size during the forecast period Speech-to-text API market is segmented on the basis of deployment mode which include on-premises and cloud. The market size of the cloud segment are estimated to be higher than the on-premises segment during the forecast period. The cloud technology benefits of easy deployment and minimal capital requirement facilitate the adoption of the cloud deployment model. The adoption of cloud-based speech-to-text API solutions is expected to be supported by the COVID-19 pandemic, as lockdowns and social distancing practices are encouraging companies to move to cloud solutions that can be managed remotely. The increasing demand for scalable, easy-to-use, and cost-effective speech-to-text API solutions is expected to accelerate the growth of the cloud segment in the speech-to-text API market. The SMEs segment to hold higher CAGR during the forecast period On the basis of organization size the Speech-to-text API market has been segmented into large enterprises and SMEs. The SMEs segment is projected to record a higher CAGR during the forecast period. The large enterprises segment is estimated to hold a larger market share in 2021. The growth of the segment is due to increased competition in large enterprises from budding SMEs. Owing to the availability of cost-effective cloud solutions, speech-to-text API solutions and services are expected to witness a prominent growth rate among SMEs during the forecast period. The Fraud detection and prevention applications is to have the largest market size during the forecast period On the basis of application the Speech-to-text API market has been segmented into risk and compliance management, fraud detection and prevention, customer management, content transcription, contact center management, subtitle generation, and other applications (business process management, quality monitoring, and conference call analysis). The fraud detection and prevention segment is expected to hold the largest market size in 2021. This growth is attributed to the increasing demand for speech-to-text APIs across the media and entertainment industry to transcribe audio and video content into searchable and shareable text. Among regions, APAC to have highest CAGR during the forecast period APAC is expected to hold the fastest growth rate during the forecast period. APAC's growth can be attributed to the increasing technological advancements in countries, such as China, Japan, and India. The extensive adoption of voice-controlled connected devices and the rapid penetration of smart devices are the major factors driving the growth of the speech-to-text API market in APAC. Europe is also considered to be the second-largest in terms of market size during the forecast period. The growing demand to reduce enterprise workloads related to customer engagement and retention is the key factor in adopting speech-to-text APIs across Europe. Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 5 Market Overview and Industry Trends 5.2.1.2 Stringent Regulations and Compliance to Boost the Demand for Speech Technology 5.2.1.3 Increasing Usability of Speech and Voice Technology for Transcription 5.2.1.4 Growing Demand for Voice Authentication in Mobile Banking Applications During COVID-19 5.2.2 Restraints 5.2.2.1 Transcribing Audio from Multi-Channels May Hinder the Adoption of Speech-To-Text API 5.2.2.2 Concerns Regarding Data Privacy and Security due to Pandemic 5.2.2.3 Huge Investments and Costs to Incur while Implementing Speech Technology 5.2.3 Opportunities 5.2.3.1 Innovation in Speech-To-Text Solutions for Temporarily and Permanently Disabled Students 5.2.3.2 Development of Speech-To-Text API for Micro-Linguistics and Local Languages 5.2.3.3 Growing Inclination Toward Cloud-Based Speech-To-Text Software 5.2.4 Challenges 5.2.4.1 Multilingual Support for Captioning and Subtitling 5.2.4.2 Building Custom Vocabulary Across Various Verticals 5.2.4.3 Excessive Background Noise or Echoes May Increase the Error Rate 5.2.5 Cumulative Growth Analysis 5.3 Speech-To-Text API: Evolution 5.4 Ecosystem 5.5 Supply Chain Analysis 5.6 Market: COVID-19 Impact 5.7 Trends/Disruptions Impacting Buyers/Clients of the Market 5.8 Regulatory Implications 5.8.1 General Data Protection Regulation 5.8.2 Health Insurance Portability and Accountability Act 5.8.3 California Consumer Privacy Act 5.8.4 Children's Online Privacy Protection Act 5.8.5 Americans with Disabilities Act 5.8.6 Office of Communications 5.8.7 Polish Civil Code 5.8.8 Federal Communications Commission 5.9 Case Study Analysis 5.10 Technology Analysis 5.11 Patent Analysis 5.12 Pricing Model Analysis, 2021 5.13 Porter's Five Forces Analysis 5.14 Scenario 6 Speech-To-Text API Market, by Component 7 Speech-To-Text API Market, by Deployment Mode 8 Speech-To-Text API Market, by Organization Size 9 Speech-To-Text API Market, by Application 10 Speech-To-Text API Market, by Vertical 11 Speech-To-Text API Market, by Region 12 Competitive Landscape 13 Company Profiles 14 Adjacent and Related Markets 15 Appendix For more information about this report visit https://www.researchandmarkets.com/r/4xx06w Media Contact: Research and Markets
SOURCE Research and Markets 
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