The Worldwide Speech-to-text API Industry is Expected to Reach $5.8 Billion by 2027
DUBLIN, May 9, 2022 /PRNewswire/ -- The "Global Speech-to-text API Market Size, Share & Industry Trends Analysis Report By Component (Solution and Services), By Vertical, By Organization Size, By Deployment Type, By Application, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Speech-to-text API Market size is expected to reach $5.8 billion by 2027, rising at a market growth of 19.0% CAGR during the forecast period.
The speech-to-text application programming interface (API) is a programming interface that enables the utilization of speech synthesis and recognition in a variety of devices and applications. Speech-to-text API is a multidisciplinary subject of computational linguistics that explores methods that allow computers to translate and recognize audible language into text. This is also called as Automatic Speech Recognition (ASR) or Speech-to-Text.
It encompasses electrical engineering, computer science, and linguistics research and knowledge. Deep learning and big data advancements have aided the field in recent years. The progress is evidenced not only by the rapid increase in the number of academic papers published in the subject but also by the widespread industry use of a range of deep learning approaches in the design and implementation of voice recognition systems around the world.
Any video or audio-based information can be captioned and subtitled using the speech-to-text API technology, allowing struggling listeners or learners with visual impairments to understand and complete their work without assistance. Speech-to-text APIs, for example, can help students with hearing loss communicate with their teachers and peers. However, the key obstacles in the speech-to-text API market are multilingual support for captioning and subtitling, as well as establishing unique vocabulary across multiple verticals.
COVID-19 Impact Analysis
Many organizations witnessed increased consumer pressure during the pandemic, while their number of available workers was reduced. Many contact centers were unable to meet demand or were forced to close due to lockdown restrictions, resulting in high wait times for customer service requests and a negative impact on the customer experience. Speech-to-text API is moving to the forefront of technology enablers as companies adopt a more strategic strategy that offers resilience into operations through flexibility and scalability while also working to increase operational efficiencies.
The massive penetration of smartphones is creating the requirement for voice-based devices
With the widespread acceptance of technology and the vast development of internet-based material, the demand for smart devices such as smart speakers and mobile phones has increased over the last decade, resulting in a greater need to make online video content available to everyone. Several new advanced gadgets with voice-controlled functions, such as content transcription and conference call analysis, are being introduced, allowing consumers to access educational, entertainment, and other information via their smart devices. As a result of the risig requirement to understand client preferences, speech-to-text apps have grown in popularity.
Several organizations collect client data about media material and translate it into texts to assist content providers in determining what types of content are acceptable and becoming more popular. Moreover, the demand for smart homes and smart appliances is rising as a result of a number of factors, including rising internet penetration, technological improvements, and increased awareness of automation.
The growing number of advanced speech-to-text solutions for differently-abled students
Any video or audio-based content can be translated by a computer into text using the speech-to-text API technology, which allows struggling listeners or hard-of-hearing students read appropriately and complete their work without the assistance of others. Speech-to-text software, for example, can help a deaf-mute student interact with his or her professors and classmates. As a result, this system functions as assistive technology, allowing impaired persons to take advantage of ICT. For impaired students, the Individuals with Disabilities Education Act (IDEA) provides interactive software. In the classroom, these students are unable to hear well.
Transcribing audio from many channels could stymie the market for speech-to-text APIs.
Transcribing audio from numerous channels is a significant barrier for this technology since defining many things becomes challenging, resulting in erroneous transcriptions or captions. In addition, background noise, low-quality microphones, reverb and echo, and accent changes all have the potential to degrade transcription accuracy.
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Chapter 10. Company Profiles
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