Reports and Data has recently published a novel report on global Speech-to-text API market to provide a comprehensive analysis of historical and upcoming market trends. The report also offers precise information about market size, market growth, revenue share, drivers, restraints, opportunities and challenges. The report also offers details about market segmentation, regional bifurcation and market challenges during the ongoing coronavirus pandemic.
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Market Overview:
The information and communication technology sector revenue has significantly expanded over the recent past and is expected to continue expanding during the forecast period of 2021 and 2028. The ICT sector is made up of manufacturing and services sectors that are focused on developing, producing and commercializing use of novel technology. It mainly consists of many subsectors including software, hardware, content providers, telecommunications and other services. The ICT sector is rapidly gaining traction owing to rising adoption of digitalization and advanced technologies such as could computing, artificial intelligence and internet of things.
This can be attributed to factors such as increasing penetration of internet services and smart devices such as smartphones, laptops, tablets, rapidly growing building and construction sector, rising number of corporate offices, commercial complexes across the globe. In addition, high adoption of advanced ICT services in various sectors including medical, agriculture, BFSI, residential and commercial sectors, growing demand for advanced solutions to manage large data due to rising risks of data breaching and other security concerns are expected to fuel global market growth going ahead.
Competitive landscape:
The report also states about the leading players in the market with details about their global position, revenue contribution, financial standing, license agreement and product portfolio. The global Speech-to-text API market is extremely competitive and comprise market players operating at global and regional levels. These players are focused on adopting various strategies such as mergers and acquisitions, collaborations, and government partnerships, research and development activities and introducing novel products to strengthen their market position. Some of the key players operating in the global market are:
- Nuance Communications
- Google LLC
- com
- Apple, Inc.
- IBM Corporation
- Microsoft Corporation
- Agnitio
- Verint VoiceVault
- iFLYTEK
- Baidu
- Verint
- Twilio
- Speechmatics
- Voicecloud
- VoiceBase
- com
- Nexmo
- GoVivace
- ai
- VoxSciences
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Speech-to-text API Market Segmentation:
Deployment Mode Outlook (Revenue, USD Billion; 2018-2028)
- On-premises
- Cloud
Application Outlook (Revenue, USD Billion; 2018-2028)
- Contact Center & Customer Management
- Transcription
- Fraud Detection
- Compliance Management
- Voice Search
- Others
End-Use industry Vertical Outlook (Revenue, USD Billion; 2018-2028)
- BFSI
- IT & Telecom
- Travel & Hospitality
- Media & Entertainment
- Retail & E-commerce
- Healthcare
- Manufacturing
- Government & Defense
- Others
Further the research report offers details about 5 major regions covered in the global Speech-to-text API market.
Regional analysis covers:
- North America (U.S., Canada, Mexico)
- Europe (Russia, U.K., Germany, France, BENELUX, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., Israel, Rest of MEA)
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