The Asia Pacific Speech-to-text API Market would witness market growth of 20.9% CAGR during the forecast period (2021-2027).
Machine learning (ML), augmented reality (AR), and natural language processing (NLP) are being used to automate conversations in a growing number of voice-enabled applications. Additionally, Voice-enabled devices are becoming more prevalent as smartphones and smart speakers become more widespread. Moreover, the popularity of transcription and real-time support services motivate key players to develop speech-to-text API solutions. For example, in 2017, Fujitsu Social Science Laboratory Limited and Fujitsu Limited collaborated to create FUJITSU Software Live Talk, a hearing-impaired communication tool. Multilingual translation functionality was added to the system to facilitate real-time communication and to display translations as text on the screen immediately. Due to the rising cancellation of conferences and events by prominent tech companies, the demand for speech-to-text API solutions would increase in the upcoming years.
Among the countries of the Asia-Pacific region, China ranked first in the world in speaker in 2019, with over 86 million users. In addition, significant players such as Xiaomi, Alibaba, and Baidu are among the largest domestic consumer-focused enterprises. China is one of the most important markets for voice-activated smart home services and products. 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.
Because of the densely populated economies of China and India, the use of mobile and cloud technologies is rapidly increasing, resulting in unparalleled technological developments in computer technology. Moreover, changing lifestyles and rising interest in the latest technologies would help the regional market to stay competitive and create new growth opportunities.
The China market dominated the Asia Pacific Speech-to-text API Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $499.5 million by 2027. The Japan market is anticipated to grow at a CAGR of 20.3% during (2021 - 2027). Additionally, The India market would experience a CAGR of 21.7% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services. Based on Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Travel & Hospitality, and Others. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on Deployment Type, the market is segmented into Cloud and On-premise. Based on Application, the market is segmented into Fraud Detection & Prevention, Contact Center & Customer Management, Risk & Compliance Management, Content Transcription, Subtitle Generation, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Speech-to-text API Market is Projected to reach USD 5.8 Billion by 2027, at a CAGR of 19%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LivePerson, Inc. (VoiceBase, Inc.), VoiceCloud LLC, Speechmatics Ltd., IBM Corporation, Microsoft Corporation, Google LLC, Baidu, Inc., Twilio, Inc., Amazon Web Services, Inc., and Verint Systems, Inc.
By Component
By Vertical
By Organization Size
By Deployment Type
By Application
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