The Europe Speech-to-text API Market would witness market growth of 18.1% CAGR during the forecast period (2021-2027).
The increased use of smart speakers and phones by individuals all over the world is a major growth factor for the market. This is due to a speech-to-text API function that recognizes a human voice and executes commands without human intervention. In addition, an increase in industry and individual preference for voice-based technology goods and solutions would create more demand for these solutions. In addition, ongoing research and development for innovative speech-to-text solutions for the disabled population would help the advent of innovative solutions. However, the absence of multilingual support for transcribing audio from several sources act as a barrier to the growth of the market.
Advances in speech recognition technologies have prompted companies to design voice-enabled interfaces that meet consumer requirements due to significant advancements in natural language processing (NLP) and speech quality. Improvements in AI, cloud computing, and information technology has enabled breakthroughs like voice-to-text to advance at a rapid pace, contributing to the growth of the speech-to-text API market.
Currently, the European market is dominated by top technology companies such as Microsoft Corporation, Google LLC, and others. The use of smart speakers in European countries such as the United Kingdom, Germany, and France is likely to continue to expand in the upcoming years. In addition, increasing investment in the development of voice technology in the region would help the emergence of innovative solutions.
Due to the rapid development of digital technologies in Europe, key companies are rapidly embracing the speaker for smart homes. In the United Kingdom, for example, millions of individuals use speakers. Similarly, Germany would implement a new regulation for flexible online media houses in February 2020, which will treat voice assistants as end-user interfaces and make them more accountable to the country's rules.
The Germany market dominated the Europe Speech-to-text API Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $387.4 million by 2027. The UK market is poised to grow at a CAGR of 17.2% during (2021 - 2027). Additionally, The France market would showcase a CAGR of 19% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Speech-to-text API Market Size will Hit $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
By Country
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