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.
Scope of the Study
Market Segments Covered in the Report:
By Component
By Vertical
- BFSI
- IT & Telecom
- Healthcare
- Retail & eCommerce
- Government & Defense
- Media & Entertainment
- Travel & Hospitality
- Others
By Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises (SMEs)
By Deployment Type
By Application
- Fraud Detection & Prevention
- Contact Center & Customer Management
- Risk & Compliance Management
- Content Transcription
- Subtitle Generation
- Others
By Country
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- LivePerson, Inc. (VoiceBase, Inc.)
- VoiceCloud LLC
- Speechmatics Ltd.
- IBM Corporation
- Microsoft Corporation
- Google LLC
- Baidu, Inc.
- Twilio, Inc.
- Amazon Web Services, Inc.
- Verint Systems, Inc.
TABLE 1 Europe Speech-to-text API Market, 2017 - 2020, USD Million
TABLE 2 Europe Speech-to-text API Market, 2021 - 2027, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Speech-to-text API Market
TABLE 4 Product Launches And Product Expansions– Speech-to-text API Market
TABLE 5 Acquisition and Mergers– Speech-to-text API Market
TABLE 6 Europe Speech-to-text API Market by Component, 2017 - 2020, USD Million
TABLE 7 Europe Speech-to-text API Market by Component, 2021 - 2027, USD Million
TABLE 8 Europe Solution Market by Country, 2017 - 2020, USD Million
TABLE 9 Europe Solution Market by Country, 2021 - 2027, USD Million
TABLE 10 Europe Services Market by Country, 2017 - 2020, USD Million
TABLE 11 Europe Services Market by Country, 2021 - 2027, USD Million
TABLE 12 Europe Speech-to-text API Market by Vertical, 2017 - 2020, USD Million
TABLE 13 Europe Speech-to-text API Market by Vertical, 2021 - 2027, USD Million
TABLE 14 Europe BFSI Market by Country, 2017 - 2020, USD Million
TABLE 15 Europe BFSI Market by Country, 2021 - 2027, USD Million
TABLE 16 Europe IT & Telecom Market by Country, 2017 - 2020, USD Million
TABLE 17 Europe IT & Telecom Market by Country, 2021 - 2027, USD Million
TABLE 18 Europe Healthcare Market by Country, 2017 - 2020, USD Million
TABLE 19 Europe Healthcare Market by Country, 2021 - 2027, USD Million
TABLE 20 Europe Retail & eCommerce Market by Country, 2017 - 2020, USD Million
TABLE 21 Europe Retail & eCommerce Market by Country, 2021 - 2027, USD Million
TABLE 22 Europe Government & Defense Market by Country, 2017 - 2020, USD Million
TABLE 23 Europe Government & Defense Market by Country, 2021 - 2027, USD Million
TABLE 24 Europe Media & Entertainment Market by Country, 2017 - 2020, USD Million
TABLE 25 Europe Media & Entertainment Market by Country, 2021 - 2027, USD Million
TABLE 26 Europe Travel & Hospitality Market by Country, 2017 - 2020, USD Million
TABLE 27 Europe Travel & Hospitality Market by Country, 2021 - 2027, USD Million
TABLE 28 Europe Others Market by Country, 2017 - 2020, USD Million
TABLE 29 Europe Others Market by Country, 2021 - 2027, USD Million
TABLE 30 Europe Speech-to-text API Market by Organization Size, 2017 - 2020, USD Million
TABLE 31 Europe Speech-to-text API Market by Organization Size, 2021 - 2027, USD Million
TABLE 32 Europe Large Enterprises Market by Country, 2017 - 2020, USD Million
TABLE 33 Europe Large Enterprises Market by Country, 2021 - 2027, USD Million
TABLE 34 Europe Small & Medium-sized Enterprises (SMEs) Market by Country, 2017 - 2020, USD Million
TABLE 35 Europe Small & Medium-sized Enterprises (SMEs) Market by Country, 2021 - 2027, USD Million
TABLE 36 Europe Speech-to-text API Market by Deployment Type, 2017 - 2020, USD Million
TABLE 37 Europe Speech-to-text API Market by Deployment Type, 2021 - 2027, USD Million
TABLE 38 Europe Cloud Market by Country, 2017 - 2020, USD Million
TABLE 39 Europe Cloud Market by Country, 2021 - 2027, USD Million
TABLE 40 Europe On-premise Market by Country, 2017 - 2020, USD Million
TABLE 41 Europe On-premise Market by Country, 2021 - 2027, USD Million
TABLE 42 Europe Speech-to-text API Market by Application, 2017 - 2020, USD Million
TABLE 43 Europe Speech-to-text API Market by Application, 2021 - 2027, USD Million
TABLE 44 Europe Fraud Detection & Prevention Market by Country, 2017 - 2020, USD Million
TABLE 45 Europe Fraud Detection & Prevention Market by Country, 2021 - 2027, USD Million
TABLE 46 Europe Contact Center & Customer Management Market by Country, 2017 - 2020, USD Million
TABLE 47 Europe Contact Center & Customer Management Market by Country, 2021 - 2027, USD Million
TABLE 48 Europe Risk & Compliance Management Market by Country, 2017 - 2020, USD Million
TABLE 49 Europe Risk & Compliance Management Market by Country, 2021 - 2027, USD Million
TABLE 50 Europe Content Transcription Market by Country, 2017 - 2020, USD Million
TABLE 51 Europe Content Transcription Market by Country, 2021 - 2027, USD Million
TABLE 52 Europe Subtitle Generation Market by Country, 2017 - 2020, USD Million
TABLE 53 Europe Subtitle Generation Market by Country, 2021 - 2027, USD Million
TABLE 54 Europe Others Market by Country, 2017 - 2020, USD Million
TABLE 55 Europe Others Market by Country, 2021 - 2027, USD Million
TABLE 56 Europe Speech-to-text API Market by Country, 2017 - 2020, USD Million
TABLE 57 Europe Speech-to-text API Market by Country, 2021 - 2027, USD Million
TABLE 58 Germany Speech-to-text API Market, 2017 - 2020, USD Million
TABLE 59 Germany Speech-to-text API Market, 2021 - 2027, USD Million
TABLE 60 Germany Speech-to-text API Market by Component, 2017 - 2020, USD Million
TABLE 61 Germany Speech-to-text API Market by Component, 2021 - 2027, USD Million
TABLE 62 Germany Speech-to-text API Market by Vertical, 2017 - 2020, USD Million
TABLE 63 Germany Speech-to-text API Market by Vertical, 2021 - 2027, USD Million
TABLE 64 Germany Speech-to-text API Market by Organization Size, 2017 - 2020, USD Million
TABLE 65 Germany Speech-to-text API Market by Organization Size, 2021 - 2027, USD Million
TABLE 66 Germany Speech-to-text API Market by Deployment Type, 2017 - 2020, USD Million
TABLE 67 Germany Speech-to-text API Market by Deployment Type, 2021 - 2027, USD Million
TABLE 68 Germany Speech-to-text API Market by Application, 2017 - 2020, USD Million
TABLE 69 Germany Speech-to-text API Market by Application, 2021 - 2027, USD Million
TABLE 70 UK Speech-to-text API Market, 2017 - 2020, USD Million
TABLE 71 UK Speech-to-text API Market, 2021 - 2027, USD Million
TABLE 72 UK Speech-to-text API Market by Component, 2017 - 2020, USD Million
TABLE 73 UK Speech-to-text API Market by Component, 2021 - 2027, USD Million
TABLE 74 UK Speech-to-text API Market by Vertical, 2017 - 2020, USD Million
TABLE 75 UK Speech-to-text API Market by Vertical, 2021 - 2027, USD Million
TABLE 76 UK Speech-to-text API Market by Organization Size, 2017 - 2020, USD Million
TABLE 77 UK Speech-to-text API Market by Organization Size, 2021 - 2027, USD Million
TABLE 78 UK Speech-to-text API Market by Deployment Type, 2017 - 2020, USD Million
TABLE 79 UK Speech-to-text API Market by Deployment Type, 2021 - 2027, USD Million
TABLE 80 UK Speech-to-text API Market by Application, 2017 - 2020, USD Million
TABLE 81 UK Speech-to-text API Market by Application, 2021 - 2027, USD Million
TABLE 82 France Speech-to-text API Market, 2017 - 2020, USD Million
TABLE 83 France Speech-to-text API Market, 2021 - 2027, USD Million
TABLE 84 France Speech-to-text API Market by Component, 2017 - 2020, USD Million
TABLE 85 France Speech-to-text API Market by Component, 2021 - 2027, USD Million
TABLE 86 France Speech-to-text API Market by Vertical, 2017 - 2020, USD Million
TABLE 87 France Speech-to-text API Market by Vertical, 2021 - 2027, USD Million
TABLE 88 France Speech-to-text API Market by Organization Size, 2017 - 2020, USD Million
TABLE 89 France Speech-to-text API Market by Organization Size, 2021 - 2027, USD Million
TABLE 90 France Speech-to-text API Market by Deployment Type, 2017 - 2020, USD Million
TABLE 91 France Speech-to-text API Market by Deployment Type, 2021 - 2027, USD Million
TABLE 92 France Speech-to-text API Market by Application, 2017 - 2020, USD Million
TABLE 93 France Speech-to-text API Market by Application, 2021 - 2027, USD Million
TABLE 94 Russia Speech-to-text API Market, 2017 - 2020, USD Million
TABLE 95 Russia Speech-to-text API Market, 2021 - 2027, USD Million
TABLE 96 Russia Speech-to-text API Market by Component, 2017 - 2020, USD Million
TABLE 97 Russia Speech-to-text API Market by Component, 2021 - 2027, USD Million
TABLE 98 Russia Speech-to-text API Market by Vertical, 2017 - 2020, USD Million
TABLE 99 Russia Speech-to-text API Market by Vertical, 2021 - 2027, USD Million
TABLE 100 Russia Speech-to-text API Market by Organization Size, 2017 - 2020, USD Million
TABLE 101 Russia Speech-to-text API Market by Organization Size, 2021 - 2027, USD Million
TABLE 102 Russia Speech-to-text API Market by Deployment Type, 2017 - 2020, USD Million
TABLE 103 Russia Speech-to-text API Market by Deployment Type, 2021 - 2027, USD Million
TABLE 104 Russia Speech-to-text API Market by Application, 2017 - 2020, USD Million
TABLE 105 Russia Speech-to-text API Market by Application, 2021 - 2027, USD Million
TABLE 106 Spain Speech-to-text API Market, 2017 - 2020, USD Million
TABLE 107 Spain Speech-to-text API Market, 2021 - 2027, USD Million
TABLE 108 Spain Speech-to-text API Market by Component, 2017 - 2020, USD Million
TABLE 109 Spain Speech-to-text API Market by Component, 2021 - 2027, USD Million
TABLE 110 Spain Speech-to-text API Market by Vertical, 2017 - 2020, USD Million
TABLE 111 Spain Speech-to-text API Market by Vertical, 2021 - 2027, USD Million
TABLE 112 Spain Speech-to-text API Market by Organization Size, 2017 - 2020, USD Million
TABLE 113 Spain Speech-to-text API Market by Organization Size, 2021 - 2027, USD Million
TABLE 114 Spain Speech-to-text API Market by Deployment Type, 2017 - 2020, USD Million
TABLE 115 Spain Speech-to-text API Market by Deployment Type, 2021 - 2027, USD Million
TABLE 116 Spain Speech-to-text API Market by Application, 2017 - 2020, USD Million
TABLE 117 Spain Speech-to-text API Market by Application, 2021 - 2027, USD Million
TABLE 118 Italy Speech-to-text API Market, 2017 - 2020, USD Million
TABLE 119 Italy Speech-to-text API Market, 2021 - 2027, USD Million
TABLE 120 Italy Speech-to-text API Market by Component, 2017 - 2020, USD Million
TABLE 121 Italy Speech-to-text API Market by Component, 2021 - 2027, USD Million
TABLE 122 Italy Speech-to-text API Market by Vertical, 2017 - 2020, USD Million
TABLE 123 Italy Speech-to-text API Market by Vertical, 2021 - 2027, USD Million
TABLE 124 Italy Speech-to-text API Market by Organization Size, 2017 - 2020, USD Million
TABLE 125 Italy Speech-to-text API Market by Organization Size, 2021 - 2027, USD Million
TABLE 126 Italy Speech-to-text API Market by Deployment Type, 2017 - 2020, USD Million
TABLE 127 Italy Speech-to-text API Market by Deployment Type, 2021 - 2027, USD Million
TABLE 128 Italy Speech-to-text API Market by Application, 2017 - 2020, USD Million
TABLE 129 Italy Speech-to-text API Market by Application, 2021 - 2027, USD Million
TABLE 130 Rest of Europe Speech-to-text API Market, 2017 - 2020, USD Million
TABLE 131 Rest of Europe Speech-to-text API Market, 2021 - 2027, USD Million
TABLE 132 Rest of Europe Speech-to-text API Market by Component, 2017 - 2020, USD Million
TABLE 133 Rest of Europe Speech-to-text API Market by Component, 2021 - 2027, USD Million
TABLE 134 Rest of Europe Speech-to-text API Market by Vertical, 2017 - 2020, USD Million
TABLE 135 Rest of Europe Speech-to-text API Market by Vertical, 2021 - 2027, USD Million
TABLE 136 Rest of Europe Speech-to-text API Market by Organization Size, 2017 - 2020, USD Million
TABLE 137 Rest of Europe Speech-to-text API Market by Organization Size, 2021 - 2027, USD Million
TABLE 138 Rest of Europe Speech-to-text API Market by Deployment Type, 2017 - 2020, USD Million
TABLE 139 Rest of Europe Speech-to-text API Market by Deployment Type, 2021 - 2027, USD Million
TABLE 140 Rest of Europe Speech-to-text API Market by Application, 2017 - 2020, USD Million
TABLE 141 Rest of Europe Speech-to-text API Market by Application, 2021 - 2027, USD Million
TABLE 142 Key information – LivePerson, Inc.,
TABLE 143 Key information – VoiceCloud LLC
TABLE 144 Key information – Speechmatics Ltd.
TABLE 145 Key information – IBM Corporation
TABLE 146 key information – Microsoft Corporation
TABLE 147 Key Information – Google LLC
TABLE 148 Key Information – Baidu, Inc.
TABLE 149 Key Information – Twilio, Inc.
TABLE 150 Key Information – Amazon Web Services, Inc.
TABLE 151 Key information –Verint Systems, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2017-2021)
FIG 4 Key Strategic Move: (Product Launches and Product Expansions : 2017, Mar – 2021, Nov) Leading Players
FIG 5 Recent strategies and developments: Speechmatics Ltd.
FIG 6 Recent strategies and developments: Microsoft Corporation
FIG 7 SWOT Analysis: Alphabet Inc. (Google LLC)
FIG 8 Recent strategies and developments: Baidu, Inc.
FIG 9 Swot analysis: Baidu, inc.
FIG 10 Recent strategies and developments: Amazon Web Services, Inc.