The Latin America, Middle East and Africa Speech-to-text API Market would witness market growth of 23.4% CAGR during the forecast period (2021-2027).
Conversational devices can better recognize speech due to new technologies like artificial intelligence and machine learning, which improve the system's self-learning skills. Speech-to-text conversion methods based on artificial intelligence can improve accuracy and adapt to changes in languages automatically. With the expanding use of these models, speech-to-text with AI has become a standard service.
One of the prominent factors behind the excellent accuracy of APIs is the option to choose between several machine learning models. As a result, Google Speech-To-Text can be used for purposes other than quick web searches. It can also be set up to pick up audio from phone conversations or videos. In addition, Speech-to-text solutions are predicted to be adopted by many organizations to speed up procedures such as news and speeches delivered by political leaders and conferences since they offer faster transcription, low prices, and high accuracy.
The usage of speakers is aided by the increased acceptance of digital technology across South America and the Middle East and Africa. For example, Google debuted its artificial intelligence-powered virtual assistant in Saudi Arabia in December 2021. Google has been particularly programmed to understand and answer in standard Arabic to all Saudi dialects. Google will be able to sing and joke in Arabic due to these features.
Moreover, the regional healthcare industry is slowly transforming with the acceptance of various voice-based applications from medical diagnostic to clinical documentation. In addition, many industries in the region including marketing, communication, HR, legal departments, and others are moving towards on-premise deployment due to a growing number of security concerns.
The Brazil market dominated the LAMEA Speech-to-text API Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $117.9 million by 2027. The Argentina market is exhibiting a CAGR of 24% during (2021 - 2027). Additionally, The UAE market would display CAGR of 23% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Speech-to-text API Market is Predict to reach $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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