Increase in adoption of smart speakers and phones among individuals across the globe is a major factor that drives the market growth. This is attributed to speech-to-text API feature that recognizes a human voice and follows command without the need for human interference. Moreover, rise in inclination toward voice-based technology products and solutions among industries and individuals is also a factor expected to propel the demand for speech-to-text API software in the coming years.However, lack of multilingual support that transcribe audio from multi-source is a factor that hinders the speech-to-text API market growth. Furthermore, on-going R&D for innovative speech-to-text solutions for disabled population is expected to create significant revenue growth opportunities for players operating in the speech-to-text API market. In addition, growth inspeech analytics and recognition technologies across industry verticals is expected to garner high revenue growth in the coming years.
The primary example of speech-to-text API is a chatbot. In addition, many retrofit industries are adopting initiatives for thedevelopment of self-learning chatbots that help them to deliver a more human-like conversational experience, whichpropels the market growth at a significant rate. This is attributed to cost saving benefit that also helps in minimizing or eliminating the need forhuman intervention and improves customer experience.
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With increase in adoption of digital voice assistants, the market is expected to witness high growth rate as it operates as an interface between devices and human. This has further increased the speech-to-text API demand among consumer technology and repair ecosystem to help its end userswith hand free experience.Hence, advancements in electronics with technology, coupled with rise in customer demand for self-services further boosts growth of the market.
Moreover, major smart phone users prefer voice-based search API’s as they are easy to use and accessible. In addition, voice-based products known as intelligent virtual assistance such as Amazon’s voice technology product, Alexa, have raised its sales at a significant rate, which, in turn, is expected to drive the growth of the market.
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A smart virtual assistant is mostly depended on recognition side. Technology users prefer for quick responsive system. A smart virtual assistant uses recognition time, which can change from few seconds to few hours to days depending on the underlying complex software, abilities of integrated hardware, strength, and speed of the internet connectivity and adjusts itself to user’s speech patterns. This factor is expected to hamper the growth of market to a certain extent. Another barrier proven in the smart virtual assistant is the extra noise on voice activated systems, which have negative impact on speech recognition devices and is expected to further hamper the market growth.
Major industry players such as – AWS, Inc., Contuspvt Ltd, Deepgram, Inc., Facebook, Inc., Google, Inc., IBM Corporation, iFLYTEK co Ltd., Microsoft Corporation, Twilio Inc., Verint Systems Inc., Voice Base, Inc.
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Regions covered in this report such as – North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and Middle East and Africa
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