Category : ICT | Published at : July-2022 | Delivery Format : PDF | Status: Published | Pages : 250
The Global Speech to Text Analytics Market Size accounted for USD 2,135 Million in 2021 and will achieve a market size of USD 8,677 Million by 2030, budding at a CAGR of 17.1%.
Speech to text analytics provide a wide variety of features that aid in automate the transcription of interactions and subsequently turns them into readable and searchable text.
Report Coverage
| Market | Speech to Text Analytics Market |
| Market Size 2021 | USD 2,135 Million |
| Market Forecast 2030 | USD 8,677 Million |
| CAGR During 2022 - 2030 | 17.1% |
| Analysis Period | 2018 - 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 - 2030 |
| Segments Covered | By Component, By Deployment Model, By Application, By Industry Vertical, And By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Amazon Web Services, Inc., Google LLC, IBM Corporation, Microsoft Corporation, Nuance Communications, Inc., Rev.com, Inc., Speechmatics, Verint Systems, Inc., Vocapia Research SAS, and VoiceBase, Inc. |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
| Customization Scope |
10 hrs of free customization and expert consultation |
Rapid technological advancements in electronic devices, rising importance related to online data, and approach towards enhancing the customers experience are factors increasing demand for speech to text analytics solutions. Speech to text is gaining importance among various industry verticals. Service industry players are focused on enhancing the customers experience and delivery more better service to them. Daily interaction with the client/consumers holds valuable business intelligence and customer satisfaction information. With the help of speech to text analytics gives the ability to mine the content of all calls. Flourishing healthcare sector across the globe, government is spending high on the development of infrastructure, and adoption of speech to text in order to improve patient outcomes, streamline operations and manage regulatory compliance are factors expected to augment the growth of speech to text analytics market.
Speech-to-Text Analytics Market Segmentation
The global speech to text analytics market is segmented into component, deployment model, application, and industry vertical. The application segment is bifurcated into contact center and customer management, transcription, fraud detection, compliance management, voice search, and others. Among the component section the software segment is expected to account for major revenue share in the global speech to text analytics market.
The deployment model segment is divided into cloud-based and on-premise. Among deployment model, the on-premise segment is expected to account for significant revenue share in the global market, while the cloud-based segment is anticipated to achieve the fastest growth rate in the coming years.
The application segment is bifurcated into compliance management, contact center and customer management, fraud detection, transcription, and voice search, and others. Among them, the fraud detection segment is expected to account for significant revenue share in the target market. Furthermore, the industry vertical segment can be split into BFSI, IT and telecom, healthcare, retail and consumer goods, education, media & entertainment, and others. Healthcare segment is anticipated to witness the fastest growth rate in the coming years.
Market By Component
- Software
- Services
Market By Deployment Model
- On-Premise
- Cloud-Based
Market by Application
- Contact Center and Customer Management
- Transcription
- Fraud Detection
- Compliance Management
- Voice Search
- Others
Market by Industry Vertical
- BFSI
- IT and Telecom
- Healthcare
- Retail and Consumer Goods
- Education
- Media & Entertainment
- Others
Speech to Text Analytics Market Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Latin America
- Mexico
- Brazil
- Rest of Latin America
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
The Middle East & Africa (MEA)
- Gulf Cooperation Council (GCC)
- South Africa
- Rest of the Middle East & Africa
Significant vendor presence in North America region, fuels the regional market growth
The market in North America is expected to account for major revenue share in the global speech to text analytics market due to increasing demand from various end use industries. In addition, presence of large number of players operating in the country and introduction of new products are expected to impact the growth of speech to text analytics market.
Speech to Text Analytics Market Players
The global speech to text analytics market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Some of the top speech to text analytics companies offered in the professional report includes Amazon Web Services, Inc., Google LLC, IBM Corporation, Microsoft Corporation, Nuance Communications, Inc., Rev.com, Inc., Speechmatics, Verint Systems, Inc., Vocapia Research SAS, and VoiceBase, Inc.
Major players are focused on enhancing the business through introduction of new product launches and enterprise acquisition to enhance the product offerings are factors expected to boost the growth of speech to text analytics market.
In 2019, Google a global IT company launched “Recorder App” that uses speech recognition and Artificial Intelligence (AI) to transcribe lectures, meetings, and interviews. The app is expected to enhance the capacity to denote separate speakers, clarifying the audio streams. This product launch is expected to help the company to enhance the business and increase the product portfolio.
In 2019, Microsoft a global company engaged in providing IT solutions signed a strategic partnership with Nuance Communications with the focus to accelerate the development of ambient sensing tech, AI software that understands patient-clinician conversations and automatically integrates that data into the patient's medical record. The partnership helped the company to enhance the business and increase the revenue share.
IBM, a global IT solution provider launched “Watson Assistant” in 2019. The product was a voice recognition and assistant system that can be easily accessed easily by voice of text interaction. The product launch is expected to help the company to enhance the product portfolio and increase the customer base.
Microsoft a global company engaged in providing IT solutions signed a strategic partnership with Nuance Communications in 2019. The agreement was signed with the focus to enhance the development associated to ambient sensing tech, AI software. Company’s development to understand patient-clinician conversation and integrate it to patient record took boost. The partnership helped the company to enhance the business and increase the revenue share.
Google a global IT company launched “Recorder App” in 2019. The app is well developed integrated solution with speech recognition and Artificial Intelligence (AI) to transcribe lectures, meetings, and interviews. The app helped the company to enhance its product portfolio and increase the revenue share.
Frequently Asked Questions
The global speech to text analytics market size in 2021 was accounted to be USD 2,135 Million.
The projected CAGR speech to text analytics market during the analysis period of 2022 to 2030 is 17.1%.
The prominent players of the global speech to text analytics market are Amazon Web Services, Inc., Google LLC, IBM Corporation, Microsoft Corporation, Nuance Communications, Inc., Rev.com, Inc., Speechmatics, Verint Systems, Inc., Vocapia Research SAS, and VoiceBase, Inc.
North America held the dominating speech to text analytics during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for speech to text analytics during the analysis period of 2022 to 2030.
Growing usability of voice and speech technology and surging inclination towards cloud-based speech-to-text technologies drives the growth of global speech to text analytics market.
Based on component, software segment held the maximum share speech to text analytics market in 2021.
