Speech to Text Analytics Market - Global Industry Analysis, Market Size, Opportunities and Forecast 2021 - 2030

Category : ICT | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC2742

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
Analysis Period 2017 - 2028
Base Year 2020
Forecast Data 2021 - 2028
Segments Covered By Component, By Deployment Type, By Application, By Industry 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

 

Market Dynamics

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.

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..

Segment Analysis by Region

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.

Competitive Landscape      

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.

Speech to Text Analytics Market Segment Analysis, 2019

The global speech to text analytics market is segmented into component, deployment mode, application, and industry. 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 players profiled in the report 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.

Market Segmentation

Market By Component

Software
Services

Market By Deployment Type

On-Premise
Cloud

Market By Application

Contact Center and Customer Management
Transcription
Fraud Detection
Compliance Management
Voice Search
Others

Market By Industry

BFSI
IT and Telecom
Healthcare
Retail and Consumer Goods
Education
Media & Entertainment
Others

Market By Geography

North America
•    U.S.
•    Canada

Europe
•    U.K.
•    Germany
•    France
•    Spain
•    Rest of Europe

Asia-Pacific
•    China
•    Japan
•    India
•    Australia
•    South Korea
•    Rest of Asia-Pacific

Latin America
•    Brazil 
•    Mexico
•    Rest of Latin America

Middle East & Africa
•    GCC
•    South Africa
•    Rest of Middle East & Africa


Frequently Asked Questions

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.

In component the software segment is growing at faster pace.

In the global market the Asia Pacific region is expected to grow faster.

Some of the players considered in the report scope are Amazon Web Services, Inc., Google LLC, IBM Corporation, and Microsoft Corporation.

The North America is expected to account for major revenue share in the global market.

Factors such as transcribing audio from multi-channels and its accuracy are expected to hamper the growth of global speech to text analytics market.

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