Speech-to-text API Market by Component, Deployment mode, Organization Size, Application, Vertical - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation

Description

List of Tables

The Global Speech-to-text API Market is forecasted to grow significantly, with a projected USD 2,531.07 million in 2023 at a CAGR of 23.73% and expected to reach a staggering USD 11,521.31 million by 2030.

The Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and High Inflation is expected to have significant long-term effects on the Global Speech-to-text API Market. The ongoing research considers the changes in consumer behavior, supply chain disruptions, and government interventions caused by the pandemic. Similarly, the report considers the ongoing political and economic uncertainty in Eastern Europe caused by the Russia-Ukraine Conflict and its potential implications for demand-supply balances, pressure on pricing variants, and import/export and trading. Additionally, the report addresses the impact of High Inflation on the global economy and details fiscal policies measuring and reducing its effects on demand, supply, cash flow, and currency exchange.

Market Segmentation & Coverage:

This research report categorizes the Global Speech-to-text API Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Component, market is studied across Services and Solutions. The Services is further studied across Managed Services and Professional Services. The Professional Services is further studied across Consulting, Deployment & Integration, and Support & Maintenance. The Solutions commanded largest market share of 61.81% in 2022, followed by Services.

Based on Deployment mode, market is studied across On-cloud and On-premises. The On-cloud commanded largest market share of 75.50% in 2022, followed by On-premises.

Based on Organization Size, market is studied across Large Enterprises and Small & Medium-Sized Enterprises. The Large Enterprises commanded largest market share of 91.18% in 2022, followed by Small & Medium-Sized Enterprises.

Based on Application, market is studied across Business Process Monitoring, Conference Call Analysis, Content Transcription, Customer Management, Fraud Detection & Prevention, Quality Management, Risk & Compliance Management, and Subtitle Generation. The Risk & Compliance Management commanded largest market share of 21.21% in 2022, followed by Content Transcription.

Based on Vertical, market is studied across Banking, Financial Services and Insurance, Education, Government & Defense, Healthcare, Media & Entertainment, Retail & eCommerce, Telecommunications & Information Technology, and Travel & Hospitality. The Banking, Financial Services and Insurance commanded largest market share of 21.06% in 2022, followed by Telecommunications & Information Technology.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas commanded largest market share of 37.39% in 2022, followed by Europe, Middle East & Africa.

Market Statistics:

The report provides market sizing and forecasts across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make well-informed decisions. In this report, 2018 to 2021 are considered as historical years, 2022 is base year, 2023 is estimated year, and years from 2024 to 2030 are considered as forecast period.

FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Global Speech-to-text API Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in a particular market space. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

The report provides insights on the following pointers:

1. Market Penetration: Provides comprehensive information on the market offered by the key players

2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets

3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments

4. Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation

5. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players

6. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:

1. What is the market size and forecast of the Global Speech-to-text API Market?

2. What are the inhibiting factors and impact of COVID-19 shaping the Global Speech-to-text API Market during the forecast period?

3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Speech-to-text API Market?

4. What is the competitive strategic window for opportunities in the Global Speech-to-text API Market?

5. What are the technology trends and regulatory frameworks in the Global Speech-to-text API Market?

6. What is the market share of the leading vendors in the Global Speech-to-text API Market?

7. What modes and strategic moves are considered suitable for entering the Global Speech-to-text API Market?

Product Code: MRR-3D2FD205DB3D

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Limitations
1.7. Assumptions
1.8. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

4.1. Introduction
4.2. Speech-to-text API Market, by Component, 2022 vs 2030
4.3. Speech-to-text API Market, by Deployment mode, 2022 vs 2030
4.4. Speech-to-text API Market, by Organization Size, 2022 vs 2030
4.5. Speech-to-text API Market, by Application, 2022 vs 2030
4.6. Speech-to-text API Market, by Vertical, 2022 vs 2030
4.7. Speech-to-text API Market, by Region, 2022 vs 2030

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing Need to Provide Understandable and Searchable Transcription of Data
  - 5.1.1.2. Rising Demand for Speech Navigation for Disabled People in Different Platforms
  - 5.1.1.3. Increasing Chatbot Implementation by Businesses
- 5.1.2. Restraints
  - 5.1.2.1. Lack of Accuracy and High Implementation Costs and Time
- 5.1.3. Opportunities
  - 5.1.3.1. Technical Advancements and Innovations in Speech-to-Text Solutions
  - 5.1.3.2. Growing Inclination Towards Cloud-Based Deployment Mode and Integration with Application
- 5.1.4. Challenges
  - 5.1.4.1. Lack of Lingual Knowledge and Low Data Reliability
5.2. Market Trends
5.3. Cumulative Impact of COVID-19
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework
5.9. Client Customization

6. Speech-to-text API Market, by Component

6.1. Introduction
6.2. Services
- 6.2.1. Managed Services
- 6.2.2. Professional Services
  - 6.2.2.1. Consulting
  - 6.2.2.2. Deployment & Integration
  - 6.2.2.3. Support & Maintenance
6.3. Solutions

7. Speech-to-text API Market, by Deployment mode

7.1. Introduction
7.2. On-cloud
7.3. On-premises

8. Speech-to-text API Market, by Organization Size

8.1. Introduction
8.2. Large Enterprises
8.3. Small & Medium-Sized Enterprises

9. Speech-to-text API Market, by Application

9.1. Introduction
9.2. Business Process Monitoring
9.3. Conference Call Analysis
9.4. Content Transcription
9.5. Customer Management
9.6. Fraud Detection & Prevention
9.7. Quality Management
9.8. Risk & Compliance Management
9.9. Subtitle Generation

10. Speech-to-text API Market, by Vertical

10.1. Introduction
10.2. Banking, Financial Services and Insurance
10.3. Education
10.4. Government & Defense
10.5. Healthcare
10.6. Media & Entertainment
10.7. Retail & eCommerce
10.8. Telecommunications & Information Technology
10.9. Travel & Hospitality

11. Americas Speech-to-text API Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Speech-to-text API Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Speech-to-text API Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. FPNV Positioning Matrix
14.2. Market Share Analysis, By Key Player
14.3. Competitive Scenario Analysis, By Key Player

15. List of Company Mentioned

16. Appendix

16.1. Discussion Guide
16.2. License & Pricing