(MENAFN- globenewswire - nasdaq) westford,usa, aug. 22, 2023 (globe newswire) -- according to skyquest, the speech-to-text api market can be attributed to several key factors. firstly, there is an increasing demand for handheld devices such as smartphones and tablets, which serve as platforms for speech-to-text applications. these devices offer convenience and accessibility for users, driving the adoption of speech-to-text technologies. browse in-depth toc on "speech-to-text api market"
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the speech-to-text application programming interface (api) serves as a programming interface that facilitates the integration of speech synthesis and recognition capabilities into a wide range of devices and applications. this technology, also known as automatic speech recognition (asr) or speech-to-text, encompasses a multidisciplinary field of computational linguistics in the speech-to-text api market.
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prominent players in speech-to-text api market
google cloud speech-to-text amazon transcribe microsoft azure speech services ibm watson speech to text speechmatics nuance communications otter.ai print verbit.ai deepgram assemblyai rev.ai voicebase kaldi hugging face paddlepaddle wit.ai apple speech recognition baidu speech recognition iflytek speech recognition
cloud segment is expected to grow the market due to its numerous advantages
cloud category is expected to dominate in speech-to-text api market during the forecast period, primarily owing to its numerous advantages. cloud deployment offers a simplified integration process and requires relatively low capital investment, making it an attractive option for enterprises.
the markets in north america experienced significant growth in the speech-to-text api market. this growth can be attributed to multiple factors, including the rising disposable income among consumers and the high demand for smartphones in the region. the increasing standard of living has also contributed to the market expansion as consumers seek voice-based assistance for various tasks and activities.
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transcription segment is expected to dominate the market due to the cost-saving benefits
transcription segment is expected to exhibit strong performance in terms of revenue share throughout the forecast period in the speech-to-text api market. this is primarily attributed to the significant time and cost-saving benefits that transcription services offer to various businesses, organizations, and individuals.
regional markets in the asia pacific are projected to experience substantial growth in the speech-to-text api market, with a cagr of over 17.2% from 2023 to 2030. this growth can be attributed to significant technological advancements in japan, china, and india.
a comprehensive analysis of the major players in the speech-to-text api market has been recently conducted in a report. the report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
key developments in speech-to-text api market
recently, scotiabank and google cloud established a strategic alliance to bolster their cloud computing commitment and accelerate their global data and analytics strategy. this collaboration aims to deliver enhanced and personalized banking experiences to scotiabank customers in the america and worldwide. ibm recently collaborated with intelepeer, a leading communications platform-as-a-service provider, to develop and test a voice agent and a new agent app. the purpose of this partnership was to enable a seamless transition from an automated voice agent to a live agent while maintaining the context of the conversation.
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key questions answered in speech-to-text api market report
what specific growth drivers are projected to impact the market during the forecast period? list the top companies in the market and explain how they have achieved their positions of influence. in what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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