The global “Speech-to-Text API Market” is expected to rise with an impressive CAGR and generate the highest revenue by 2026. Fortune Business Insights™ in its latest report published this information. The report is titled ” Speech-to-Text API Market Size, Share and Trends Forecast”. The report discusses research objectives, research scope, methodology, timeline, and challenges during the entire forecast period.
The global speech-to-text API market size was valued at USD 1,321.5 million in 2019 and is projected to reach USD 3,036.5 million by 2027, exhibiting a CAGR of 11.0% during the forecast period.
List of Key Companies Profiled:
- Amazon Web Services, Inc.
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Nuance Communications, Inc.
- com, Inc.
- Verint Systems, Inc.
- Vocapia Research SAS,
- VoiceBase, Inc.
Driver: Increasing Rate of Recovery of Financial Losses to Stimulate Speech-to-Text API Market Growth
The increase in the rate of recovery of financial losses is anticipated to augment the growth of the Speech-to-Text API Market within the estimated period. Speech-to-Text API Market helps all organizations and enterprises mitigate losses from a variety of incidents that take place every day, from a data breach involving sensitive customer information to network damage and disruption. Though does not protect any organization against the hack itself, it does offer help before, during, and after an attack. Further, it also helps with the costs associated with remediation, including payment for legal assistance, crisis communicators, investigators, and customer credits or refunds. However, the lack of awareness related to Speech-to-Text API Market Moreover, the increasing adoption of artificial intelligence and blockchain technology for risk analytics is further anticipated to support the growth in the years to come.
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