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
|
Speech to Text Analytics 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.
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
Market By Deployment Model
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
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.
CHAPTER 1. Industry Overview of Speech to Text Analytics Market
1.1. Definition and Scope
1.1.1. Definition of Speech to Text Analytics
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Speech to Text Analytics Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Speech to Text Analytics Market By Component
1.2.3. Speech to Text Analytics Market By Deployment Model
1.2.4. Speech to Text Analytics Market By Application
1.2.5. Speech to Text Analytics Market By Industry Vertical
1.2.6. Speech to Text Analytics Market By Region
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restraint 1
3.2.2. Restraint 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Speech to Text Analytics Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Speech to Text Analytics Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Regulatory Compliance
3.9. Competitive Landscape, 2021
3.9.1. Player Positioning Analysis
3.9.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Speech to Text Analytics Market By Component
4.1. Introduction
4.2. Speech to Text Analytics Revenue (USD Million) By Component
4.2.1. Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
4.2.2. Software
4.2.2.1. Software Market Revenue (USD Million) and Growth Rate (%), 2018-2030
4.2.3. Services
4.2.3.1. Services Market Revenue (USD Million) and Growth Rate (%), 2018-2030
CHAPTER 5. Speech to Text Analytics Market By Deployment Model
5.1. Introduction
5.2. Speech to Text Analytics Revenue (USD Million) By Deployment Model
5.2.1. Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
5.2.2. On-Premise
5.2.2.1. On-Premise Market Revenue (USD Million) and Growth Rate (%), 2018-2030
5.2.3. Cloud-Based
5.2.3.1. Cloud-Based Market Revenue (USD Million) and Growth Rate (%), 2018-2030
CHAPTER 6. Speech to Text Analytics Market By Application
6.1. Introduction
6.2. Speech to Text Analytics Revenue (USD Million) By Application
6.2.1. Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
6.2.2. Contact Center and Customer Management
6.2.2.1. Contact Center and Customer Management Market Revenue (USD Million) and Growth Rate (%), 2018-2030
6.2.3. Transcription
6.2.3.1. Transcription Market Revenue (USD Million) and Growth Rate (%), 2018-2030
6.2.4. Fraud Detection
6.2.4.1. Fraud Detection Market Revenue (USD Million) and Growth Rate (%), 2018-2030
6.2.5. Compliance Management
6.2.5.1. Compliance Management Market Revenue (USD Million) and Growth Rate (%), 2018-2030
6.2.6. Voice Search
6.2.6.1. Voice Search Market Revenue (USD Million) and Growth Rate (%), 2018-2030
6.2.7. Others
6.2.7.1. Others Market Revenue (USD Million) and Growth Rate (%), 2018-2030
CHAPTER 7. Speech to Text Analytics Market By Industry Vertical
7.1. Introduction
7.2. Speech to Text Analytics Revenue (USD Million) By Industry Vertical
7.2.1. Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
7.2.2. BFSI
7.2.2.1. BFSI Market Revenue (USD Million) and Growth Rate (%), 2018-2030
7.2.3. IT and Telecom
7.2.3.1. IT and Telecom Market Revenue (USD Million) and Growth Rate (%), 2018-2030
7.2.4. Healthcare
7.2.4.1. Healthcare Market Revenue (USD Million) and Growth Rate (%), 2018-2030
7.2.5. Retail and Consumer Goods
7.2.5.1. Retail and Consumer Goods Market Revenue (USD Million) and Growth Rate (%), 2018-2030
7.2.6. Education
7.2.6.1. Education Market Revenue (USD Million) and Growth Rate (%), 2018-2030
7.2.7. Media & Entertainment
7.2.7.1. Media & Entertainment Market Revenue (USD Million) and Growth Rate (%), 2018-2030
7.2.8. Others
7.2.8.1. Others Market Revenue (USD Million) and Growth Rate (%), 2018-2030
CHAPTER 8. North America Speech to Text Analytics Market By Country
8.1. North America Speech to Text Analytics Overview
8.2. U.S.
8.2.1. U.S. Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
8.2.2. U.S. Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
8.2.3. U.S. Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
8.2.4. U.S. Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
8.3. Canada
8.3.1. Canada Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
8.3.2. Canada Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
8.3.3. Canada Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
8.3.4. Canada Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
8.4. North America PEST Analysis
CHAPTER 9. Europe Speech to Text Analytics Market By Country
9.1. Europe Speech to Text Analytics Overview
9.2. U.K.
9.2.1. U.K. Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
9.2.2. U.K. Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
9.2.3. U.K. Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
9.2.4. U.K. Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
9.3. Germany
9.3.1. Germany Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
9.3.2. Germany Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
9.3.3. Germany Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
9.3.4. Germany Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
9.4. France
9.4.1. France Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
9.4.2. France Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
9.4.3. France Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
9.4.4. France Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
9.5. Spain
9.5.1. Spain Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
9.5.2. Spain Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
9.5.3. Spain Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
9.5.4. Spain Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
9.6. Rest of Europe
9.6.1. Rest of Europe Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
9.6.2. Rest of Europe Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
9.6.3. Rest of Europe Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
9.6.4. Rest of Europe Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
9.7. Europe PEST Analysis
CHAPTER 10. Asia Pacific Speech to Text Analytics Market By Country
10.1. Asia Pacific Speech to Text Analytics Overview
10.2. China
10.2.1. China Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
10.2.2. China Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
10.2.3. China Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
10.2.4. China Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
10.3. Japan
10.3.1. Japan Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
10.3.2. Japan Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
10.3.3. Japan Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
10.3.4. Japan Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
10.4. India
10.4.1. India Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
10.4.2. India Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
10.4.3. India Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
10.4.4. India Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
10.5. Australia
10.5.1. Australia Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
10.5.2. Australia Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
10.5.3. Australia Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
10.5.4. Australia Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
10.6. South Korea
10.6.1. South Korea Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
10.6.2. South Korea Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
10.6.3. South Korea Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
10.6.4. South Korea Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
10.7. Rest of Asia-Pacific
10.7.1. Rest of Asia-Pacific Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
10.7.2. Rest of Asia-Pacific Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
10.7.3. Rest of Asia-Pacific Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
10.7.4. Rest of Asia-Pacific Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
10.8. Asia Pacific PEST Analysis
CHAPTER 11. Latin America Speech to Text Analytics Market By Country
11.1. Latin America Speech to Text Analytics Overview
11.2. Brazil
11.2.1. Brazil Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
11.2.2. Brazil Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
11.2.3. Brazil Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
11.2.4. Brazil Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
11.3. Mexico
11.3.1. Mexico Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
11.3.2. Mexico Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
11.3.3. Mexico Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
11.3.4. Mexico Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
11.4. Rest of Latin America
11.4.1. Rest of Latin America Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
11.4.2. Rest of Latin America Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
11.4.3. Rest of Latin America Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
11.4.4. Rest of Latin America Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
11.5. Latin America PEST Analysis
CHAPTER 12. Middle East & Africa Speech to Text Analytics Market By Country
12.1. Middle East & Africa Speech to Text Analytics Overview
12.2. GCC
12.2.1. GCC Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
12.2.2. GCC Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
12.2.3. GCC Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
12.2.4. GCC Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
12.3. South Africa
12.3.1. South Africa Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
12.3.2. South Africa Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
12.3.3. South Africa Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
12.3.4. South Africa Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
12.4. Rest of Middle East & Africa
12.4.1. Rest of Middle East & Africa Speech to Text Analytics Revenue (USD Million) and Forecast By Component, 2018-2030
12.4.2. Rest of Middle East & Africa Speech to Text Analytics Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
12.4.3. Rest of Middle East & Africa Speech to Text Analytics Revenue (USD Million) and Forecast By Application, 2018-2030
12.4.4. Rest of Middle East & Africa Speech to Text Analytics Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
12.5. Middle East & Africa PEST Analysis
CHAPTER 13. Player Analysis Of Speech to Text Analytics Market
13.1. Speech to Text Analytics Market Company Share Analysis
13.2. Competition Matrix
13.2.1. Competitive Benchmarking of key players by price, presence, market share, and R&D investment
13.2.2. New Product Launches and Product Enhancements
13.2.3. Mergers And Acquisition In Global Speech to Text Analytics Market
13.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 14. Company Profile
14.1. Amazon Web Services, Inc.
14.1.1. Company Snapshot
14.1.2. Business Overview
14.1.3. Financial Overview
14.1.3.1. Revenue (USD Million), 2021
14.1.3.2. Amazon Web Services, Inc. 2021 Speech to Text Analytics Business Regional Distribution
14.1.4. Product/Service and Specification
14.1.5. Recent Developments & Business Strategy
14.1.6. Manufacturing Plant Footprint Analysis
14.2. Google LLC
14.3. IBM Corporation
14.4. Microsoft Corporation
14.5. Nuance Communications, Inc.
14.6. Rev.com, Inc.
14.7. Speechmatics
14.8. Verint Systems, Inc.
14.9. Vocapia Research SAS
14.10. VoiceBase, Inc.
