Technological advancements in AI are transforming industries, including automotive, healthcare, and consumer electronics. The emergence of smart technologies and the rising adoption of voice-enabled devices in these industries are increasingly creating opportunities to integrate voice and speech recognition capabilities into smart solutions to improve the user experience.
According to Comscore, Inc. (U.S.), in 2021, smart speaker ownership hit an all-time high, with almost 50% of internet users owning at least one smart speaker. In 2019 and 2020, ownership increased by an astonishing 70%. In addition, the rising popularity of voice assistants equipped with speech recognition technology has made smart speakers and voice-activated assistant devices almost ubiquitous. Their convenience and hands-free functionalities have increased consumers’ dependence on these devices. According to Google, 72% of people owning voice-activated speakers stated that their devices are often used in their daily routines. A recent outage in the U.K. proved that users now depend on these voice-enabled devices, even for simple, everyday tasks.
Voice-enabled devices for smart homes, such as smart TVs, vacuum cleaners, and Wi-Fi-based smart thermostats with voice control, developed by companies such as Amazon and Honeywell, are in high demand, as such devices make household tasks easier. Thus, the proliferation of voice-enabled devices is boosting the utilization of speech-to-text API solutions, driving the growth of this market.
Increasing Use of Voice & Speech Technologies for Transcription is Projected to Drive the Growth of Speech-to-text API Market
Speech transcription enables the conversion of spoken audio from video content into text and returns blocks of text for each portion of the transcribed audio. In contrast to voice recognition software, which is usually integrated into other software to recognize human voices and words, transcription software provides advanced, standalone platforms, known as speech-to-text (STT), that can transcribe speech on a large scale.
Speech transcription is gaining popularity as companies work to improve customer experiences. Speech transcription software solutions are ideal for contact centers or call centers. Contact centers generate large volumes of audio data from their customer calls and conversations that take much effort to manually transcribe and score. However, with speech-to-text software, every call can be transcribed, analyzed, and aggregated with other custom data points relevant to operations. Speech transcription can be a key part of enterprises’ digital transformation strategies. Speech transcription solutions offer many benefits, which are expected to increase further with technological advancements. Thus, enterprises’ increasing adoption of transcription solutions powered by voice & speech technologies is driving the growth of the speech-to-text API market.
Download Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=5473
Related Tag:
Related Blogs:
![Zero Trust Networking](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/11.webp)
Zero Trust Networking
Read More![Factors Affecting Speech and Voice Recognition Market Growth](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/1.webp)
Factors Affecting Speech and Voice Recognition Market Growth
Read More![Growing Adoption of Cloud Infrastructure in the BFSI Sector](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/5.webp)
Growing Adoption of Cloud Infrastructure in the BFSI Sector
Read More![Data Protection Regulations Boosting the Adoption of Digital Vaults](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/2.webp)
Data Protection Regulations Boosting the Adoption of Digital Vaults
Read More![Growing Demand for Chemical Surface Treatment Solutions](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/1.webp)
Growing Demand for Chemical Surface Treatment Solutions
Read More![Growing Need for Cybersecurity Services Among SME's](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/6.webp)
Growing Need for Cybersecurity Services Among SME's
Read More![Benefits of Cloud-Based Industrial Asset Management Solutions](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/4.webp)
Benefits of Cloud-Based Industrial Asset Management Solutions
Read More![Increasing Importance of English Language to Drive Market Growth](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/5.webp)
Increasing Importance of English Language to Drive Market Growth
Read More![Video Analytics for Enhanced Surveillance](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/3.webp)
Video Analytics for Enhanced Surveillance
Read More![Mobile Computers for Efficient Data Collection](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/6.webp)
Mobile Computers for Efficient Data Collection
Read More![AI-based Cybersecurity Solutions in the BFSI Sector](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/7.webp)
AI-based Cybersecurity Solutions in the BFSI Sector
Read More![RFID Technology among Manufacturing Industries](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/1.webp)
RFID Technology among Manufacturing Industries
Read More![Development of Smart Infrastructure](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/4.webp)
Development of Smart Infrastructure
Read More![Growing Security Requirements in the BFSI Sector](https://www.meticulousresearch.com/public/assets/images/images2704/BlogPressReleases/Blog/Blue/10.webp)
Growing Security Requirements in the BFSI Sector
Read More