Artificial Intelligence
Global Speech-to-text API Market Size, Share & Industry Trends Analysis Report By Component, By Vertical, By Organization Size, By Deployment Type, By Application, By Regional Outlook and Forecast, 2021 – 2027
New York, April 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Speech-to-text API Market Size, Share & Industry Trends Analysis Report By Component, By Vertical, By Organization Size, By Deployment Type, By Application, By Regional Outlook and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06249534/?utm_source=GNW
Speech-to-text API is a multidisciplinary subject of computational linguistics that explores methods that allow computers to translate and recognize audible language into text. This is also called as Automatic Speech Recognition (ASR) or Speech-to-Text.
It encompasses electrical engineering, computer science, and linguistics research and knowledge. Deep learning and big data advancements have aided the field in recent years. The progress is evidenced not only by the rapid increase in the number of academic papers published in the subject but also by the widespread industry use of a range of deep learning approaches in the design and implementation of voice recognition systems around the world.
Any video or audio-based information can be captioned and subtitled using the speech-to-text API technology, allowing struggling listeners or learners with visual impairments to understand and complete their work without assistance. Speech-to-text APIs, for example, can help students with hearing loss communicate with their teachers and peers. However, the key obstacles in the speech-to-text API market are multilingual support for captioning and subtitling, as well as establishing unique vocabulary across multiple verticals.
COVID-19 Impact
Many organizations witnessed increased consumer pressure during the pandemic, while their number of available workers was reduced. Many contact centers were unable to meet demand or were forced to close due to lockdown restrictions, resulting in high wait times for customer service requests and a negative impact on the customer experience. Speech-to-text API is moving to the forefront of technology enablers as companies adopt a more strategic strategy that offers resilience into operations through flexibility and scalability while also working to increase operational efficiencies.
Medical speech recognition capabilities are sought by data analytics application developers to assist them swiftly and accurately transcribing video and audio incorporating COVID-19 terminology into text for downstream analytics. Amazon Transcribe Medical, for example, is a fully managed speech recognition (ASR) service that makes it simple to add medical speech-to-text capabilities to any application.
Market Growth Factors:
The massive penetration of smartphones is creating the requirement for voice-based devices
With the widespread acceptance of technology and the vast development of internet-based material, the demand for smart devices such as smart speakers and mobile phones has increased over the last decade, resulting in a greater need to make online video content available to everyone. Several new advanced gadgets with voice-controlled functions, such as content transcription and conference call analysis, are being introduced, allowing consumers to access educational, entertainment, and other information via their smart devices. As a result of the rising requirement to understand client preferences, speech-to-text apps have grown in popularity.
Several organizations collect client data about media material and translate it into texts to assist content providers in determining what types of content are acceptable and becoming more popular. Moreover, the demand for smart homes and smart appliances is rising as a result of a number of factors, including rising internet penetration, technological improvements, and increased awareness of automation.
The growing number of advanced speech-to-text solutions for differently-abled students
Any video or audio-based content can be translated by a computer into text using the speech-to-text API technology, which allows struggling listeners or hard-of-hearing students read appropriately and complete their work without the assistance of others. Speech-to-text software, for example, can help a deaf-mute student interact with his or her professors and classmates. As a result, this system functions as assistive technology, allowing impaired persons to take advantage of ICT. For impaired students, the Individuals with Disabilities Education Act (IDEA) provides interactive software. In the classroom, these students are unable to hear well.
To address this, professors at Northern Illinois University, created an interactive software lesson that uses speech-to-text technology to assist these students in learning the Nemeth code (a Braille code for mathematics).
Market Restraining Factors:
Transcribing audio from many channels could stymie the market for speech-to-text APIs.
Transcribing audio from numerous channels is a significant barrier for this technology since defining many things becomes challenging, resulting in erroneous transcriptions or captions. In addition, background noise, low-quality microphones, reverb and echo, and accent changes all have the potential to degrade transcription accuracy.
Voice-to-text APIs should be appropriately trained for multi-channel speech recognition using a number of data sets; however, gathering a variety of data sets for establishing an approach and solution that accurately converts speech-to-text for many channels can be problematic for businesses. Moreover, privacy concerns about voice-enabled gadgets would discourage many entities to embrace these solutions.
Component Outlook
Based on Component, the market is segmented into Solution and Services. In 2020, the Solutions segment acquired the highest revenue share of the speech-to-text market. APIs and Software Development Kits (SDKs) in the software market enable existing software or applications to convert video-based material to text format. The suppliers also provide related solutions to help streamline processes and create seamless results. To deal with the quickly rising video-based material, leading companies in numerous industries are using speech-to-text API. This is assisting businesses in discovering new methods to tap into the vast amounts of data available in order to produce new products, services, and processes, so gaining a competitive advantage.
Vertical Outlook
Based on Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Travel & Hospitality, and Others. The IT & Telecom segment obtained a significant revenue share of the Speech-to-text market in 2020. Through speech recognition, analytics, and reporting, the IT and telecom industries appear to be adopting voice technology to automate and enhance customer experience. Moreover, a growing number of IT and telecom companies are utilizing these solutions to streamlines their communication and other business operations.
Organization Size Outlook
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). The SMEs segment obtained a significant revenue share of the Speech-to-text market in 2020. The growth of the segment is due to growing competition from emerging SMEs in large corporations. In addition, many SMEs are slowly moving towards the deployment of new and advanced solutions to provide enhanced customer experience.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into Cloud and On-premise. In 2020, the Cloud segment acquired the largest revenue share of the Speech-to-text market. The advantages of cloud technology, such as ease of deployment and low capital requirements, make it easier to embrace the cloud deployment paradigm. The COVID-19 pandemic is likely to encourage enterprises to switch to cloud-based speech-to-text API solutions that can be administered remotely, as lockdowns and social distancing practices encourage companies to move to cloud-based speech-to-text API solutions. The cloud segment of the speech-to-text API market would grow further with the growing demand for scalable, easy-to-use, and cost-effective speech-to-text API solutions.
Application Outlook
Based on Application, the market is segmented into Fraud Detection & Prevention, Contact Center & Customer Management, Risk & Compliance Management, Content Transcription, Subtitle Generation, and Others. In 2020, the Fraud Detection & Prevention segment acquired the largest revenue share of the Speech-to-text market. This is due to the increased need for speech-to-text APIs in the media and entertainment business to transcribe audio and video content into searchable and shareable text.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, North America emerged as the leading region in the overall Speech-to-text market. In addition, the regional market would showcase a similar kind of trend even during the forecasting period. This is because of its substantial technology spending and the simple availability of solutions with a significant presence of suppliers. In addition, the regional market would grow further due to the growing requirement to extract relevant insights from voice data.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Google LLC and Microsoft Corporation are the forerunners in the Speech-to-text API Market. Companies such as IBM Corporation, Amazon Web Services, Inc., Baidu, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LivePerson, Inc. (VoiceBase, Inc.), VoiceCloud LLC, Speechmatics Ltd., IBM Corporation, Microsoft Corporation, Google LLC, Baidu, Inc., Twilio, Inc., Amazon Web Services, Inc., and Verint Systems, Inc.
Recent Strategies Deployed in Speech-to-text API Market
Partnerships, Collaborations and Agreements:
Sep-2021: Microsoft joined hands with CallMiner, a leading provider of conversation analytics. Following the collaboration, the world-class conversation analytics platform of CallMiner would be integrated with the speech recognition solution of Microsoft. Through this integration, companies would achieve higher value in their present tools and get a thorough understanding of customer conversations. By getting valuable insights, companies can help contact centers to enhance customer experiences and agent performance, and make informed business decisions across each department.
Jun-2021: Microsoft collaborated with ICICI Lombard, a general insurance company in India. Under this collaboration, Microsoft would help ICICI Lombard to improve and automate the quality control processes. Moreover, ICICI Lombard would leverage the Azure Speech Services and Natural Language Processing (NLP) of Microsoft to monitor its daily service calls made by customer service representatives. With the implementation of Azure’s artificial tools, ICICI Lombard can enhance the accuracy of its quality audits.
Jan-2021: Microsoft formed a collaboration with Yellow Messenger, the world’s leading conversational AI platform. Following the collaboration, Yellow Messenger would transform its voice automation solution with the help of Azure AI Speech Services and Natural Language Processing (NLP) tools. Through this collaboration, Microsoft would help Yellow Messenger to develop customized voice models that enable superior accuracy and higher intent understanding.
Jan-2021: Amazon Web Services teamed up with Talkdesk, the cloud contact center for innovative enterprises. Following the collaboration, the integration of unique, cloud-native capabilities from Talkdesk CX Cloud with robust AI and machine learning services from AWA, provides Talkdesk customers with the flexibility, agility, and insight to better manage contact center operations and enhanced customer experience. Under this collaboration, Talkdesk Agent Assist and Talkdesk Speech Analytics would harness the potential of Amazon Transcribe to increase the number of languages and accents in the products being available.
Aug-2020: Speechmatics partnered with Prosodica, a provider of innovative voice and audio analysis technology and a subsidiary of Vail Systems. Following the partnership, the two companies would offer superior call experiences to improve customer care and enhance customer experiences.
Jun-2020: Speechmatics came into a partnership with Daisee, a leading provider of speech analytics software. Through this partnership, the two companies would allow enterprises to comprehend and focus on the customer calls with the help of Lisa, a speech and sentiment analysis software.
Product Launches and Product Expansions:
Nov-2021: Baidu unveiled PLATO-XL, an AI model for dialog generation. The new model is trained on more than a billion samples from social media conversations in English as well as Chinese. Moreover, PLATO-XL promises advanced performance on various conversational benchmarks, outperforming presently available commercial chatbots.
Sep-2021: IBM rolled out the latest AI and automation capabilities in IBM Watson Assistant. Through these new capabilities, IBM would make it easier for enterprises to develop improved customer service experiences across any channel-phone, SMS, web, and any messaging platform.
Aug-2021: AWS introduced Amazon Transcribe Call Analytics, a new feature that allows the easy extraction of beneficial insights from customer conversations with a single API call. The new solution includes natural language processing (NLP) capabilities particularly trained on customer calls and enhanced to offer extremely precise call transcripts and beneficial insights. By a simple API call, developers can effortlessly include call analytics in any application and obtain customer insights from conversations without the need to create AI pipelines and train custom ML models.
Aug-2021: IBM introduced new features in its IBM Watson Speech to Text technology. The new features can transcribe Indian English and Hindi language audios. Moreover, these latest services were developed with the help of advanced models that provide extremely high throughput and transcription accuracy.
Apr-2021: Verint unveiled Verint Intelligent Virtual Assistant Professional (IVA Pro) Package, a low-code conversational artificial intelligence (AI) offering that can easily transform current conversation data into automated self-service experiences. The package is a part of the prominent Verint Intelligent Virtual Assistant (IVA) offering and enables business professionals to rapidly implement a production-ready chatbot to divert calls and support customers.
Nov-2020: Speechmatics rolled out a first-of-its-kind Global Spanish language pack for automatic speech-to-text transcription at scale. Through this launch, the company aimed to offer an enhanced user experience with no extra software or complicated processes required. The new solution is rapid, precise, robust, more flexible, convenient, and inclusive.
Aug-2020: AWS unveiled AWS Contact Center Intelligence (CCI) solutions, an integration of services that allow customers to effortlessly combine AI into contact centers. Moreover, Machine learning capabilities like as transcription, text-to-speech, translation, corporate search, chatbots, business intelligence, and language comprehension may all be integrated into current contact center systems using AWS CCI solutions. In addition, customers can deploy contact center intelligence ML solutions to help self-service, post-call analytics, and live-call analytics & agent assist.
Apr-2020: Microsoft rolled out the latest neural text-to-speech (TTS) capabilities in Azure Cognitive Services. The new capabilities include three latest styles viz. newscast, customer service, and a digital assistant that allow natural-sounding speech and match the pattern and intonations of human voices.
Scope of the Study
Market Segments covered in the Report:
By Component
• Solution
• Services
By Vertical
• BFSI
• IT & Telecom
• Healthcare
• Retail & eCommerce
• Government & Defense
• Media & Entertainment
• Travel & Hospitality
• Others
By Organization Size
• Large Enterprises
• Small & Medium-sized Enterprises (SMEs)
By Deployment Type
• Cloud
• On-premise
By Application
• Fraud Detection & Prevention
• Contact Center & Customer Management
• Risk & Compliance Management
• Content Transcription
• Subtitle Generation
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• LivePerson, Inc. (VoiceBase, Inc.)
• VoiceCloud LLC
• Speechmatics Ltd.
• IBM Corporation
• Microsoft Corporation
• Google LLC
• Baidu, Inc.
• Twilio, Inc.
• Amazon Web Services, Inc.
• Verint Systems, Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06249534/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
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Established market leader in stroke AI imaging receives its first FDA clearance in the lung imaging space.With this expanded foundation of AI-driven healthcare solutions, the Oxford-based company remains committed to driving innovation and delivering impactful advancements in imaging biomarkers.OXFORD, England, and CHICAGO, May 17, 2024 /PRNewswire/ — Brainomix, a pioneer in artificial intelligence (AI) imaging solutions to enable precision medicine, is proud to announce the FDA clearance of its latest product, Brainomix 360 e-Lung. Brainomix’s entry into the lung imaging space follows a series of successful clearances and widespread clinical adoption of its Brainomix 360 Stroke platform in both the US and Europe.
The clearance of e-Lung marks a significant milestone in Brainomix’s journey to expand its footprint in medical imaging beyond stroke-related applications and represents a notable step forward in the quest for advanced lung imaging solutions. The company, with its rich academic heritage and record of scientific excellence, will expand its research collaborations in the pulmonology space to yield new insights to inform future iterations of e-Lung and chart a path towards continual improvements for the lung imaging technology.
Dr Deji Adegunsoye, Assistant Professor of Medicine and Scientific Director of the Interstitial Lung Disease Program at University of Chicago Medicine, said: “This is an exciting step for Brainomix, who have a demonstrated track record of developing novel AI-based solutions in stroke and are now applying that expertise to develop innovative tools in the lung space. The preliminary data for e-Lung is impressive and would indicate that we have a promising tool that could help to expedite healthcare delivery and improve clinically meaningful outcomes for patients with lung disease.”
Brainomix recently announced the publication of a new study1 in the prestigious peer-reviewed journal American Journal of Respiratory and Critical Care Medicine (AJRCCM), resulting from a research collaboration with AstraZeneca. The results showed that Brainomix’s proprietary lung imaging biomarkers, which include the weighted reticulovascular score (WRVS), stratified patients at risk of Idiopathic Pulmonary Fibrosis (IPF) progression, outperforming standard measures.
Dr Michalis Papadakis, CEO and Co-Founder of Brainomix, said: “We are harnessing our expertise in AI-powered imaging to develop novel biomarkers in other disease indications where AI can support imaging-based diagnostic and treatment decisions.
“This e-Lung FDA clearance reflects our focus on developing innovative solutions that empower healthcare professionals with cutting-edge tools for sophisticated disease evaluation, enhancing access to treatments that can ultimately work to improve patient outcomes.”
Brainomix will be presenting its latest e-Lung data at the American Thoracic Society (ATS) annual conference in San Diego May 17th – 22nd, including results from research collaborations with Heidelberg University and with Seattle-based Avalyn Pharma.
Am. J. Respir. Crit. Care Med.: 2024 Feb 16 – e-Lung CT Biomarker Stratifies Patients at Risk of IPF Progression in a 52-Week Clinical Trialhttps://www.atsjournals.org/doi/abs/10.1164/rccm.202312-2274LEAbout Brainomix
Brainomix specializes in the creation of AI-powered software solutions to enable precision medicine for better treatment decisions in stroke and lung fibrosis. With origins as a spin-out from the University of Oxford, Brainomix is an expanding commercial-stage company with offices in the UK, Ireland and the USA, and operations in more than 30 countries. A private company, backed by leading healthtech investors, Brainomix has innovated award-winning imaging biomarkers and software solutions that have been clinically adopted in hundreds of hospitals worldwide. Its first product, the Brainomix 360 stroke platform, provides clinicians with the most comprehensive stroke imaging solution, driving increased treatment rates and improving functional independence for patients.
To learn more about Brainomix and its technology visit www.brainomix.com, and follow us on Twitter, LinkedIn and Facebook.
Contacts
Jeff Wyrtzen, Chief Marketing & Business Development [email protected] +44 (0)7927 164210T +44 (0)1865 582730
Media enquiries
Charles ConsultantsSue [email protected] M +44 (0)7968 726585
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View original content:https://www.prnewswire.co.uk/news-releases/brainomix-achieves-breakthrough-with-fda-clearance-of-e-lung-ai-software-302144836.html
Artificial Intelligence
CUBE acquires global regulatory intelligence businesses from Thomson Reuters
LONDON, May 17, 2024 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), announces today its acquisition of the Thomson Reuters Regulatory Intelligence and Oden products and businesses.
The acquisition of these global businesses represents a major step forward in CUBE’s growth plans. It will deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s existing global customer base will be expanded to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s global employees will expand to 600, of which close to 250 are highly qualified regulatory subject matter experts, legal and compliance professionals.
Ben Richmond, founder and CEO of CUBE said: “Thomson Reuters is known to be the biggest and best in the industry for providing regulatory expert analysis and subject matter expertise, alongside world-leading journalism and news. The combination of CUBE’s purpose-built AI, with the years of content curated by Thomson Reuters Regulatory Intelligence and Oden expert analysts, will accelerate innovation. Together, we will deliver regulatory transformation capabilities for our global customers that could only have been imagined before.”
Richmond continues: “This combination will provide tremendous scale and depth across CUBE’s regulatory content and technology. It is a significant step toward creating an industry-defining regulatory compliance and risk platform that will benefit all customers and elevate the industry as a whole.”
Through this acquisition, CUBE will provide an expanded and comprehensive selection of specialized regulatory intelligence and regulatory change services, committed to excellence, quality, and highly contextualised and meaningful regulatory content for customers. By combining cutting-edge technology and subject matter expertise at scale CUBE will set a new bar for the industry in regulatory automation and content.
Chris Maguire, General Manager, Risk and Fraud, Corporates, Thomson Reuters said: “It was clear to us that CUBE had established itself as a leading regulatory intelligence provider for global enterprise clients in the financial services and insurance sectors. We wanted to ensure our customers and employees could work with an organisation that would continue to innovate and significantly invest in solutions like Thomson Reuters Regulatory Intelligence and Oden. We are working tirelessly to ensure a seamless and value-enhancing transition for customers and employees, and we are looking forward to working with the CUBE team during this transition.”
Christopher Fielding, Hg, said: “We’re delighted to further extend our market reach, bringing in two high quality and complementary global businesses to the CUBE platform.”
Thomas Martin, Hg, added: “We see these acquisitions as enabling further innovation in the regulatory intelligence and change management sector, leading to strengthened demand for these quality solutions across the globe.”
The terms of the transaction will not be disclosed.
About CUBE
CUBE provides a highly comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. CUBE’s purpose-built regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe.
With operations across Europe, North America, Canada, Asia, and Australia, CUBE serves a diverse and global base of customers and partners including the largest financial institutions in the world who leverage CUBE’s platform to streamline their complex regulatory intelligence and change management processes.
Following the strategic partnership with Hg in March 2024, CUBE announced the acquisition of US-based Reg-Room in May 2024.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $140 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.
About Regulatory Intelligence
Regulatory Intelligence is a proactive, connected, and comprehensive solution that tracks and analyses regulatory changes within ~2,000 regulatory bodies and rulebooks for more than 20 countries. It enables banking, financial services, and insurance (BFSI) sectors to manage exposure to operational, regulatory, and compliance risk.
About Oden
Oden State Rules and Regulations (SR&R), Oden Policy Terminator/Sentry PT, and OdenTrack provide repositories and automated solutions for complying with state rules and regulations on the provisioning of Personal and Business Insurance in the US.
View original content:https://www.prnewswire.co.uk/news-releases/cube-acquires-global-regulatory-intelligence-businesses-from-thomson-reuters-302147604.html
Artificial Intelligence
Cayman Enterprise City Publishes Socio-Economic Impact Assessment by Economist and Leading Advisor on the Caribbean, Marla Dukharan
The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion
GRAND CAYMAN, Cayman Islands, May 16, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has released a Socio-Economic Impact Assessment by Marla Dukharan. The report illustrates that CEC is increasing its impact by supporting higher earnings for Caymanians and is driving a shift towards a knowledge-based economy by focusing on high productivity sectors. The release by Dukharan reads, “Caymanian resourcefulness and private sector-led innovation have been the driving force behind the islands’ outstanding socio-economic success. Cayman Enterprise City underpins the next generation of Cayman innovation and dynamism.”
With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”
“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”
77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.
With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.
To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky.
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCityTwitter: @CEC_CaymanInstagram: @CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube: @ceccayman
About Cayman Enterprise City
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
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FOR MORE INFORMATION:Contact: Kaitlyn Elphinstone Email: [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/cayman-enterprise-city-publishes-socio-economic-impact-assessment-by-economist-and-leading-advisor-on-the-caribbean-marla-dukharan-302148206.html
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