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With 11.0% CAGR, Speech to Text API Market Size Worth USD 3,036.5 Million in 2028

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Pune, India, July 05, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the global Speech to Text API Market size was USD 1,321.5 million in 2019 and is projected to reach USD 3,036.5 million by 2028, exhibiting a CAGR of 11.0% during the forecast period [2022-2028].The global Speech to Text API Market is set to gain traction from the rapid development of innovative contact centres possessing multi-functional and multi-site consumer experience management systems. This information is published by Fortune Business Insights™ in a recent report, titled, “Speech to Text API Market Size, Share and Industry Analysis, By Component, By Deployment, By Application, By Industry and Regional Forecast, 2020-2028.”

Industry Development:

  • March 2020: IBM Corporation announced that it updated its speech-to-text recognition service. It enables tracking of all the activities for operations of the asynchronous HTTP interface. It also supports speaker labels for German and Korean language models.
  • October 2019: Rev.com unveiled its real-time audio transcription. It is powered by Rev.ai API, the company’s proprietary speech engine. It allows building speech recognition directly into services and applications efficiently.

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Report Scope:

Report Coverage Details
Forecast Period 2022-2028
Forecast Period 2022 to 2028 CAGR 11.0%
2028 Value Projection USD 3036.5 Million
Base Year 2021
Speech to Text API Market Size in 2019 USD 1321.5 Million
Historical Data for 2017-2019
No. of Pages 160

Drivers & Restraints-

Rising Adoption of Voice Assistants & Smart Speakers to Aid Growth

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Since the past few years, the emergence of voice assistants and smart speakers has given rise to their increasing usage amongst the masses worldwide. Applications, such as Google Assistant, Alexa, Cortana, and Siri are present in almost every smartphone. They are also being integrated by the renowned manufactures in various other devices. Therefore, voice-enables applications are likely to change the user’s participation with technology. The demand for smart speakers, on the other hand, has surged owing to their increasing adoption in numerous households. It is projected to rise dramatically during the forecast period. These factors are set to boost the Speech to Text API Market growth in the coming years. However, these applications give rise to privacy issues and data leakages. It may hamper market growth.

Regional Analysis-

Increasing Demand from Banking & Technology Sectors to Drive Growth in North America

In terms of geography, the market is segregated into Latin America, North America, Asia Pacific, the Middle East and Africa, and Europe. Amongst these, North America procured USD 426.4 million revenue in 2019. The region showcased higher adoption of advanced speech technology, as well as other related applications across a wide range of industry verticals. The developed countries, especially Canada and the U.S. are at the forefront in terms of the usage of state-of-the-art technologies. The electronics and banking sectors are also contributing to the market growth fueled by the increasing usage of voice technology. In Europe, the presence of major organizations, namely, Google LLC and Microsoft Corporation would drive the market growth.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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This Report Would Answer the Following Questions:

  • What are the growth drivers, trends, and obstacles that the market would come across in the near future?
  • How will changing consumer behavior affect the market be affected in the coming years?
  • What are the challenges and opportunities in the market?
  • How would the key players boost sales in this competitive market?

The Outbreak of Covid-19: Will it Act as a Boon or a Bane for the Market?

Large, as well as small and medium enterprises (SMEs) are anticipated to lower their expenditure on research and development activities to enhance speech-to-text API software solutions.

The demand for speech-to-text API software solutions is predicted to upsurge considerably during the forthcoming period backed by stay-at-home, work-from-home, and social distancing initiatives taken by the ruling bodies across the globe.

Industries, such as media & entertainment, e-learning, and healthcare are set to experience higher adoption of these API solutions to optimize the execution of their processes.

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The demand would also rise stoked by the conduction of virtual or digital conferences owing to cancellation of events and closure of offices by industry giants.

These solutions are cost-effective, accurate, and provide faster transcription. Hence, they are mainly preferred by multiple organizations nowadays to speed up their operations. Even political leaders are capable of giving speeches through them.

Segment-

Contact Centre and Customer Management Segment to Grow Rapidly Backed by Increasing Usage of API Solutions

Based on application, the market is fragmented into voice search, compliance management, fraud detection, transcription, contact centre and customer management, and others. Out of these, the contact centre and customer management segment held 18.8% Speech to Text API Market share in 2019. This growth is attributable to the rising adoption of these solutions by contact centres to aid them in creating phone menus through community forums, Omni-channel self-service tools, and interactive voice recognition (IVR). It is mainly done by them on their websites to attract and engage the consumers.

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Market Segmentations:

Segmentation By Component
  • Software
  • Services
By Deployment
  • On-Premise
  • Cloud
By Application
  • Contact Center and Customer Management
  • Transcription
  • Fraud Detection
  • Compliance Management
  • Voice Search
  • Others (Route Optimization, Speech Diarization etc.)
By Industry
  • BFSI
  • IT and Telecom
  • Healthcare
  • Retail and Consumer Goods
  • Education
  • Media & Entertainment
  • Others (Government, Construction, and Defense)

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Competitive Landscape-

Key Companies Focus on Enhancing Product Portfolio to Broaden their Businesses

Reputed companies present in the market are mainly aiming to broaden their businesses by improving their pre-existing product portfolio by integrating it with novel technologies, such as artificial intelligence and machine learning.

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Companies Profiled in the Speech to Text API Market:

  • Amazon Web Services, Inc.
  • Google LLC
  • Rev.com, Inc.
  • Microsoft Corporation
  • Nuance Communications, Inc.
  • IBM Corporation
  • Speechmatics
  • Verint Systems, Inc.
  • Vocapia Research SAS,
  • VoiceBase, Inc.

Quick Buy – Speech to Text API Market Research Report:  https://www.fortunebusinessinsights.com/checkout-page/102781

Major Points in TOC:

  • Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  • Executive Summary
  • Market Dynamics
    • Drivers, Restraints and Opportunities
    • Emerging Trends
  • Key Insights
    • Macro and Micro Economic Indicators
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Forces Analysis
  • Global Speech to Text API Market Analysis, Insights and Forecast, 2016-2028
    • Key Findings / Summary
    • Market Size Estimates and Forecasts
      • By Component (Value)
        • Software
        • Services
      • By Deployment (Value)
        • On-Premise
        • Cloud
      • By Application (Value)
        • Contact Centre and Customer Management
        • Transcription
        • Fraud Detection
        • Compliance Management
        • Voice Search
        • Others (Route Optimization, Speaker Diarization, etc.)
      • By Industry (Value)
        • BFSI
        • IT & telecom
        • Healthcare
        • Retail and Consumer Goods
        • Education
        • Media & Entertainment
        • Others (Government, Construction, and Defense etc.)
        • By Geography (Value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East and Africa
        • Latin America
  • North America Speech to Text API Market Analysis, Insights and Forecast, 2016 -2028
    • Key Findings / Summary
    • Market Size Estimates and Forecasts
      • By Component (Value)
        • Software
        • Services
      • By Deployment (Value)
        • On-Premise
        • Cloud
      • By Application (Value)
        • Contact Centre and Customer Management
        • Transcription
        • Fraud Detection
        • Compliance Management
        • Voice Search
        • Others (Route Optimization, Speaker Diarization, etc.)
      • By Industry (Value)
        • BFSI
        • IT & telecom
        • Healthcare
        • Retail and Consumer Goods
        • Education
        • Media & Entertainment
        • Others (Government, Construction, and Defense etc.)
      • By Country (Value)
        • United States
        • Canada
  • Europe Speech to Text API Market Analysis, Insights and Forecast, 2016-2028

TOC Continued…!

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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Artificial Intelligence

18 of the Top 20 Medtech Companies Partner with Veeva MedTech to Get Devices and Diagnostics to Patients Faster

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More than 125 medtech customers use Veeva applications for seamless execution across product development
BARCELONA, Spain, Oct. 2, 2024 /PRNewswire/ — Veeva Systems (NYSE: VEEV) today announced that 18 of the top 20 medtech companies leverage Veeva Development Cloud and Veeva Commercial Cloud applications to streamline processes across the total medtech product lifecycle. Veeva MedTech enables more than 125 customers with deep industry expertise and technology from ideation to commercialization. With an increasing need to keep up with industry changes for faster time to market, medtech companies are moving to connected applications on a single cloud platform to execute key processes more efficiently.

“With dozens of studies across hundreds of global sites, simplifying clinical operations with unified document management and streamlined workflows is a top priority,” said Matt Christensen, senior vice president at Smith+Nephew. “Using Veeva MedTech’s unified clinical solution drives transparency, ensures integrity of study files, and speeds trial timelines.”
Veeva MedTech enables end-to-end product lifecycle management with Veeva Vault Clinical, Veeva Vault RIM, Veeva Vault Quality, and Veeva Vault Commercial. Using advanced applications built with medtech industry best practices, customers can access real-time insights to make data-driven decisions, automate processes, and maintain inspection readiness. This reduces manual work and improves cross-team collaboration while driving growth, cost efficiency, and compliance.
“This momentum shows that the global medtech industry has made great strides in modernizing systems, establishing a foundation across the product lifecycle to leverage into the future,” said Seth Goldenberg, vice president, Veeva MedTech. “With the top medtech leaders standardizing on Veeva applications, we will continue to learn and advance the industry toward more streamlined processes to deliver innovative new devices and diagnostics to patients in need.”
More than 200 industry professionals will network, share best practices, and hear valuable insights from medtech leaders, including Bio-Rad Laboratories, Philips, and ZEISS Medical Technology, at Veeva MedTech EU Summit. Medtech industry professionals can register for the Nov. 5 – 7 event in Amsterdam.
About Veeva SystemsVeeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest biopharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com/eu.
Veeva Forward-looking StatementsThis release contains forward-looking statements regarding Veeva’s products and services and the expected results or benefits from use of our products and services. These statements are based on our current expectations. Actual results could differ materially from those provided in this release and we have no obligation to update such statements. There are numerous risks that have the potential to negatively impact our results, including the risks and uncertainties disclosed in our filing on Form 10-Q for the period ended July 31, 2024, which you can find here (a summary of risks which may impact our business can be found on pages 36 and 37), and in our subsequent SEC filings, which you can access at sec.gov.
Contact:
Jeremy WhittakerVeeva [email protected]
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Cybersecurity is fastest growing IT occupation in the UK, reveals Socura report

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But skills gap persists with just one security professional for every 86 companies
CARDIFF, Wales, Oct. 2, 2024 /PRNewswire/ — Socura, a UK-based cybersecurity services business that protects many of the nation’s biggest NHS trusts, councils, and private companies, has released its UK cybersecurity careers 2024 report, ‘Their next job was in cyber’. 

The report is released four years after the UK government’s infamous ‘Fatima’ ballet ad promoting cyber as a career option. Based on Office of National Statistics data, it reveals that cybersecurity is now the fastest growing tech occupation in the UK, with the number of people in cyber roles more than doubling (128%) between 2021 and 2024. Despite this growth rate, there are not yet enough cybersecurity professionals to tackle the growing threat to UK businesses, with only one security pro for every 86 companies. 
Other key findings of Socura’s report include: 
There are 4,600 more women in cybersecurity roles in 2024 compared to 2021. However, the percentage of women in cybersecurity roles has decreased and now stands at 17%, down from 24%. London is less of a hub for cybersecurity professionals than it is for other IT professionals. 25% of all IT workers are based in London, compared to 17% of cyber workers.Northern Ireland and Wales are the countries in the UK with the fewest cybersecurity professionals. “Cybersecurity may be the fastest growing IT occupation in the UK but the skills shortage in the industry remains a concern,” said Andy Kays, CEO at Socura. “Many businesses simply do not have the specialists they need to defend against cyber attacks.  
“To fix this problem at a national level, we need more initiatives like the NCSC-backed Academic Centres of Excellence and ways to reach even younger people so that they can discover technology in schools. For organisations struggling to recruit cybersecurity experts, finding a trusted managed services partner to bolster capabilities and ease the load remains vital to bridging the gap.” 
“Attracting more workers, particularly women, into cyber remains a key challenge for the industry,” said Dr Kathryn Jones, Head of School, Computer Science and Informatics at Cardiff University. ”However, gender imbalance and the low representation of women is a wider issue in the tech sector, not only cybersecurity. The number of women enrolled on computer science and software engineering courses, for example, is typically also low.  
“Cybersecurity is an exciting and varied career choice but more initiatives like the NCSC’s Cyber First Girls competition are needed to raise awareness.” 
Resources 
Read summary blogDownload full report Methodology Socura’s analysis is based on UK ONS annual population survey data, which tracks occupation figures based on 15 IT-related Standard Occupational Classification (SOC2020) codes such as 2135 cybersecurity professionals. The ONS annual population is a continuous survey that consists of 12 months of survey data, which is broken down and released on a quarterly basis. 
About Socura Socura reduces cyber risk by proactively detecting and responding to threats, 24/7. Our Managed Detection and Response (MDR) service operates as an extension of an organisation’s security team – supplying highly skilled SOC experts and the additional capabilities needed to scale security operations and accelerate response to attacks. 
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Euromonitor International launches Passport AI – a gamechanger for the data analysis industry

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Passport AI will leverage the power of generative AI to transform the way our clients’ access and use market intelligencePassport AI’s impressive features, combining cutting-edge artificial intelligence with human intelligence, will ensure fast and easy access to the Passport platform Paradigm shift solution utilises a powerful combination of technologies and approachesLONDON, Oct. 2, 2024 /PRNewswire/ — Euromonitor International has today launched Passport AI – a game changer for the data analysis industry.

Passport AI is specially designed to supercharge the power of data analytics firm Euromonitor International’s market intelligence expertise. The platform will leverage the power of generative AI to transform the way clients are able to access and use Euromonitor’s market intelligence.
Euromonitor’s Passport AI utilises a powerful combination of technologies and approaches: 
Large Language Models (LLMs): These powerful AI models are trained on massive amounts of text data. Passport AI leverages LLMs to understand your natural language questions and identify relevant information within our extensive content library.Retrieval Augmented Generation (RAG): This approach ensures Passport AI stays grounded in fact-based information. Instead of creating entirely new responses, RAG retrieves and summarises relevant content from trusted Euromonitor publications. This allows clients to verify the source of the information and feel confident in its reliability. Multi-Agent System (MAS): This innovative system acts behind the scenes, working like a team of virtual researchers. MAS helps Passport AI refine your question and identify the most relevant information across our content, even with terminology specific to Passport or newly introduced natural language search. Combining cutting-edge artificial intelligence with human intelligence
Lamine Lahouasnia, Director of Generative AI at Euromonitor International, said: “We are already the first destination for organisations seeking growth and Passport AI’s impressive features, combining cutting-edge artificial intelligence with human intelligence, will ensure fast and easy access to our Passport product and our data analytics.
“Unlike other generative AI tools, the information provided by Passport AI is 100% sourced from Euromonitor’s trusted content. This transparency allows users to interrogate the underlying sources and have complete confidence in the credibility of the answers they receive.”
Tim Kitchin, CEO of Euromonitor International, said: “This significant investment in Passport AI underscores our dedication to client empowerment and demonstrates our commitment to continuous product improvement. We believe Passport AI will help clients derive even more value from the intelligence they already have access to within Passport, make the most of opportunities our insights uncover and achieve greater success.”
For more information about Passport AI book a demo.

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