Artificial Intelligence
Speech-to-Text API Market Is Expected to Reach $12.1 Billion by 2031: Allied Market Research
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Portland, OR, Feb. 17, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global speech-to-text API market generated $2.4 billion in 2021, and is estimated to reach $12.1 billion by 2031, witnessing a CAGR of 17.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.4 Billion |
| Market Size in 2031 | $12.1 Billion |
| CAGR | 17.8% |
| No. of Pages in Report | 255 |
| Segments Covered | Component, Deployment Mode, Application, Industry Vertical, and Region |
| Growing need for voice-based devices for better and faster experience | |
| Advances in artificial intelligence | |
| Growing popularity of cloud-based services | |
| Opportunities | Innovation in speech-to-text solutions for disabled students |
| Restraints | Transcribing audio from multichannel |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a positive impact on the speech-to-text API market. This is owing to the increasing use of smart devices and appliances in almost every aspect of daily life. People were forced to work from home, which raised the demand for speech-to-text API.
- Moreover, the pandemic accelerated the adoption of cloud across industrial sectors, as customers took advantage of cloud benefits, including scalability and cost savings. It is likely that in the coming years, this aspect will present the speech-to-text API industry with numerous prospects.
The report offers a detailed segmentation of the global speech-to-text API market based on component, deployment mode, application, industry vertical, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on component, the software segment held the largest share in 2021, accounting for more than three-fifths of the global speech-to-text API market and would rule the roost through 2031. The services segment is estimated to witness the fastest CAGR of 19.6% during the forecast period.
In terms of deployment mode, the on-premise segment captured the largest market share of nearly three-fifths of the global speech-to-text API market in 2021. However, the cloud segment is expected to dominate and achieve the fastest CAGR of 20.4% through 2031.
In terms of application, the contact center and customer management segment captured the largest market share of more than one-third of the global speech-to-text API market in 2021 and is expected to lead the trail during the forecast period. However, the subtitle generation segment is likely to achieve the fastest CAGR of 25.1% through 2031. The report also studies the content transcription, fraud detection and prevention, risk and compliance management, and others segments.
In terms of industry vertical, the BFSI segment captured the largest market share of nearly one-fourth of the global speech-to-text API market in 2021 and is expected to lead the trail during the forecast period. The healthcare segment is likely to achieve the fastest CAGR of 24.9% through 2031. The report also studies the IT and telecom, retail and e-commerce, media and entertainment, education, government and defense, and others segments.
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Based on region, the market in North America was the largest in 2021, accounting for over one-third of the global speech-to-text API market in 2021. However, the market in Asia-Pacific is expected to dominate in terms of revenue and manifest the highest CAGR of 21.0% from 2022 to 2031. The other regions analyzed in the study include LAMEA and Europe.
Leading players of the global speech-to-text API market analyzed in the research include Amazon Web Services, Inc., Google LLC, IBM Corporation, Nuance Communications, Inc. , rev.com, VoiceCloud, Amberscript Global B.V., Microsoft, Speechmatics, and Voicebase, Inc.
The report analyzes these key players of the global speech-to-text API market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Artificial Intelligence
Netcompany secures high-profile digital transformation contract with HM Revenue & Customs (HMRC)
Netcompany wins one of four new build contracts for HMRC. The European IT services company will focus on modernising core digital customer services for HMRC’s Customer Services Group. The contract term is three years with options for two, one-year extensions. The estimated contract spend is £120–£135m over the course of the 5-year term.
LONDON, May 13, 2024 /PRNewswire/ — Netcompany has won a significant new build contract for His Majesty’s Revenue and Customs (HMRC). It will provide digital transformation services to HMRC’s Customer Services Group (CSG), including the Customer Compliance Group (CCG). Netcompany was selected following a competitive procurement process.
“We are proud and honoured to be selected to bring our expertise and knowledge to bear in helping enable HMRC’s digitalisation journey,” says André Rogaczewski, CEO, Netcompany. “Improving citizen experience through responsible digitalisation of public services is a core part of our DNA. Through this partnership, Netcompany looks forward to working with HMRC to help realise their digital transformation aspirations, resulting in both better customer services and value to the taxpayer.”
The contract Netcompany has been awarded to deliver aims to simplify access and management of citizens’ tax affairs, through one personalised digital account. The contract was won through the first phase of competitions run under Crown Commercial Service’s (CCS) Digital and Legacy Application Services (DALAS) framework, Lot 2a – Large Scale Digital, Integration and Development Services.
About Netcompany
Founded in Denmark in 2000, Netcompany is a fast-growing, multinational company, working across 10 countries, with a team of more than 7,700 skilled professionals, who drive sustainable digitisation, consistently improving outcomes for our customers and citizens. Netcompany provides mission-critical IT solutions for societal and business needs, aiding our clients in their digital evolution towards a more efficient and sustainable future. Netcompany UK has extensive experience of working across the public sector, including NHS England, Ministry of Defence, Home Office, HMRC, Department for Education, Department for Environment, Food & Rural Affairs, as well as extensive private sector experience.
About Crown Commercial Service
Crown Commercial Service (CCS) is an Executive Agency of the Cabinet Office, supporting the public sector to achieve maximum commercial value when procuring common goods and services.
To find out more about CCS, visit: www.crowncommercial.gov.ukFollow us on Twitter: @gov_procurementLinkedIn: www.linkedin.com/company/2827044
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Artificial Intelligence
Bulletin from the extraordinary general meeting in SciBase Holding AB (publ)
STOCKHOLM, May 13, 2024 /PRNewswire/ — Today, an extraordinary general meeting has been held in SciBase Holding AB (publ) (“SciBase” or the “Company”). The general meeting resolved in accordance with the proposals presented in the notice to attend the meeting (which is available on the Company’s website (www.scibase.com)).
Amendment of the articles of association
The general meeting resolved, in accordance with the board of directors’ three proposals, to amend §§ 4-5 of the articles of association, entailing:
that the articles of association shall be amended so that the share capital shall be not less than SEK 10,065,000 and not more than SEK 40,260,000 and that the number of shares shall be not less than 201,300,000 and not more than 805,200,000,that the articles of association shall be amended so that the share capital shall be not less than SEK 10,780,000 and not more than SEK 43,120,000 and that the number of shares shall be not less than 215,600,000 and not more than 862,400,000, andthat the articles of association shall be amended so that the share capital shall be not less than SEK 11,500,000 and not more than SEK 46,000,000 and that the number of shares shall be not less than 230,000,000 and not more than 920,000,000.The general meeting further resolved, in a accordance with the board of directors’ proposal, to authorize the board of directors to register with the Swedish Companies Registration Office the above resolution to amend the Articles of Association, the limits of which for the minimum and maximum number of shares in the Company are consistent with the total number of shares in the Company after the rights issue announced on 5 April 2024 and the directed issues of units that the board of directors resolved upon on 5 April 2024 (that were conditional upon the subsequent approval of the general meeting).
Directed issues
The general meeting resolved, in accordance with the board of directors’ proposal, to approve the resolution made by the board of directors on 5 April 2024, on a new issue of a maximum of 74,136,510 units to Ribbskottet AB, Per Olof Ejendal AB, Kåre Gilstring, Robert Molander, MLJK Konsult AB, Klintemar Konsult AB, Jesper Hoiland, Fredrik Mattsson, Stefan Hansson, Theodor Invest AB, Ulti AB, Van Herk Investments B.V., Morningside Group AB, Viktor Drvota and Eric Terhaerdt. The subscription price for each unit is SEK 0.42, corresponding to a subscription price of SEK 0.42 per share. Warrants of series TO 2 are issued free of charge. The issue results in an increase in the number of shares in the Company of a maximum of 74,136,510 shares, entailing a maximum increase of the share capital of SEK 3,706,825.50, and a new issue of a maximum of 370,682,550 warrants of series TO 2 entitling to subscription of 370,682,550 shares in the Company, whereby the share capital may increase by an additional maximum of SEK 18,534,127.50 if all issued warrants of series TO 2 are exercised. In total, the share capital may increase by a maximum of SEK 22,240,953.00.
The general meeting further resolved in accordance with the board of directors’ proposal to approve the resolution made by the board of directors on 5 April 2024, on a new issue of a maximum of 3,755,259 units to Matt Leavitt. The subscription price for each unit is SEK 0.42, corresponding to a subscription price of SEK 0.42 per share. Warrants of series TO 2 are issued free of charge. The issue results in an increase in the number of shares in the Company of a maximum of 3 755 259 shares, entailing a maximum increase of the share capital of SEK 187,762.95, and a new issue of a maximum of 18,776,295 warrants of series TO 2 entitling to subscription of 18,776,295 shares in the Company, whereby the share capital may increase by an additional maximum of SEK 938,814.75 if all issued warrants of series TO 2 are exercised. In total, the share capital may increase by a maximum of SEK 1,126,577.70.
For additional information, please contact:Pia Renaudin, VD, tel. +46732069802, e-mail: [email protected] Advisor (CA):Vator SecuritiesTel: +46 8 580 065 99Email: [email protected]
About SciBase:
SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops and commercializes Nevisense, a unique point-of-care platform that combines AI (artificial intelligence) and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management.
Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs.
Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements.
The Company has been on the Nasdaq First North Growth Market exchange since June 2, 2015. Learn more at www.scibase.com. All press releases and financial reports can be found here: http://investors.scibase.se/en/pressreleases
This information was brought to you by Cision http://news.cision.com.
https://news.cision.com/scibase/r/bulletin-from-the-extraordinary-general-meeting-in-scibase-holding-ab–publ-,c3977529
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SciBase Bulletin EGM
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Artificial Intelligence
Experience Abu Dhabi Weixin Mini-Program: Your Gateway to Unforgettable Moments in Abu Dhabi
ABU DHABI, UAE, May 13, 2024 /PRNewswire/ — Prepare for a memorable journey with the new Experience Abu Dhabi Weixin mini-program, brought to you by Experience Abu Dhabi, in partnership with Tencent Cloud.
Weixin is commonly known as ‘WeChat’ outside of China serves over a billion of monthly active users in the Chinese mainland. Tailored for Chinese visitors, the Weixin mini-program is packed with compelling features that range from interactive maps to itinerary planners – everything they would need to plan their Abu Dhabi experience at their fingertips.
The program not only provides Chinese visitors with first-hand official travel information but also specifically addresses their digital travel needs, offering map guidance and Chinese audio commentary services during the travel process.
The program also introduces ‘Khalifa’, a welcoming Emirati character who serves as Abu Dhabi’s first digital ambassador for culture and tourism. Khalifa isn’t just a tour guide, he’s your virtual companion, ready to engage in conversation and answer all visitor questions about Abu Dhabi!
Whether you’re looking for thrilling attractions, world-class restaurants or inspiring activities, Khalifa will provide personalised recommendations and insider tips to enhance your experience.
About Tencent Cloud
Tencent Cloud, one of the world’s leading cloud companies, is committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through our extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT, and network security. It is our constant mission to meet the needs of industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, property, retail, travel, and transportation.
About the Department of Culture and Tourism – Abu Dhabi:
The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) drives the sustainable growth of Abu Dhabi’s culture and tourism sectors and its creative industries, fuelling economic progress and helping to achieve Abu Dhabi’s wider global ambitions.
By working in partnership with the organisations that define the emirate’s position as a leading international destination, DCT Abu Dhabi strives to unite the ecosystem around a shared vision of the emirate’s potential, coordinate effort and investment, deliver innovative solutions, and use the best tools, policies and systems to support the culture and tourism industries.
DCT Abu Dhabi’s vision is defined by the emirate’s people, heritage and landscape. We work to enhance Abu Dhabi’s status as a place of authenticity, innovation, and unparalleled experiences, represented by its living traditions of hospitality, pioneering initiatives and creative thought.
For more information about the Department of Culture and Tourism – Abu Dhabi and the destination, please visit: dct.gov.ae and visitabudhabi.ae
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