Pune, India, Sept. 04, 2023 (GLOBE NEWSWIRE) -- Global cloud dictation solution market size was valued at USD 860.3 million in 2022 and is projected to reach USD 2096.7 million by 2030, exhibiting a CAGR of 11.9% during the forecast period. Fortune Business Insights has presented this information in their latest report titled "Global Cloud Dictation Solution Market Forecast, 2023-2030."
The cloud dictation solution tool used by users that allows them to change pronounced words into text using cloud-based servers and machine learning algorithms. The application has a text-to-speech recognition feature and converts text to spoken words. They benefit users of the industries such as healthcare, business, legal and law enforcement, and journalism.
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Key Industry Development:
June 2023: Speech Processing Solutions introduced two new models, the DVT 1600 Voice Tracer and DVT 2015 Voice Tracer Audio Recorder. These devices provide accurate and quick transcription capabilities using Sembly's AI Speech-to-Text cloud software, with the DVT 16600 featuring discreet recording, a 360-degree microphone, and convenient file transfer through a USD type-C interface.
Key Takeaways
- Cloud dictation solution market size in North America was USD 548.7 million in 2022.
- Text-to-speech Recognition Feature Attracts Users Which is Set to Augment Market Growth
- Reduced Word Errors and Accuracy to Drive the Market Growth
- Large Enterprises Focusing on Surging Spending for Better Productivity to Drive the Market Growth
Discover the Leading Players Featured in the Report:
“Companies leading the global cloud dictation solution market are Nuance Communications, Inc. (Microsoft Corporation) (U.S.), Speech Processing Solutions GmbH (Philips) (Austria), 3M (U.S.), Dolbey and Company, Inc. (U.S.), Voicepoint AG (Switzerland), Crescendo Systems Ltd. (U.K.), Arrendale Associates, Inc. (U.S.), SpeechWrite (U.K.), Lexacom (U.K.), Dictalogic (U.K.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 11.9% |
| 2030 Value Projection | USD 2096.7 Million |
| Base Year | 2022 |
| Cloud Dictation Solution Market Size in 2022 | USD 860.3 Million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments covered | Component, Enterprise Type, Industry and Geography |
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Drivers & Restraints:
Rising Adoption of Digitization across Businesses to Develop the Workflow Processes to Help Market Growth
The incorporation of cloud dictation solutions created an essential tool for organizations and businesses as it digitized a large amount of audio data into text format. Email responses and speech-to-text technology allow users to dictate documents hence, the cloud dictation solution market is anticipated to have expanded growth.
Factors frequently hindering the cloud dictation solution market growth are punctuation, fluency, background noise, accent, and speaker identification. These factors hamper the cloud dictation solution market share during the projected period.
Segmentation
By Component
- Hardware
- Software
By Enterprise Type
- Large Enterprises
- Small and Medium Enterprises (SMEs)
By Industry
- Healthcare and Life Sciences
- Legal and Law Enforcement
- Architecture, Construction, and Real Estate
- Media, Journalism, and Entertainment
- Others (Retail and E-Commerce, IT and Telecom, Education, Energy, and Utility)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Lead Due to Adoption of Services in Variuous Industries
North America led the cloud dictation solution market share and is set to have highest CAGR due to growth in healthcare, legal, and law enforcement industries. The U.S. holds the largest share in 2022 due to partnerships and collaborations among organizations expected to fuel this region's market growth.
Europe is expected to show significant market growth during the forecast period as these solutions are ideal for organizations working in or transitioning to new or hybrid office environments.
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Competitive Landscape:
Major Players in the Market Adopting Various Strategies Such as Partnerships, Acquisitions, and Collaboration to Foster the Market Growth
Prominent players in the market are engaging themselves in partnerships, collaboration, and acquisitions to propel market growth. The key market players such as Nuance Communications, Inc., Voicepoint AG, and SpeechWrite to foster market growth. Users nowadays are shifting towards dictation and digitization as well as speech and voice recognition markets to achieve new results efficiently.
FAQs
How big is the cloud dictation solution market?
The global cloud dictation solution market size was USD 860.3 million in 2022. It is expected to reach USD 2096.7 billion by 2030.
How fast is the cloud dictation solution market growing?
The global cloud dictation solution market will exhibit a CAGR of 11.9% during the forecast period, 2023-2030.
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Speech and Voice Recognition Market Size, Share, Revenue Forecast and Opportunities
Speech-to-Text API Market Overview, Industry Share and Forecast
Voice Biometric Solutions Market Size, Share, Opportunities & Analysis
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