Global Business Transcription Market Predicted to Reach USD 6.73 Billion in 2028

Global Business Transcription Market Predicted to Reach USD 6.73 Billion in 2028

Global Business Transcription Market

Businesses produce a massive amount of audio and video content in the form of presentations, investor meetings, and conference calls. Documenting these recordings is a time consuming process. More and more industries are now relying on professional business transcription services and technologies to ensure proper maintenance of such data associated with their clients, vendors, and stakeholders. Business transcription includes transcription of video or audio content such as from webinars, interviews, workshops, tele-seminars, seminars, meeting notes, personal notes, presentations, conferences, and other professional or commercial interactions. Though transcription is important, it is a time-consuming process.

According to a new Emergen Research report, the global business transcription market size is expected to reach USD 6.73 billion, at steady CAGR of 14.4% during the forecast period 2018-2028. Key factors that are driving this market growth include

  • Rapid digitalization requirement
  • Automated workflow capability
  • Rising demand for transcription solutions
  • Rising focus on more effective documentation
  • Solutions to language banners
  • Ease of business transcript files
  • More and more enterprises dealing with vast volume of content and data
  • Demand for more efficient time management solutions among business organizations

Generation of large number of videos by various organizations as well as increasing access to accurate, well-written, and complete records is also creating rising demand for transcription solutions and the trend is expected to continue going ahead. Business transcription converts recorded or live speech into electronic format. Business transcription ensures that businesses have a written record of all conversations relating to the company’s most important financial, marketing and legal decisions. Accurate transcripts make it easy to access the data for future referencing and record keeping. Audio transcription services also help with SE0 and internet visibility.

One of the biggest barriers in the business transcribing market is a lack of competent workers. Other technical challenges include background knowledge, possibility of software and network failure, linguistic style, and tone.

The market is segmented on the basis of component, procurement type, enterprise, end-use, and region.

On the basis of procurement type, the market is segmented into outsourcing and off-shoring. The outsourcing segment accounted for a significantly large revenue share in 2020 and is projected to increase at a steady rate during the forecast period, as outsourcing transcription tasks can save significant amounts of money and time in training or hire staff. Businesses can also access services from expert transcribers who are specialized in different subjects which ensures high transcription accuracy. Reliable business transcription companies provide the services of highly qualified transcribers who are adept at dealing and recognizing various accents and pronunciation aspects and they can complete tasks within a specific time frame.

On the basis of component, the market is divided into software, services, and tools. Services segment revenue is estimated to increase at a steady rate during the forecast period. Tools are sub-divided in to technology-powered and human-powered. Technology-powered segment revenue is expected to expand at a rapid rate, as Machine Learning (ML) and Artificial Intelligence (Al) continue to empower a variety of business organizations with more efficient and advanced capabilities and outcomes.

Region-wise, the market is divided into North America (U.S., Canada, Mexico), Europe (U.K., Germany, France, Spain, BENELUX, Rest of EU), Asia Pacific (China, India, Japan, South Korea, Rest of APAC), Latin America (Brazil, Rest of LATAM), and Middle East & Africa (Saudi Arabia, UAE, Israel, Rest of MEA). North America accounted for largest revenue share in 2020 and is expected to continue to account for robust double-digit revenue CAGR during the forecast period. The growth of this region is due to factors such as – high investment in advanced IT infrastructure and continuous innovation, rise in popularity of video conferencing tools in the US and increased investment to integrate more advanced functionalities such as transcript feature. Business transcription market revenue in Asia Pacific is also expected to register a rapid growth rate, owing to rapid digitalization in developing countries, high demand from countries such as Japan, Singapore, South Korea, and China, emergence of a number of IT companies in developing countries and increasing use of video and audio conferencing solutions.

By Enterprise, the market includes both large enterprises and small & medium sized enterprises. End-users include IT & Telecom, Media & Entertainment, BFSI, Retail & Consumer Goods, Manufacturing and Others.

In addition to quality transcripts to meet the needs of various industries, professional business transcription companies have stringent security measures in place to ensure that data they are entrusted with stays safe.

Comparing and Contrasting AI Transcription and Human Transcription [INFOGRAPHIC]

Comparing and Contrasting AI Transcription and Human Transcription [INFOGRAPHIC]

Humans invented intelligent robots and artificial intelligence (AI) systems to automate manual tasks and perform them more quickly and accurately. Natural Language Processing (NLP), one of the many branches of AI, is the application of computational techniques to interpret human speech and text. AI-powered video and audio transcription services provide real-time transcription and captioning solutions for various types of businesses. Human transcription involves humans listening to an audio file and transcribing it. So which is better – AI-based or manual transcription? It depends on accuracy.

How AI Transcription Works and its Benefits

NLP technology uses algorithms to interpret human text and performs analysis to track the context of the speech/text. As the technology translates speech into text, there is no human involvement in the process. AI can convert both live and recorded audio/video into text instantly. AI enabled transcription is useful in many settings:

  • Provides real-time transcription: Physicians can get a text version of their dictation in real-time and overcome the burden of clinical documentation.
  • Overcomes shortage of human workers: Allows law firms to overcome shortage of human stenographers and get shareable transcripts of legal proceedings in minutes.
  • Boosts inclusiveness: Enables students with hearing disabilities to participate equally in the classroom by delivering real-time notes of lectures.
  • Speed: Can transcribe lengthy interviews, calls, podcasts, and lectures in minutes. For example, top AI transcription tool Otter.ai takes just 5 to 6 minutes to transcribe a 15-minute audio recording.
  • Automates repetitive tasks: AI tools automate menial, repetitive, and time-consuming work. For example, speech-to-text can include timestamps which are useful for analyzing longer audio files, where the user needs to search for a particular word in the text and locate it in the original audio.
  • Can annotate transcriptions: Makes it possible to identify different speakers and allows users to annotate transcriptions, and create soundbites of key sections from lengthy audio files.
  • Can integrate with office systems: By integrating with other office systems, AI transcription software can automate sending meeting records and notes directly to your CRM or other project management tools. This saves time and improves productivity.

To sum up, AI technology can generate very usable transcripts quickly and can be cost-effective too.

Drawbacks of AI-powered Transcription

  • Does not understand complex speech: Though AI speech recognition tools have evolved over the years, one of the main drawbacks is that it will not understand the complexity of slang, idioms, names, dialects, accents, certain pronunciations and nuances found in audio files. As Rev points out, AI transcription tools learn only after a mistake is made and corrected. AI transcription services for applications such as health care and legal will need to be trained to understand specific nomenclature or pre-fed with specific, custom vocabulary including phrases, acronyms, or terms used in your industry.
  • Cannot handle multi-faceted words or homophones: If the document has words with multiple meanings, AI may produce inaccurate transcription. Likewise, it may go wrong with homophones – two or more words that have the same pronunciation but different meanings, origins, or spelling (for example ‘there’ and ‘their’, ‘knew’ and ‘new’).
  • Cannot ensure the required accuracy: Automatic transcription does not provide the standard 99% accuracy rate which many industries need. It is a feasible option only if the recording is not complex and perfectly accurate results are not required.

Manual Transcription: Pros and Cons

Manual transcription is the conversion of speech into accurate and legible text format by professional human transcriptionists. The result is high-quality transcripts that comply with industry guidelines.

The major benefit of manual transcription is its accuracy. Professional transcription services come with an accuracy rate of 99%, making it the right option for medical, legal and academic purposes.

In a test conducted to evaluate transcription accuracy, it was found that human transcriptionists did an “excellent job” with a more difficult audio file, whereas most automatic services produced nearly unusable results, according to an article published by www.pcmagazine.com). The authors compared excerpts from a two-person podcast for English language learners and a recording of three sports pundits discussing their expectations for the approaching basketball season. Though automatic services provided greater accuracy for the second (easier) recording, they were not perfect.

The authors concluded that automatic services are only useful for simple recordings that don’t need top accuracy, personal voice memos and similar applications, but not for a professional setting.

Coming to the cons, manual transcription is more costly and time consuming than its counterpart. Manual transcription is costly and more time consuming than automated solutions. According to one report, a skilled and accomplished human transcriptionist can take up to 10 hours to transcribe a single hour of an audio or video file (www.caseguard.com). However, a reliable business transcription company would have transcriptionists who subject matter experts in various fields and can provide accurate transcripts to meet client deadlines.

View our infographic

AI Transcription and Human Transcription

The Solution: Complement AI with Human Transcription

Finding the right balance between human and artificial intelligence is the key to success. If you need speedy transcription, use an AI-powered solution. To ensure the highest levels of accuracy, complement the AI with human audio transcription services. Human editors can vet the machine-generated transcripts to ensure accurate transcription. Combining machines and humans will accelerate business success.

What is Forensic Transcription?

What is Forensic Transcription?

Forensic Transcription

Findings of forensic evidence can significantly impact the outcomes of family, immigration and criminal law cases. Today, forensic evidence constitutes samples not only from the conventional source the human body but also information from smartphones, laptops, CCTV footage, and more. When audio and video evidence collection is done following industry best practices, these recordings can provide important forensic evidence. Forensic transcription, a category under legal transcription services, plays a key role in helping lawyers analyze the data within court proceedings to determine if a crime has been committed, what that crime is, and who could be guilty.

Audio Forensic Expert defines forensic audio transcription as “the scientific observation of words under controlled conditions derived from an enhanced audio recording”. Audio enhancement involves reducing unwanted sounds and enhancing the dialogue and other wanted sounds within an audio evidence recording. Audio transcription services are used to interpret the dialogue in the recordings and obtain forensic transcripts to identify what was said.

Forensic Transcription Process

The forensic transcription process involves the following steps:

  • Audio enhancement: Background noises in the recording are a challenge for any type of transcription. The first step in forensic transcription is audio enhancement — improving the audio recording’s clarity without compromising its integrity. Forensic audio enhancement is “the process of using various software programs and expert filtering to remove unwanted sounds and increase the volume and intelligibility of the wanted sounds, normally conversations. Background noise includes noisy furnaces, air conditioners, buzzes and hums, traffic, and wind (www.primeauforensics.com). Experts follow best practices set forth by the scientific community to perform thorough enhancement services.The aim of forensic audio enhancement is to remove unwanted noise and if needed, improve the quality of the dialogue or speech enhancement. This is important to arrive at conclusions about the events within the recorded forensic evidence.
  • Transcription: The next step is transcription. Leading digital transcription service providers have skilled legal transcriptionists on board who can ensure accurate and reliable representation of audio and video evidence in quick turnaround time. Verbatim transcription is provided that captures speech word-for-word, including stutters, pauses and other noises. Facts, dates, and quotes, will be provided faithfully in easily accessible in text format. The term “unintelligible” will be used in the transcript if the transcriptionist cannot discern what specific people are saying. A reliable service provider will also handle these recordings with confidentiality, the most important consideration when it comes to legal evidence.
  • Quality assurance: Any type of transcription requires a detailed quality check before delivery. Reputable transcription companies have stringent quality assurance processes in place to ensure consistent, high quality transcription with an accuracy rate of 99% or higher.

How Transcription Overcomes the Challenges of Audio and Video Evidence

When performed by professionals, forensic transcription can ensure accurate evidence for criminal cases.

  • Captures information correctly: Forensic analysis involves listening to or reviewing audio and video evidential recordings. However, according to a www.frontiers.org report, the two main challenges are:
    • understanding what is being said, and
    • identifying the speaker in multi-speaker recording

This can lead to unreliable evidence that can misinform the jury and lead to errors in the judicial process.
Accurate digital transcription of the recordings will clarify names of speakers, as well as what was actually said. It ensures that the evidence is captured correctly for review by judges, juries and legal professionals.

  • Supports precise audio and video redaction: Accurate transcripts are also important for audio and video redaction. Redaction involves removing sensitive information from audio files and videos and other data. The most common use of redaction is hiding the faces of those persons who appear in a video and should not be seen or identified, according to law or by preference.
    Today, Artificial Intelligence (AI) based facial recognition tools have enhanced the capability of redaction tools by allowing users to recognize, track, and redact faces or entire bodies from video. With AI, audio recordings can be edited by a linked transcript of the audio data, which also enables keyword searches within the transcripts. When the linked transcript is accurate it will enable very precise redaction of audio files (www.digitalmountain.com).
  • Supports audio/video evidence in the case: Forensics is the most important tool in medical malpractice litigation as well as insurance claims and cases involving product liability and paternity. Accurate transcripts of depositions and courtroom testimony by expert witnesses are necessary for peer review and also for review by audiences outside of the courtroom.
  • Language transcription: Foreign language recordings often form part of the evidence in criminal proceedings. Audio or video, analog or digital recordings of the speech of limited or non-English speaking individuals, when transcribed verbatim by a forensic transcription expert can preserve translation accuracy and the integrity of the evidence. Transcriptionists with highly developed listening skills and proficiency in both languages can transform oral speech into its written equivalent, while accurately capturing all aspects of speech including tone, register, and intent.

When it comes to forensic and legal transcription services, adherence to the appropriate standards and procedures when handling audio and video evidence is crucial to ensure accurate transcripts and translations that will assure reliability of evidence for evaluation by the judge and jury.

How can Transcription Companies Professionally Handle Difficult Audio?

How can Transcription Companies Professionally Handle Difficult Audio?

Transcription Companies Professionally Handle Difficult Audio

As digitization transforms industries, the demand for business transcription services is growing. Companies need to transcribe different types of audio and video interactions such as meetings, conference calls, podcasts, interviews and so on, so that the content can be stored, shared or used for reference purposes.

One of the most important challenges that transcription outsourcing companies face is poor audio clarity. Common audio problems transcriptionists have to deal with include:

  • Garbled voices
  • Speed of speech
  • Mispronounced words
  • Poor audio due to wrong positioning of the microphone
  • Inaudible audio in some parts of the recording
  • Overlapping and lagged conversation
  • Noisy background due to exterior noises such as traffic, weather, conversation, animals, lawnmowers, keyboard clicks, etc.
  • “Plosives” – the explosive sound consonants make when spoken into a microphone
  • Unnatural sound effects created by audio
  • Echoes from the room where the recording is made
  • Slang and heavy accents
  • Different languages
  • Volume variations

Though transcription is a time-consuming, laborious task, audio which is clear and audible and in the same language is easier to handle, even if there are multiple people in the recording. However, an audio recording may often have multiple issues, making it extremely challenging for the transcriptionist to handle.  This could affect the quality and cost of the project.

To deliver quality transcripts, teams in digital transcription agencies use certain strategies to deal with poor quality recordings:

  • Using a good quality headset: Transcriptionists use headphones that connect to a computer or audio-playing device via a USB port or a 3.5 mm headphone jack to listen to audio content and convert it into text. Using high-quality headphones is essential for audio clarity. Features of that determine headphone quality include:
    • the diameter of the headphone driver (the larger the driver’s diameter, the better the sound quality);
    • diameter of speaker – for e.g., if it is an over-ear headset, a speaker of at least 40 mm is considered the best choice; quality of the electrical conduction;
    • sound sensitivity or the ability of the headphones to detect sound, even at the smallest change/volume;
    • electrical resistance
    • frequency response
    • noise characteristics such as noise isolation and/or noise cancellation

Using top quality headsets go a long way in helping professional transcriptionists handle files with poor audio.

  • Slowing down of increase the speed of the dialogue: Transcription software programs allow you to slow down the speed of the playback of the audio. Transcriptionists adjust the speed of the audio when words are difficult to understand. Slowing down the speed of the audio:
    • can eliminate background noise and help complete the files faster
    • avoid the need to continuously rewind the file and listen to it multiple time to understand the difficult audio
    • improve turnaround time (TAT), an important goal for most projects
    • Help with accents of non-native English speakers or a speaker who has some form of speech impairment

However, in some cases, slowing down the audio playback can lead to spending more time on the file, but reliable transcriptionists work on their typing speed to avoid this problem.

  • Using a sound editor to enhance audio: Another strategy to improve sound quality for transcription is to use a sound editor. Professional transcriptionists use a sound editor to recover hard-to-hear dictation. A sound editor can reduce the background noise, eliminate the echo, adjust the audio’s pitch, modify the volume level of the frequencies, and overall, make voices sound better.
  • Using noise cancelling software: There are many free software tools that can clean up sound and remove noise. Audacity is a popular, easy-to-use option that is specifically designed to address noise in an audio file. Krisp, another top tool, uses machine learning to identify the voice of the person speaking, attaches to it and removes all other sounds that are not the speaker’s voice.
  • Marking inaudible words: Professionals will not try to guess inaudible words in the audio recording. Instead, they will mark words that are hard to comprehend to indicate that that part of the recording was not clear. Usually, they will add timestamps to indicate the part of the recording that lacked clarity for transcription using a specific format, for e.g., “inaudible at 00:15:35”.
  • Translators for multiple languages: It can happen that an audio recording has people speaking in different languages. In this case, an online transcription company would employ translators to help their team do their job.

Many factors can combine to make the transcription task complex and add to the time taken to complete the work. If using the strategies listed above cannot help, transcription outsourcing companies will inform the client about it. It’s important that clients know that poor audio and extra transcription time can add to the cost of the project. They can also provide their clients with guidance on how to ensure good audio recordings.

Video Conference Transcribing Market to Reach USD 806.05 Million by 2028

Video Conference Transcribing Market to Reach USD 806.05 Million by 2028

Video Conference Transcribing Market

Most businesses conduct conference calls to come up with innovative ideas, update or train entire departments, and conduct essential meetings with customers. Conference call transcription involves converting audio and video recordings of conference calls into accurate transcripts. According to an Adroit Market Research report, the global video conferencing transcribing market growth is expected to reach 806.05 million, progressing at a CAGR of 4.3% during 2021-2028.

Transcribing important conferences and meetings helps organizations keep track of what happened on each conference call, which can otherwise be a challenge. Intelligent word-to-word or verbatim transcription is an essential component of conference transcription. It ensures clean transcripts without terms or interjections used in verbal communication such as “you know,” “like,” “er,”, “oh”, “um”, and so on. Conference transcription involves audio-to-text documentation for seminars, research interviews, board meetings, lectures, business meetings, and focus groups among others.

The report divides the market on the basis of type, application, region and end users. By type, the market includes both software and services. Owing to the massive adoption in recent years, the software segment is expected to hold profitable prospects in the future years.  Features such as high accuracy, pocket-friendly pricing, and integrated features make them highly advantageous for organizations. A range of end-user verticals invests in high-end video conferencing transcription software solutions to improve legal, sales, and marketing outcomes. Also features such as ASR (Automatic-Speech-Recognition) and NLP (natural language processing) make time consuming jobs easier by seamless recording, listening, and conversion features. These factors hint at a substantial segment expansion for the software category of the global video conferencing transcribing market. The digital transcription services segment is also expected to witness high growth in the coming years.

By application, the market is divided in to – Marketing, Healthcare, Entrepreneurs, Legal Institutions, Education, Media & among others. Education and healthcare applications are expected to maintain favorable growth. With advantages such as higher accuracy in understanding, bookmarking, annotation, availability of multi-sensory learning, and self-paced learning, the education segment will likely sustain the highest revenue profits in the coming years. With the education industry adopting the virtual learning models amidst pandemic impact, the education end-user segment is expected to emerge as the fastest-growing segment in the forthcoming years. In healthcare, video conferencing facility is gaining mainstream attention, backed by sample progress in the telehealth sector. These factors support the seamless expansion of the segment.

Region-wise, the market is divided in to North America (U.S., Canada) Europe (Germany, France, UK, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia Pacific), South America (Mexico, Brazil, Rest of South America) and Middle East and South Africa.

The North American market is predicted to hold the largest share, closely followed by APAC. Fast-track adoption across sectors such as education, healthcare, marketing, and sales will drive growth in the North American region. The Asia-Pacific region is expected to follow suit as it is a ripe ground for digitization and IT-boom. Integrated healthcare solutions and significant spending in education are expected to manifest ample growth opportunities for the global video conferencing transcription space.

The major players in the global video conferencing transcribing market are Amazon Transcribe, Nuance, Google, IBM WATSON, TranscribeMe, Verbit.ai, Otter.ai, Sonix, Voicea, QNAP, Trint.