Enterprises in diverse industries require business data generated from a number of video and audio content meetings, calls, conferences, presentations or more. Business transcription companies assist in transcribing any audio or video recording of interviews, presentations, webinars, seminars, workshops, meeting notes, conferences and more items for commercial or professional purposes. Enterprises are also heavily investing in research and development activities, which could generate even more data that needs to be digitized or transcribed and stored for further references. Accurate transcripts also enable firms to present their papers with proper reference. Transcripts are helpful not only for reference, but also for sharing ideas, streamlining legal compliance and displaying corporate transparency.
According to the report from Absolute Market Insights, in terms of revenue, the global business transcription market that was valued at USS 1730.11 Mn in 2018, will grow at a CAGR of 14.6% over the forecast period 2019 – 2027.
This global business transcription market is driven by various factors such as –
- Rising number of teleconferences and video conferences
- Growing digitalized business environment
- Growing necessity to maintain written records of all communication and data of organizations
The market is segmented on the basis of – Component, Enterprise size and Geography. The Component segment is classified into – Tools and Apps (Technology-Powered and Human-Powered) and Services. According to the report, the maximum share of revenue for the market is derived from the services segment, mainly because large enterprises tend to outsource the overall transcription tasks to various transcription service providers. Outsourcing helps to reduce overall recruitment cost to the company and increase the efficiency of existing employees within the organization.
By Enterprise Size, the market is divided into Large Enterprises, Small and Medium Sized Enterprises. Geographically, the market is segmented into North America (U.S., Canada, Mexico, Rest of North America), Europe (France, the UK, Spain, Germany, Italy and Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway)), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe, Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia) and Rest of Asia Pacific), Middle East and Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa) and Latin America (Brazil, Argentina and Rest of Latin America). Owing to factors such as – the presence of major companies in the region, the increased number of small and medium enterprises and their constantly growing demand of transcription services – North America is contributing to the rapid growth and is holding the maximum market share, followed by Europe and the Asia Pacific regions.
Some of the key players mentioned in the report are 3Play Media, CGBiz Corporation (scribie), Crimson Interactive Inc, Digital Nirvana, Focus Forward, GMR Transcription Services, Inc, GoTranscript, Indoswift Transcription Services, NCH‘Software, TRANSCRIPTION OUTSOURCING, LLC, Rev.com, Sonix, Inc, Tech-‘Synergy, Temi, TranscribeMeInc, Transcription Panda, TRINT, and Voice Products amongst others.
Professional audio transcription can add value to your business. An experienced online transcription company can provide the services of skilled transcriptionists with years of experience in transcribing a variety of files. Many firms also use automated business transcription software to convert audios into word documents or PDFs. Such software uses natural language processing (NLP) technology to understand human language and convert the same into text.
Natural language processing (NLP) – an artificial intelligence (AI) technology that allows computers to understand text and spoken words, just like humans