Most businesses have to deal with large volume audio and video content from regularly held meetings, conferences, presentations, seminars, and interviews as well as other recordings. Transcripts of such recordings are crucial for future reference, as these may include information about new developments, key financials, and new business and competitive strategies. Reliable business transcription companies can create accurate transcripts of any such business interactions in any electronic format such as PDF, Txt, Doc or others. Outsourcing transcription tasks also enables organizations to cut down costs and avail the advantage of time zone barriers.
According to the latest report from Persistence Market Research, with the increasing need for efficient documentation of business meetings, the global business transcription market is expected to grow at a significant rate during the forecast period 2018-28.
Key drivers that boost the growth of this global transcription market include:
- automated workflow
- high concern for effective documentation of business meetings
- language barriers
- ease of access of business transcripts
However, privacy issue is a major factor that restrains the business transcription market. Recordings of business conferences and meetings may include confidential data that cannot be compromised. Before hiring a transcription company, businesses must make sure that they have strict data security policies in place and evaluate how efficiently they can handle client data. The report predicts that agreements and various contracts between business organizations and providers of business transcription services will reduce the threat of data breach by the end of the forecast period. Professional firms follow stringent security measures including secure file transfer, monthly backups of computer systems, password protected computers, employees signing confidentiality agreements and more.
The market is segmented based on the type of procurement, size of organization, end-user, key players and geographical area. The type of procurement includes outsourcing, off-shoring, and both. The size of organization includes small, medium and large enterprises. End-users of this market include Media & Entertainment, IT & Telecom, Manufacturing, BFSI, Retail & consumer goods, and others.
Key players of this global market are Crimson Interactive Inc., RndSofttech.com, Digital Nirvana Inc., TranscribeMe Inc., 3Play Media, Tech-Synergy, Voice Products Inc., NCH Software, Indoswift, Focus Forward, and others.
Geographically, the market is classified into North America (US, Canada), Latin America (Brazil, Mexico, Others), Western Europe (Germany, France, U.K. and more), Eastern Europe (Russia, Poland), SEA and other APAC (Australia and New Zealand, India, ASEAN, Rest of SEA), China, Japan and Middle East & Africa. Owing to the large number of enterprises present in the U.S., the demand for business transcription is high. Now, North America and Western Europe hold the largest market share in the market.