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.