Marketing transcription can be done via various solutions such as human-based transcription services, AI, and cloud-based solutions. These options are creating attractive opportunities for marketing transcription market growth. Professional transcription services are highly beneficial for nearly all industries. For marketing purposes, businesses require accurate transcripts of consumer forums, group recordings, phone recordings, interviews, marketing research, focus groups, etc. These transcripts ensure diverse benefits such as SEO visibility, captioning, user experience, detailed records of meetings and more.
According to a report from Future Market Insights (FMI), the global marketing transcription market is projected to witness a growth in revenue from US$ 1.68 Bn in 2021 to US$ 3.71 Bn by 2031. Driven by increasing adoption across various industries, the market is set to rise at a CAGR of 8% between 2021 and 2031.
Key factors that are driving the demand for the market are –
- growing demand for automated transcription services
- organizations leveraging transcription services for market research
- timely delivery of transcripts
- improved turnaround time, and
- improved quality of service offered through transcription services
However, the major challenge with the marketing transcription process is audio quality and multiple people present in the recording. Dictated audio needs to be clear and audible, without background noises.
The report segments the market on the basis of solution ((software (audio to text converter, and video to text converter)), services (audio transcription services, video transcription services, and custom transcription services), type (consumer forums, group recordings, phone recordings, interviews, marketing research, focus groups, and others), industry (BFSI, education, media & entertainment, IT & telecom, retail & consumer goods, government, and others), across six major regions. The report also predicts that the demand for transcription services is expected to account for above 67% of revenue generated in the market, while growth exhibited by the solutions segment is likely to be higher.
By solution, the transcription service segment is predicted to remain dominant over the forecast period and has accounted for the major share of 67.2% in 2021. As many organizations are depending on transcription outsourcing companies, the demand is expected to pick up pace. At the same time, the software sub-segment accounted for a relatively higher CAGR of 9.7% during the forecast period, due to increasing innovations in AI, ML, and speech recognition technologies for audio transcription.
By type, the consumer forums segment is expected to register a CAGR of 13.2% during the forecast period, due to the increasing demand for consumer forums transcription services within organizations to keep detailed records of online surveys and tests. Transcribing consumer forums offers many benefits such as easily preserving important documents, and saving money and time.
Based on industry, the banking, financial services, and insurance (BFSI) sector is expected to hold the largest share of the market, owing to the growing need to provide understandable and searchable transcription of audio and video data. Due to the high adoption of marketing transcription software and service for increasing visibility and improving performance, the demand from the retail & consumer goods segment is expected to grow at the fastest rate.
Key regions covered in the market are – North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa. The South Asia & Pacific market is projected to exhibit the highest growth at a CAGR of 13.0% between 2021 and 2031. North America will be the largest market, due to the strong presence of marketing transcription solutions and service providers in the U.S. The overall sales in the marketing transcription market in the U.S. alone are likely to increase by 7.2% between 2021 and 2031.
Key market players are focusing on continuous developments and implementation of new solutions such as cloud-based transcription services. Some of the leading companies offering marketing transcription software and service providers are TranscribeMe Inc., Way With Words Ltd., Rev.com, e24 Technologies, Crimson Interactive Pvt. Ltd, Sonix, Inc., Digital Nirvana, and others.
