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.