Global Business Transcription Market Predicted to Reach USD 6.73 Billion in 2028

Global Business Transcription Market Predicted to Reach USD 6.73 Billion in 2028

Global Business Transcription Market

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.

How can Transcription Companies Professionally Handle Difficult Audio?

How can Transcription Companies Professionally Handle Difficult Audio?

Transcription Companies Professionally Handle Difficult Audio

As digitization transforms industries, the demand for business transcription services is growing. Companies need to transcribe different types of audio and video interactions such as meetings, conference calls, podcasts, interviews and so on, so that the content can be stored, shared or used for reference purposes.

One of the most important challenges that transcription outsourcing companies face is poor audio clarity. Common audio problems transcriptionists have to deal with include:

  • Garbled voices
  • Speed of speech
  • Mispronounced words
  • Poor audio due to wrong positioning of the microphone
  • Inaudible audio in some parts of the recording
  • Overlapping and lagged conversation
  • Noisy background due to exterior noises such as traffic, weather, conversation, animals, lawnmowers, keyboard clicks, etc.
  • “Plosives” – the explosive sound consonants make when spoken into a microphone
  • Unnatural sound effects created by audio
  • Echoes from the room where the recording is made
  • Slang and heavy accents
  • Different languages
  • Volume variations

Though transcription is a time-consuming, laborious task, audio which is clear and audible and in the same language is easier to handle, even if there are multiple people in the recording. However, an audio recording may often have multiple issues, making it extremely challenging for the transcriptionist to handle.  This could affect the quality and cost of the project.

To deliver quality transcripts, teams in digital transcription agencies use certain strategies to deal with poor quality recordings:

  • Using a good quality headset: Transcriptionists use headphones that connect to a computer or audio-playing device via a USB port or a 3.5 mm headphone jack to listen to audio content and convert it into text. Using high-quality headphones is essential for audio clarity. Features of that determine headphone quality include:
    • the diameter of the headphone driver (the larger the driver’s diameter, the better the sound quality);
    • diameter of speaker – for e.g., if it is an over-ear headset, a speaker of at least 40 mm is considered the best choice; quality of the electrical conduction;
    • sound sensitivity or the ability of the headphones to detect sound, even at the smallest change/volume;
    • electrical resistance
    • frequency response
    • noise characteristics such as noise isolation and/or noise cancellation

Using top quality headsets go a long way in helping professional transcriptionists handle files with poor audio.

  • Slowing down of increase the speed of the dialogue: Transcription software programs allow you to slow down the speed of the playback of the audio. Transcriptionists adjust the speed of the audio when words are difficult to understand. Slowing down the speed of the audio:
    • can eliminate background noise and help complete the files faster
    • avoid the need to continuously rewind the file and listen to it multiple time to understand the difficult audio
    • improve turnaround time (TAT), an important goal for most projects
    • Help with accents of non-native English speakers or a speaker who has some form of speech impairment

However, in some cases, slowing down the audio playback can lead to spending more time on the file, but reliable transcriptionists work on their typing speed to avoid this problem.

  • Using a sound editor to enhance audio: Another strategy to improve sound quality for transcription is to use a sound editor. Professional transcriptionists use a sound editor to recover hard-to-hear dictation. A sound editor can reduce the background noise, eliminate the echo, adjust the audio’s pitch, modify the volume level of the frequencies, and overall, make voices sound better.
  • Using noise cancelling software: There are many free software tools that can clean up sound and remove noise. Audacity is a popular, easy-to-use option that is specifically designed to address noise in an audio file. Krisp, another top tool, uses machine learning to identify the voice of the person speaking, attaches to it and removes all other sounds that are not the speaker’s voice.
  • Marking inaudible words: Professionals will not try to guess inaudible words in the audio recording. Instead, they will mark words that are hard to comprehend to indicate that that part of the recording was not clear. Usually, they will add timestamps to indicate the part of the recording that lacked clarity for transcription using a specific format, for e.g., “inaudible at 00:15:35”.
  • Translators for multiple languages: It can happen that an audio recording has people speaking in different languages. In this case, an online transcription company would employ translators to help their team do their job.

Many factors can combine to make the transcription task complex and add to the time taken to complete the work. If using the strategies listed above cannot help, transcription outsourcing companies will inform the client about it. It’s important that clients know that poor audio and extra transcription time can add to the cost of the project. They can also provide their clients with guidance on how to ensure good audio recordings.

Why is Business Card Transcription Useful?

Why is Business Card Transcription Useful?

business card transcription

Business cards contain vital contact details of an individual or company and it is essential to transcribe them accurately. Leveraging business card transcription services will ensure that your contact information is available in digital format on your smartphone or other devices. Meetings and business events are the places where business owners connect with new clients and build relationships and exchanging digital business cards are easier.

Businesses today now choose to have their business cards transcribed because of the accuracy that is achieved through outsourcing this task to professional providers. Business card transcription is a very useful tool for people who travel to different places and meet new people. In the present world, where technology has become more important than ever, there are many ways to keep your business cards safe and this is when transcribing business cards become handy. Transcribing business cards allows you to create a detailed database with all the information available on the cards. It helps you to have all the information required to start establishing contacts and building your client base. A handwritten card that is illegible holds no value in today’s business world. With transcribed business cards, your contacts can immediately make use of the information provided which helps them connect with you right away.

Another way businesses benefit from having their cards transcribed is that this saves up on time that would otherwise be spent manually typing out all the information on a card into your database.

A business card is an extremely important marketing tool. As the number of their clients increase, corporate professionals need to get their business cards organized. Transcription services use Optical Character Recognition (OCR) transcription tools or scanning technology to transcribe business cards. You can get your information into a Customer Relationship Management (CRM) system or a web form, which makes it easier for you to find information about your clients as well as to keep track of all the cards you have already collected. Business cards can also be converted into a digital format using scanning apps. However, scanning apps may not provide the required accuracy. Business cards come in a variety of tints, styles, colours, and typefaces, all of which can impair the data quality when scanning them. Any type of inaccuracy can render such data unusable to end users. On the other hand, a business transcription service provider can ensure that your business card is transcribed accurately. Converting business cards into their digital format improves communication with potential clients. Digitizing your cards will allow you to import your contact information into your email marketing application for easy sharing. Digitized business cards can also be converted into downloadable formats like Excel, TXT, CSV, and VCF.

Advantages of business card transcription

  • Allows you to organize their contact information properly and manage your contacts better.
  • Saves time and effort that would go into manually entering contact details into your address book, giving you more time to focus on core tasks
  • Allows storing of multiple business contacts so that you don’t have to move around with a large number of physical business cards.
  • Helps you keep track of the important phone numbers and addresses that are given out in your day-to-day dealings with clients, vendors or customers

If you are looking to digitize your business contact information, reach out to a reliable provider of digital transcription services. An expert can help you to organize and store your valuable contact information for easy access anywhere, any time.

Role of Business Transcription in Market Research

Role of Business Transcription in Market Research

Role of Business Transcription in Market Research

Market research teams use general transcription services to transcribe interviews, focus groups, and phone surveys. This type of transcription is an audio/video-to-text version of the recorded audio/video. The transcribed text file can be used for further analysis of the interview or phone survey, while the recordings can be used to verify the transcription.

The market research industry has been using market research transcription services for many years now. Market researchers use transcripts from interviews conducted in person, over the phone, or online. The interviews may be recorded with more than one person present at a time, which means there will be multiple speakers talking on a single recording. These recordings are carefully transcribed into accurate transcripts that enable market researchers to quickly analyze the data they have collected, and come up with suitable solutions to business problems. This is particularly important when a deadline has been set and it needs to be met. A quality transcription service will always provide accurate transcripts in quick turnaround time.

Following are the different ways in which transcription helps the market research industry.

  • Easy reporting and note taking: Market research involves note taking and reporting. However, taking down notes manually can be a highly time-consuming, tedious task, and prone to errors. Once the manual note-taking process is done, the notes should be reviewed again to ensure that there are no errors. Sometimes, these notes are double-checked to ensure accuracy. All of this consumes time that can be devoted to doing something more productive. So, the most efficient method of getting a report or note of meeting is to record the session and get it transcribed with the help of professionals. This allows you to review the transcript sooner, make notes and highlight. You can also request the transcriptionists to provide time stamps and annotate the finished transcripts.
  • Improves workflow with integration: You may have advanced digital tools but it can hinder your workflow. Sometimes, when you record a focus group interview, you may have to compress it and convert the files to a usable format before uploading it to a video player. All of this can affect your workflow. Professional transcriptionists make the transcription process easier and the files can be easily converted. This helps to save time and also minimizes the chance of accidentally deleting any important files.
  • Hear everything clearly: Recording focus group interviews saves time but transcribing these can be difficult as there are multiple speakers. When there are many speakers, there will be difference in accents or people talking over each other, and everything may sound garbled. This can result in missing out valuable insights of the discussion. Transcription is one of the best ways to get such recordings transcribed, find valuable insights, and create reports that are useful for businesses. Hiring a transcription service helps the market researcher to focus on the interview and ask the right questions instead of juggling between note-taking, asking questions, recording the discussion etc. The researcher can ask follow-up questions and make sure that everyone gets a chance to speak. This helps to record the focus group interview properly and get it transcribed accurately.
  • To get quality insights: Qualitative research can greatly benefit from transcriptions. It focuses on gathering information through open-ended questions and dialogue. This means that instead of focusing on “how many,” it asks “what,” “how,” and/or “why,” and may necessitate a lot of reading between the lines. You can better comprehend and analyze focus groups, in-depth interviews, video feedback, audio recordings, and other audio and video data with market research transcriptions. It’s also a means to ensure that you can keep up with multi-speaker films or audios, and that your data is as precise as possible.
  • To include subtitles: Transcription is the first step towards generating closed captions and subtitles for your video data. Subtitles and closed captions open up a wide range of possibilities and opportunities, including the ability to undertake global research.You can conduct research in any language and with transcription, you can target other demographics, with subtitles translated into numerous languages. This helps you to perform customer research, qualitative research, in-depth interviews, and other tasks without having to worry about language difficulties. It also helps you to target certain audiences, collaborate with multinational teams, and gain new useful insights.
  • For searchable and shareable texts: When you transcribe your massive amount of video and audio material, you will get searchable and shareable texts that can help you with your research in a variety of ways. This helps you to cut down on the time that it takes you to complete a task, and make everything work more efficient and straightforward. With searchable and shareable text, you can highlight parts and cross-reference your data with previous data or other research details, add notes and observations, translate specific words or phrases and many more.

In the modern business world, the importance of market research cannot be overstated. With accurate transcription of interviews and discussions, businesses can get a detailed view of the market and customers they serve, as well as their competitors. So, reach out to a reliable business transcription service that lets you transcribe interviews, discussions, surveys etc. into valuable insights that are useful for the growth of the business.

Why Does the HR Department need Business Transcription Services?

Why Does the HR Department need Business Transcription Services?

Why Does the HR Department need Business Transcription Services?

Recording and transcribing disciplinary meetings can also be useful to evaluate the performance of HR managers even before we stepped into a “socially distanced” world, HR departments were using video to record interviews, meetings, and other interactions with employees. Today, remote work has transformed the way HR departments operate.  Whether held in-person or online, keeping written records of audio/video communication with the help of a business transcription company is crucial to make the best use of the information generated. Outsourcing transcription also cut costs and enables HR managers to get text files of audio and video recordings in a quick turnaround time. 

Let’s take a look at the many ways business transcription services support HR departments:

  • Accurate records of job interviews to make the right hiring decisions: Recording interviews with potential employees provides permanent access to first-hand information. By recording the session, interviewers can focus on the job at hand. Recordings are also easy to share across the board. Transcription enhances these benefits. Remembering what each candidate said is practically impossible.  

Interview transcription helps HRs: 

  • get pertinent information about each candidate interviewed
  • avoid manual note-taking
  • organize the notes and search for specific information in them
  • summarize the interaction more easily
  • Share the notes with other decision-makers who could not be present
  • use the information in the transcripts as a baseline to make an assessment and score candidates later
  • preserve the information for future reference
  • use the text documents to defend hiring decisions 

When candidates know that the interview is being recorded and transcribed, it can build confidence in them about the interview process. When recording interviews for later review, HRs need to adhere to state laws.

  • Maintain accurate records of company meetings: Recording and transcribing meetings and discussions in totality or in part would provide an accurate record of the discussion. As in the case of interviews, taking notes manually is not practical and could result in missing critical information. Hiring meeting transcription services is the best way to stay focused on the objective of the session and obtain an accurate complete record for review and archiving purposes.  Meeting transcripts are also useful for those who were absent.  
  • Employee training and onboarding: HR departments can help new employees learn the ropes with transcription of training sessions. New hires are often overwhelmed with all the information in training sessions, which can relate to a new application, system or company process. With transcripts, attendees can review the session later. They can search out what they need, avoid re-asking questions, refresh their knowledge, and improve their performance in their new position. Recorded sessions can be used to train future employees. In fact, these benefits are all relevant in a situation where a lot of what was typically conducted in person has moved online. With the help of an online transcription company, HR departments can ensure that training sessions are accurately documented, allowing new recruits to be adequately onboarded and current employees to be properly trained in a virtual environment.
  • Verbatim documents of disciplinary meetings: When it comes to disciplinary or grievance meetings and performance reviews, recording and transcribing can help HR managers avoid employment tribunals. Benefits of verbatim transcription of disciplinary meetings/interviews include:
  • creates an indisputable record and transcript of who said what which can reduce the company’s risk of legal liability and expensive litigation
  • when participants are aware that the interview is being recorded and transcribed, it can promote an honest and frank discussion and also prevent emotions from getting out of control
  • ensures managers act appropriately and give employees adequate time to provide their version of the events
  • both parties will rest assured that their comments cannot be misused or misinterpreted
  • managers can refer to the transcripts to review the grievance or disciplinary procedure and identify critical issues or evidence

rs conducting them. Changes to procedures can be made based on issues identified and managers can be offered training to improve their performance. 

  • Maintains confidentiality when sensitive issues are involved: Reliable digital transcription service providers will help HR departments ensure efficient and secure documentation when confidentiality needs to be maintained. For example, in interviews where health or behavioral issues may come up, using internal transcription may have confidentiality implications (www.bristollawsociety.com). To avoid claims that a breach of confidentiality may have occurred, many organizations now prefer to outsource transcription to an external service provider is recommended. Professional business transcription companies adhere to the highest standards of security and will ensure the safe handling of all HR material. 

In addition to these benefits, outsourcing HR transcription to an efficient business transcription company will save time and money for the organization. As the accurate recording of interviews and hearings with multiple attendees is important, organizations must use quality recording equipment with a separate microphone for each attendee.

Global Marketing Analysis of Transcription Market Growth 2021-31

Global Marketing Analysis of Transcription Market Growth 2021-31

Global Marketing Analysis of Transcription Market Growth 2021-31
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.

Also read

Leveraging Audio and Video Transcription to Boost Content Marketing
Top Video Marketing Strategies for Insurance Agents
How Digital Transcription Services Can Support Social Media Marketing Campaigns
Best Practices to Conduct Effective Marketing Meetings