Business Transcription Market Trends – Rapid Global Trend Toward Digitization
— Emerging research
VANCOUVER, BC, CANADA, Aug. 16, 2022 /EINPresswire.com/ — The global commercial transcription market size is expected to reach USD 6.73 billion with a stable revenue CAGR of 14.4% in 2028, according to the latest analysis from Emergen Research. Enterprises are embracing transcription technology to ensure greater efficiency and proper maintenance of their data, and enterprise transcription leads to better content management, which are currently key drivers for market revenue growth.
Business transcription includes transcription of video or audio content from webinars, interviews, workshops, teleseminar, seminars, teleclasses, meeting notes, personal notes, presentations, lectures and others that are used for professional or commercial purposes or purposes. Some organizations are reluctant to adopt the technology due to privacy concerns. Various business organizations take precautions in signing contracts and agreements to reduce the risk of data breaches and to protect the credibility and security of their respective businesses. Professional companies follow strict measures such as monthly backups, password protected computers, secure file transfer and others.
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Some highlights of the report
In January 2021, Otter.ai launched live notes and captions for 100 million daily users for Google Meet. Users can perform a quick and easy installation of the Chrome extension and Otter.ai customers can use the integration to access a live, interactive and secure transcript directly from a Google Meet call, and can also use live captions.
It is more economical and beneficial for businesses to outsource their transcription needs. This eliminates the need to train or hire employees specifically for this requirement. Moreover, outsourcing also allows companies to tap into the expertise of transcriptionists who specialize in different topics and ensure transcription accuracy. Although transcription is important, the process takes time. Outsourcing provides access to highly skilled transcriptionists who can process and recognize various accents and pronunciations. Outsourcing also helps reduce the burden on current employees and provides access to higher quality work and results.
The software segment accounted for a significantly larger revenue share than other component segments in 2020 because software is essential and also allows users to upload video or audio files and produce a transcribed document of what was mentioned during a meeting. The software transcribes every word without leaving any guesswork to guess the exact numbers or what was said.
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The Global Business Transcription Market report is an investigative study of key features of the business landscape along with an analysis of the market growth opportunities, challenges, threats, drivers and restraints, and limitations. . The report also offers an overview of the segments, sub-segments and regions showing promising growth.
The report further sheds light on the competitive landscape of the Business Transcription market to provide readers with an edge over others. The competitive landscape section of the report talks about the recent advances in R&D and technologies undertaken by the major players, along with their strategic plans for business expansion, product launches, and brand promotions. The report pays particular attention to the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, agreements, corporate and government agreements, and others adopted by major industry players to expand their presence in the market. market and gain a substantial position in the market.
The key players profiled in the report are:
Digital Nirvana Inc., Tech-Synergy, 3Play Media, NCH Software, Focus Forward, Crimson Interactive Inc., Voice Products Inc., RndSofttech.com, TranscribeMe Inc. and Indoswift.
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Emergen Research has segmented the global commercial transcription market on the basis of component, supply type, company, end-use, and region:
Components Outlook (Revenue, USD Billion; 2018-2028)
Powered by technology
Supply Type Outlook (Revenue, USD Billion; 2018-2028)
Company Insights (Revenue, USD Billion; 2018-2028)
Small and medium enterprises
End-Use Outlook (Revenue, USD Billion; 2018-2028)
IT & Telecom
Media and entertainment
Retail and consumer goods
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The report covers the analysis of factors that are expected to drive the growth of the global business transcription market during the forecast period 2020-2027. The report is a comprehensive document covering the landscape of the market and a futuristic outlook on its growth and progress. The report also provides an analysis of entry-level driving and restraining factors for new entrants contributing to the market. The report considers 2019 as the base year and 2017-2018 as historical years. It examines the Commercial Transcription market drivers and restraints and analyzes their impact on the industry throughout the forecast period.
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Emergen Research is a market research and consulting firm that provides syndicated research reports, custom research reports, and consulting services. Our solutions are uniquely focused on your goal of locating, targeting and analyzing changes in consumer behavior across demographics, across industries, and helping customers make smarter business decisions. We offer market intelligence research ensuring relevant and factual research across multiple sectors including health, touchpoints, chemicals, types and energy. We are constantly updating our search offerings to ensure that our clients are aware of the latest trends existing in the market. Emergen Research has a strong base of experienced analysts from a variety of areas of expertise. Our industry experience and ability to develop a workable solution to any research problem gives our clients the ability to secure an edge over their respective competitors.
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Enterprise transcription market size worth USD 6.73 billion in 2028