Business Transcription Market

Business Transcription Market Outlook (2022-2032)

As of 2022, worldwide demand for business transcription accounts for a valuation of US$ 2.95 Bn and is forecasted to transcend a sales revenue of US$ 11.7 Bn by the end of 2032. This huge jump is because, over the course of the next ten years, the global business transcription market is predicted to progress at a prolific CAGR of 14.7%.

Businesses across the world create massive amounts of data and in this data-driven world, these insights could prove crucial to a successful business model and informed decision-making. Business transcription involves transcription of meetings, presentations, seminars, webinars, conferences, etc., and this transcribed data can be used later to develop new strategies or derive other important business tactics.

All of the major and minor organizations across the world are adopting business transcription services to create an effective business management model and procure data in this data-driven modern information age. The availability of this stored data saves money, saves time, and creates an accurate record of business operations as they were carried out.

The use of the transcribed data for SEO (Search Engine Optimization), which is a practice that helps in improving internet visibility for an organization’s online presence is a major factor that is expected to drive market potential in the future. Audio transcription, video transcription, and voice transcription are widely used by almost all organizations across the world.

The increasing adoption of WFH (Work from Home) trend by organizations has also resulted in a hike in demand for remote business transcription services across the world and is expected to witness a bright demand outlook through 2032. All of the aforementioned prospects are anticipated to fuel market development over the next ten years.

On the contrary, the absence of skilled individuals results in incompetence in workflow, which is projected to be a major restraint for the overall business transcription market development throughout the forecast period. Network failure, system outages, lapses in data entry, and other technical challenges are also anticipated to impede business transcription demand in the long run.

In terms of the regional market landscape, the market in North America held a dominant market share of 36.8% in the global landscape in 2021 and is expected to retain its dominant position throughout the forecast period. Meanwhile, demand for business transcription in the South Asia & Pacific region is predicted to rise at a 16% CAGR through 2032, which is the highest of all regions observed in this research report.

Can New Companies Make Inroads Into This Marketplace?

“Start-ups Can Leverage Advanced Technologies to Create Novel Transcription Services & Products”

Aspiring business transcription service providers are expected to solely focus on solving the problems associated with the current transcription process and this is expected to create lucrative business scope for them. These new companies are slated to focus on the integration of machine learning, artificial intelligence, intelligent speech recognition, speech-to-text technologies, etc., to develop innovative business management and transcription systems.

• In July 2022, AssemblyAI, a start-up founded in 2017 by Dylan Fox announced that it had raised around US$ 30 Mn in a Series B funding round, which was led by Insight Partners. The company offers AI-powered and API-based services for topic detection, content moderation, and automatic transcription in over 80 languages and offers many more benefits over other transcription services in the market.
• Otter.ai, a technology company developing transcription applications announced in August 2022, that its Otter Assistant will be available to all free as well as paid users. The Otter Assistant is a bot that can be configured to automatically record meetings. However, the company also announced that there will be a limit to monthly transcription minutes available for paid and free users.

Is the U.S. Business Transcription Market a Remunerative One?

“Rising Investments in IT Infrastructure Development to Create New Opportunities”

The U.S. is the most lucrative market for business transcription in the North American region and is expected to maintain this position across the forecast period as well. Demand for business transcription in this country can be ascribed to the integration of advanced technologies, growing demand for automatic & intelligent transcription, rising investments in IT infrastructure development, presence of prime business transcription service providers, and growing popularity of video conferencing in the country are some key factors that influence market development through 2032.

In 2021, the U.S. transcription companies helped the country to account for a dominant share of 20.4% in the global marketplace.

How Will Business Transcription Demand Fare in Japan?

“Growing Digitization Expected to Provide Attractive Business Scope”

Digitization in several Asian countries such as Japan, Korea, India, and China is a prime trend that is expected to propel the demand for business transcription in the future. Japan is expected to emerge as a highly lucrative market owing to the rising adoption of transcription services by organizations and the growing availability of Japanese language transcription services since most companies in the country use the Japanese language.

The Japan business transcription market is estimated to expand at an impressive 21.9% CAGR over the next ten years, which is the second-highest growth rate in the Asian region. Demand for business transcription in Korea is also predicted to rise due to the influence of similar prospects.

Rising investments in the development of healthcare infrastructure are expected to make Japan a highly opportune market for medical transcription service providers over the coming years.

Which Countries in Europe Could be Lucrative Markets for Business Transcription Providers?

“Germany & United Kingdom to be Opportune Regional Markets”

The availability of advanced transcription services enabled by artificial intelligence and machine learning in Germany and the U.K. is expected to be a prime factor that is expected to drive market growth in these countries over the next ten years.

Moreover, the rising adoption of business transcription by SMEs to mitigate challenges and create effective business strategies is also expected to boost market potential in these countries across the forecast period. Demand for business transcription in Germany is anticipated to increase at a noteworthy 17.8% CAGR from 2022 to 2032.

Category-wise Insights

Which Solution Spearheads Revenue Generation in This Market?

“Transcription Software Slated to Drive Market at Notable Pace”

Based on solution, the market is segmented into transcription services and transcription software.

In 2021, transcription software accounted for a whopping 55% of the global market share and is expected to maintain a similar stance over the next ten years while rising in demand at a phenomenal CAGR of 20.1%. The deployment of advanced technologies such as machine learning and artificial intelligence to create efficient and intelligent business transcription software is expected to boost market potential in the future.

Demand for transcription services in 2021 held a market share of 45% and is projected to rise at a notable CAGR of 17% from 2022 to 2032. Growing digitization in emerging economies and the rising popularity of remote business transcription services are expected to drive market potential via the services segment in the future.

Competitive Landscape

Major business transcription companies are collaborating and partnering with other organizations to provide more efficient business transcription services.

• In October 2022, VIQ Solutions Inc., a leading provider of transcription services and voice & video capture technologies announced a strategic collaboration with a specialized document creation solution provider, ORdigiNAL. VIQ Solutions aims to leverage ORdigiNAL’s document expertise to speed up the documentation of recorded content in the European and Asia Pacific region.

Business transcription providers are also launching new and innovative products and services that are expected to revolutionize the market by leveraging advanced technologies and boosting revenue generation capacity.

• In October 2022, SoundHound AI Inc., a global leader in voice AI (Artificial Intelligence) announced the launch of its new intelligent transcription service that is capable of real-time voice capture and takes it a step further by identifying and attributing meaning to the recorded conversations with AI. The new service utilizes the company’s proprietary Speech-to-Meaning® system.
• In October 2022, Google, an American multinational technology company announced that it would be launching a new auto transcription feature to its online meeting application called Google Meet for desktop and laptop users around the world. The feature will currently only be available for the English language and the company has plans to include languages such as German, French, Portuguese, etc. in 2023.

Recent developments related to key players providing business transcription solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Business Transcription Industry Report Scope

Key Segments of Business Transcription Industry Research

By Solution:

• Business Transcription Software
• Business Transcription Services

By Enterprise Size:

• Small Offices (1-9 Employees)
• Small Enterprises (10-99 Employees)
• Medium-sized Enterprises (100-499 Employees)
• Large Enterprises (500-999 Employees)
• Very Large Enterprises (1,000+ Employees)

By Industry:

• Infrastructure
  • Telecommunication
  • Energy & Utilities
  • Building & Construction
• Services
  • IT/Professional Services
  • Consumer & Personal Services
  • Media, Entertainment & Publishing
  • Travel & Hospitality
  • Legal Services
• Distribution Services
  • Retail
  • Wholesales
  • Transportation/Logistics Services
  • Warehousing & Storage
  • Shipping
• Public Sector
  • Government (State/Central)
  • Education
  • Healthcare
  • Aerospace & Defense
  • Non-profit
• Finance
  • Banking
  • Insurance
  • Investment/Securities
• Manufacturing and Resources
  • Discrete Manufacturing
  • Process Manufacturing
  • Resource Industries
  • Agriculture

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

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