US transcription market to reach almost 33 billion by 2027, as users worldwide increasingly consume international multilingual content. Professional transcription and native translation matter; synchronous transcription is in demand
Transcription is substantially converting audio or video to written text, enhancing the usability and accessibility of content. The market for the process is huge – with an annual growth rate of 6 percent, the industry is expected to grow to 32.7 billion USD by 2027.
With the advancement of today’s technology, the process has become speedier, the formats of which include transcribing real-time conferences, team meetings, interviews, shows, streams, and many other events. It has increased the accessibility of video and audio formats and facilitated non-English content to reach multilingual audiences. What are the future trends for the booming industry?
AI-powered synchronous transcription
Synchronous transcription and translation enabled companies and organizations to work faster and more efficiently by live-transcribing team meetings and individual dialogues. During the pandemic, remote conferences and remote work apps became especially prevalent, Alongside them, synchronous transcription and translation.
Set for launch in 2021, Microsoft’s “Group Transcribe” is a transcription and translation app for in-person meetings. It will record the meetings on the device, as well as translate and transcribe in real-time. Powered by AI for speech identification and translation, it is said to be able to transcribe with higher speaker attribution.
While AI-powered transcription is in high demand, appreciated for the speed and convenience, the quality standard, reachable only by the professional transcriber and native translator, is prioritized by many end-users.
A recent issue of such sort that came to the spotlight was the South Korean show Squid Game, the series that, in one month after the premiere, became the most-watched Netflix show of all time – attracting the attention of 142 million households. The transcription and translation of the show were criticized by the Korean speakers for inaccuracies that changed the authentic meaning behind the dialogues – the critique went viral on TikTok and Twitter, showcasing examples of incorrectly conveyed meanings.
Keeping in mind that 97% of the platform’s US subscribers reportedly watched at least one non-English show in 2020 and only 55 percent of the content on the site is in English, the quality translation matters. And for a large audience, as only 35 percent of Netflix’s customers are located in the US or Canada. The international audience doesn’t want to, nor should miss out on quality and content authenticity.
All-inclusive, multilingual accessibility
Subtitling and captioning market over the next five years will see an 8% annual growth rate in terms of revenue and therefore reach the size of 340 million USD by 2025. It is also noticed the growth, confirming that the amount of foreign content translations has gone up by 20% during the pandemic.
Nonetheless, if the transcription, or therefore, translation, is done inaccurately, the visually impaired watchers miss out on the nuances of the script. It’s an audience of around 36 million deaf and hard-of-hearing viewers in the US alone, while globally it consists 5% of the world’s population of over 400 million people. It’s only natural the content should be widely accessible – accessibility for a long time was and will prevail as one of the biggest trends.
The accuracy of the transcription and translation matters not only for the purpose of authenticity. As these processes are essential parts of the medical and legal sectors, accurate data is more than simply a preference. Both sectors are increasingly adopting transcription. The legal sector adapts transcription at various arbitration, judicial, court, or public hearings, amongst others; the medical sector has uses in laboratory reports, various clinical summaries, medical records, and operative reports.
The growing need for accurate data will reach its peak by 2024. As data is the most valuable resource for any organization in order to obtain valuable insights, human-based transcription services help companies, businesses, organizations, and governments to maintain their records at the highest accuracy.
In conclusion, accessibility and internationality of content prevail as strong media trends for all-inclusive audiences.
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