New Study Reports ” Business Transcription Market 2021, Global Key Players Analysis, Share, Trends, Business Updates, Future Opportunities Forecasts to 2030″ has been Added. In terms of revenue, the global business transcription market was valued at US$ 1730.11 Mn in 2020 and is growing at a CAGR of 14.6% over the forecast period. At present, the market is sharping its presence and some of the key players in the study are 3Play Media, CGBiz Corporation (scribie), Crimson Interactive Inc, Digital Nirvana, Focus Forward, GMR Transcription Services, Inc, GoTranscript, Indoswift Transcription Services, NCH Software, TRANSCRIPTION OUTSOURCING, LLC, Rev.com, Sonix, Inc, Tech-Synergy, Temi, TranscribeMe Inc, Transcription Panda, TRINT, and Voice Products amongst others. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
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The Business Transcription report highlights CAGR value fluctuations during the forecast period of 2021-2030 for the market. To put marketplace clearly into the focus of clients, most up to date market insights and analysis are provided via this Business Transcription report. The market research data included in this report is analysed and forecasted using market statistical and coherent models. The general market drivers analysed in this report are consumer demand, government policy and demand which makes consumer to buy product thereby leads to market growth and development. SWOT analysis is performed while generating this Business Transcription market report along with many other standard steps of researching, analysing and collecting data. We can help showcase where and how you win market share against competitors, develop in new geographies and skyrocket to the top.
Global Business Transcription Market: Report Highlights
- Detailed overview of the market
- Changing dynamics of the market
- Market segmentation
- Regional landscape of the market
- Evaluation of the market based on the present and past data collected
- Historical, present, and projected market in terms of volume and value
- Recent trends and developments in the market
- Competitive landscape
- Strategies adopted by key players and products offered by them
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Businesses or enterprises produce a high volume of content from both internal and external company communication and data. Now-a-days, these contents are majorly delivered in the form of videos or audios which may be difficult to store, share, follow or translate. The idea of business transcription assists in transcribing any audio or video recording including interviews, teleseminars, tele classes, webinars, seminars, presentations, workshops, personal notes, meeting notes, conferences and other items that are used for commercial or professional purposes. Enterprises need important, complete and accurate written records which can be used for reference, sharing ideas, display corporate transparency, and streamline legal compliance. Thus, growing necessity to maintain written records of all communication and data of organizations is among the key factors anticipating in the growth of business transcription market over the forecast period.
The business transcription market is driven by various factors including rising number of teleconferences and video conferences coupled with growing digitalized business environment. In addition, enterprises are heavily investing in their research and development activities in order to meet, adapt, and follow the trends associated digitization of businesses. This is pushing enterprises to fetch data from a number of video and audio content from meetings, conferences and presentations. These calls and conferences are sometimes very important from the business perspective and therefore requires to be saved for future references.
The advent of new technologies and electronic devices at offices, enterprises are rapidly conducting teleconferences and video conferences meetings in the form of audio and video formats, which are then turned into textual format. For instance, Sompo Japan Research Institute uses Crimson Interactive Pvt. Ltd.’s Voxtab transcription services for keeping in records all research documents for future reference and legal compliance. These transcripted documents also supports research institute to present their papers on conferences with proper reference material provided to all delegates, thereby making it easier for them to explain about the findings and the basis of conclusions derived by them.
According to the research carried out by Absolute Market Insights the maximum share of revenue for the business transcription market is derived from the services segment of the market. This is because large enterprises tend to outsource the overall transcription of document to various transcription service providers available in the market. Organizations tend to outsource this vertical in order to reduce overall recruitment cost to the company and increase the efficiency of existing employees within the organization.
In terms of regional bifurcation, currently North America holds the maximum market share followed by Europe and Asia Pacific regions. This is owing to the presence of major companies in the region. For instance, Opal Transcription Services based in North America serves both domestic and international clients and provides a high quality easy to read transcripts in verbatim style and edited as per AP style guidelines. In addition, companies provides services across all industries including education, corporate, media, and entertainment amongst others. On the other hand, the increased number of small and medium enterprises and their constantly growing demand of transcription services in North America is contributing to the rapid growth of the business transcription market in the region.
Global Business Transcription Market:
Business Transcription Market: By Component
- Tools and Apps
Business Transcription Market: By Enterprise Size
- Large Enterprises
- Small and Medium Sized Enterprises
Business Transcription Market: By Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Highlights Following Key Factors in Business Transcription Market Report:
- Business description– A detailed description of the company’s operations and business divisions.
- Corporate strategy– Analyst’s summarization of the company’s business strategy.
- SWOT Analysis- A detailed analysis of the company’s strengths, weaknesses, opportunities, and threats.
- Company history– Progression of key events associated with the company.
- Major products and services- A list of major products, services, and brands of the company.
- Key competitors– A list of key competitors to the company.
- Important locations and subsidiaries– A list and contact details of key locations and subsidiaries of the company.
- Detailed financial ratios for the past five years– The latest financial ratios are derived from the annual financial statements published by the company with 5 years history.
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Absolute Markets Insights [email protected]