Home Video Transcription Business Transcription Market: Size & Trends Shows a Rapid Growth by 2030

Business Transcription Market: Size & Trends Shows a Rapid Growth by 2030

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AMIThe reports on the Business Transcription Market provide readers with a better understanding of the market and competitive landscape to support better decision-making.

Being a proficient and comprehensive, this Business Transcription market report puts a light on primary and secondary drivers, market share, leading segments, possible sales volume, and geographical analysis. This market research report contains thorough analysis of the market structure along with forecast of the various segments and sub-segments of the market. A numerous markets, marketing strategies, trends, future products and rising opportunities are taken into consideration while studying market and preparing this report. The chief areas covered in the Business Transcription report include market definition, market segmentation, competitive analysis and research methodology.

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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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Industry Trends

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
      • Technology-Powered
      • Human-Powered
  • Services

Business Transcription Market: By Enterprise Size

  • Large Enterprises
  • Small and Medium Sized Enterprises

Business Transcription Market: By Geography

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

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Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization. From the in-depth analysis and segregation, we serve our clients to fulfill their immediate as well as ongoing research requirements. Minute analysis impact large decisions and thereby the source of business intelligence (BI) plays an important role, which keeps us upgraded with current and upcoming market scenarios.

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