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Business Transcription Market Size – USD 2.29 Billion in 2020, Market Growth – at a CAGR of 14.4%, Market Trends – Rapid global digitalization trend
VANCOUVER, BC, CANADA, April 12, 2022 /EINPresswire.com/ — The global Business Transcription market size is expected to reach USD 6.73 Billion at a steady revenue CAGR of 14.4% in 2028, according to latest analysis by Emergen Research. Businesses are adopting transcription technology to ensure higher efficiency and proper maintenance of their data, and Business Transcription leads to better content management, which are some key factors driving market revenue growth currently.
Business Transcription includes transcription of video or audio content arising from webinars, interviews, workshops, teleseminars, seminars teleclasses, meeting notes, personal notes, presentations, conferences, and others that are used for professional or commercial purposes or objectives. Some organizations are reluctant to adopt the technology due to privacy issues. Various business organizations are taking precautions by signing contracts and agreements to reduce risks of data breach and to protect credibility and security of their respective firms.
Business Transcription Market report presents comprehensive information covering insightful data for businesses and investors for the time period of 2017-2027. The report studies the historical data of the Business Transcription market and offers valuable information about the key segments and sub-segments, revenue generation, demand and supply scenario, trends, and other vital aspects. The report offers an accurate forecast estimation of the Business Transcription industry based on the recent technological and research advancements. It also offers valuable data to assist the investors in formulating strategic business investment plans and capitalize on the emerging growth prospects in the Business Transcription market.
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The report highlights the current impact of COVID-19 on the Business Transcription market along with the latest economic scenario and changing dynamics of the market. It analyzes the impact of the pandemic on market growth and remuneration. The pandemic has changed the economic scenario of the world and has affected several sectors of the market. The report estimates the market for Business Transcription according to the impact of COVID-19.
Some Key Highlights from the Report
In January 2021, Otter.ai launched live notes and captions for 100 million daily users for Google Meet. Users can complete easy and quick installation of 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 advantageous for businesses to outsource their transcription requirements. This eliminates the need to train or hire employees specifically for this requirement. Moreover, outsourcing also allows businesses to tap into expertise of transcribers who specialize in different subjects and ensure accuracy of transcription. Even though transcription is important, the process is time-consuming. Outsourcing provides access to highly qualified transcribers who are adept at dealing and recognizing various accents and pronunciation. Outsourcing also helps in reducing burden on current employees and offers access to more qualitative work and outcomes.
Software segment accounted for a significantly larger revenue share than the other component segments in 2020 as software is essential and also allows users to upload video or audio files and outputs a transcribed document of what was mentioned in a meeting. The software transcribes every word without leaving any doubt for double guessing exact figures or what was said.
Major Players/Manufacturers 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 Business Transcription market on the basis of component, procurement type, enterprise, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
Software
Services
Tools
Technology-Powered
Human-Powered
Procurement Type Outlook (Revenue, USD Billion; 2018–2028)
Outsourcing
Offshoring
Both
Enterprise Outlook (Revenue, USD Billion; 2018–2028)
Large Enterprises
Small & Medium Sized Enterprises
End-use Outlook (Revenue, USD Billion; 2018–2028)
IT & Telecom
Media & Entertainment
BFSI
Retail & Consumer Goods
Manufacturing
Others
Regional Analysis of the Business Transcription Market Includes:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The report offers a complete understanding of the Business Transcription market in key regions with respect to regional production and consumption patterns, import/export, supply and demand dynamics, trends, growth prospects, and the presence of prominent players in each region. Each of the mentioned regions is analyzed based on the comprehensive market data obtained from the major countries of each region to impart a clear understanding of the market.
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The report offers insightful information about the market dynamics of the Business Transcription market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Business Transcription market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Business Transcription market.
Key Coverage of the Business Transcription Market:
Insightful information regarding the global Business Transcription market
Identification of growth in various segments and sub-segments of the Business Transcription market
Strategic recommendations for investment opportunities
The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
Emerging trends and current market segment analysis to help investors formulate new business strategies
Accelerates the decision-making process through the availability of the drivers and limitations
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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