The market for business transcription is estimated to be worth US$ 2.95 billion globally as of 2022 and is expected to reach US$ 11.7 billion in sales by the end of 2032. This significant increase is the result of the worldwide business transcription market’s expected CAGR of 14.7% over the following ten years.
| Business Transcription Market Size (2022) | US$ 2.95 Bn |
| Projected Market Value (2032) | US$ 11.72 Bn |
| Global Market Growth Rate (2022-2032) | 14.7% CAGR |
| Public Sector Segment Growth Rate (2022-2032) | 18.1% CAGR |
| China Market Share (2021) | 6.5% |
| Small Offices Segment Growth Rate (2022-2032) | 15.2% CAGR |
Get a Sample Copy of Report @ https://www.persistencemarketresearch.com/samples/24031
Global businesses generate enormous volumes of data, and in today’s data-driven environment, these insights may be essential to a viable business model and reasoned decision-making. Company transcription entails the transcription of conferences, meetings, seminars, webinars, presentations, etc. The recorded information can then be used to create new business plans or to derive other crucial business techniques.
The growing need for efficient time management for business organizations are driving the demand for global business transcription market. The business world produces the high volume of video and audio content from meetings, conferences, presentations, seminars and others.
These calls and meetings are very important from the business point of view.These meetings often inform about new developments, key financials, and new business and competitive strategies. Business transcription plays a very crucial role in capturing the information and key points discussed in these meetings. Business transcription provides live or recorded speech into electronic form. The most common type of business transcription is from spoken language to printable document such as files.
Business transcription creates a text file of video or audio recordings of meetings, conferences, presentations or any other business interactions. Business transcriptions are becoming very important in order to remember every detail of the discussion. Business transcriptions fill the gap of information missed to note down during the business meetings, conferences, presentations, seminars or others. Business meetings are recorded and outsourced to the reliable business transcription service providers for transcriptions.
Outsourcing business transcription enables to cut down the cost and also to avail the advantage of time zone barriers. Business transcription service providers are facing a high competition in turnaround time. It is also important that the confidentiality of the document must be maintained by the business transcription service providers since those recordings contain sensitive and confidential business information.
Business transcription service providers convert input file in formats such as wav, mp3 or others to output file in formats such as PDF, Txt, Doc., and others. With the increasing need for efficient documentation of business meetings, the business transcription market is expected to grow at a significant rate during the forecast period.
Ask for Customization @ https://www.persistencemarketresearch.com/request-customization/24031
Business Transcription Market: Drivers and challenges
One of the major drivers for the global business transcription market is automated workflow. Moreover, high concern for effective documentation of business meetings, language barriers and ease of access of business transcript files are having a positive growth on the global business transcription market.
The major restraint for global business transcription market are privacy issues. Business meetings recordings generally have confidential data and are highly confidential. Business transcription vendors must ensure to maintain the confidentiality of the document.
Thereat of privacy and confidentially is a key restraint for global business transcription market. However, agreements and various contracts between business organizations and business transcription service providers will reduce the threat of data breach by the end of forecast period of global business transcription market.
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.
Key Players
- Nuance Communications
- KPGS Web Pvt. Ltd.
- Athreon
- Trint
- GoTranscript
- GMR Transcription Services, Inc.
- Verbit.ai
- Sonix
- Wreally (Transcribe)
- Otter.ai
- Rev
Request for TOC @ https://www.persistencemarketresearch.com/market-research/business-transcription-market/toc
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)
About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
Contact Us:
Persistence Market Research
Address – 305 Broadway, 7th Floor, New York City, NY 10007 United States
U.S. Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353
Sales – [email protected]
Website – https://www.persistencemarketresearch.com