The global marketing transcription market is expected to be worth US$ 1.9 billion in 2023. The market is expected to reach US$ 4.4 billion by 2033, growing at an 8.6% CAGR from 2023 to 2033.
Marketing research practice management has changed dramatically in today’s technology-driven world. Advances in speech recognition technologies have fueled the marketing transcription industry. Automatic speech recognition opens up a huge opportunity for quickly transcribing high-quality audio or video recordings that meet evidentiary standards.
Speech recognition converts speech into text by recognizing spoken words. The textual information produced by speech recognition software is analyzed in order to gain useful insights.
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The growing volume of video and audio content necessitates the use of transcription services. Companies in the technology sector are rapidly developing tools that can process data more swiftly and precisely. Transcribers can conserve a significant amount of time and accomplish a greater accuracy rate for audio and video transcription with the help of Artificial Intelligence (AI).
AI applications are created by analyzing millions of previous cases in order to produce accurate results. While technology would never replace humans, it can help transcribers by automating the majority of the transcription work that transcribers must oversee and edit for errors. AI technologies allow transcription companies to gain insight into their data in order to increase efficiency, gain a competitive edge, and expand their business areas.
Key Takeaways from the Marketing Transcription Market Report:
- In 2022, Germany had a market share of 8.20%.
- The consumer forums segment is expected to grow at a 13.2% CAGR.
- The BFSI industry segment dominates the global marketing transcription industry, accounting for 32.6% of total market value by the end of 2022.
- During the forecast period, the China market is expected to grow at a 7.60% annual rate.
- The United States is the dominant country in the global marketing transcription market, accounting for approximately 59.80% of the market in 2022.
Competitive Landscape:
Leading competitors in the marketing transcription market use new solution introductions and strategic partnerships to increase their earnings. To increase their market share, marketing transcription providers are focusing on software/service innovation.
- In September 2021, OOONA collaborated with Captionmax LLC to launch a mobile application that assists project managers and translators with remote work. Users can respond to messages, display dashboards, and verify assignments on their own computers, and they can work on less critical tasks without using a computer.
- In September 2020, Nuance Communication Inc. and Microsoft Corp. will release Nuance Dragon Ambient Experience. It is an ambient clinical intelligence (ACI) solution integrated with Microsoft Teams that records virtual patient-doctor meetings in order to generate clinical data that can be used to improve consultation perception.
Leading Key Players:
- Synergy Transcription Services
- Crimson Interactive Pvt. Ltd
- Rev.com
- TranscribeMe Inc.
- Way With Words Ltd.
- Elite Office Solutions, Inc.
- GOTRANSCRIPT LTD
- e24 Technologies
- Voxtab
- Digital Nirvana Inc.
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Marketing Transcription Industry Segmentation:
By Solution:
- Software
- Audio to Text Converter
- Video to Text Converter
- Service
- Audio Transcription Services
- Video Transcription Services
- Custom Transcription Services
By Type:
- Consumer Forums
- Group Recordings
- Phone Recordings
- Interviews
- Marketing Research
- Focus Groups
- Others
By Industry:
- BFSI
- Education
- Media & Entertainment
- IT & Telecom
- Retail & Consumer Goods
- Government
- Others
By Region:
- North America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
- Latin America
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