Future Market Insights (FMI) has published a new market research report on social employee recognition systems. The report has been titled, Marketing Transcription Market: Global Industry Analysis,Forecast. Long-term contracts with large enterprises and private companies are likely to aid the expansion of business revenues, and innovation in the industry will enable social employee recognition system vendors to reach out to new potential customers in emerging markets. These factors are expected to help the global market for social employee recognition systems observe stellar growth in next few years.
The marketing transcription market is likely to display steady growth reaching a valuation of approximately US$ 3.7 Bn by the end of the assessment period in 2031. The demand for marketing transcription has been largely driven by advances in artificial intelligence and speech recognition technologies. Efforts towards improving the accuracy of data in terms of marketing efforts, to keep up with the growing volume of audio/visual data following advancements in connectivity is expected to remain important to strategies in the industry for the coming decade.
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Expected Impact on Market by Coronavirus Outbreak
The covid-19 pandemic has had a moderately adverse impact on growth of the global marketing transcription market. Reduced investments by businesses towards marketing activities, arising from government-restrictions, and curtailed consumer spending during the crisis period have hurt short term demand.
However, relaxations on lockdown regulations and changes to business marketing strategies during the pandemic is expected to generate key opportunities to aid faster recovery through 2021. Moreover, growing use of e-media will support greater scope of use for transcription technology, driven by mutli-industry applications in the near future.
“AI-powered transcription is still in a nascent stage of adoption. However, its potential for growth is large owing to the vast amount of data being generated in the industry for focus groups. Automated transcription allows marketers to save time for essential marketing strategies, bolstering the scope of productivity and profitability, driving long-term growth,” says the FMI study.
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Marketing Transcription Market – Leading Takeaways
- BFSI and media sector applications are projected to reflect relatively faster growth, on the back of adoption of digital communication strategies.
- Transcription services will be major service providers owing to strong preference for outsourcing of processes.
- Cloud-based services gain ground owing to investments towards agile work environments.
- United States will hold the lead in the market driven by the presence of leading tech companies and large-scale enterprises.
Marketing Transcription Market – Growth Factors
- Exponential growth of digital media sources and the resultant need for accurate recording and organization of data drives adoption.
- Major advancements in automation, artificial intelligence, and speech recognition will support long term market developments.
- Issues in terms of time zone and language barriers are creating key opportunities for tech developments in the sector.
Marketing Transcription Market – Constraints
- Shortage of local resources required to meet adequate quality standards for video and audio transcription hurts application.
- Quality issues associated with source audio and video files, and security of proprietary data remain concerns for end users.
Some of the leading manufacturers participating in the marketing transcription market are e24 Technologies, Digital Nirvana, GOTRANSCRIPT Ltd., Crimson Interactive Pvt. Ltd., Elite Office Solutions Inc., Rev.com, Way With Words Ltd., and TranscribeMe Inc. among others.
Some of the more common strategies being employed by leading market players include investments into product development and launches to improve on product functionality and accuracy for consolidating market position with a wider consumer base.
For instance, Otter.ai a market leader in real time transcription announced a US$ 50 million Series B funding round, to build on product functionality in addition to integration with Google Meet and Zoom in February 2021. In March 2021, HungerRush, a restaurant management systems provider launched its TextAI tool for multi-channel, digital food ordering operations. Further, Zoom revealed enhancements to its services including a Live Transcription functionality for improved accessibility to users.
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- What is the size of the overall Marketing Transcription Market in the Technology Industry and its segments?
- What are the key segments and sub-segments in the market?
- What are the key drivers, restraints, opportunities, and challenges of the Marketing Transcription Market in the Technology Industry, and how they are expected to impact the market?
- What are the attractive investment opportunities within the Marketing Transcription Market in the Technology Industry?
- What is the Marketing Transcription Market in the Technology Industry size at the regional and country-level?
- What are the key market players focusing on?
- What are the strategies for growth adopted by the key players in Marketing Transcription Market in the Technology Industry?
- What are the recent trends in Marketing Transcription Market in the Technology Industry? (M&A, partnerships, new product developments, expansions)?
- What are the challenges to the Marketing Transcription Market in the growth of the Technology Industry?
- What are the key market trends impacting the growth of the Marketing Transcription Market in the Technology Industry?