In today’s technology-driven world, marketing research practice management has undergone a drastic change. Advancements in speech recognition technologies have been giving impetus to the marketing transcription market. Automatic speech recognition provides a huge opportunity to quickly transcribe high-quality audio or video recordings that are considered acceptable to the evidentiary standards. Speech recognition enables the conversion of speech into text by recognizing spoken words. The textual data that is generated from speech recognition software is analyzed to derive useful insights. This technology leverages “language modeling” to recognize and distinguish among the millions of human expressions that form a language.
According to the study, the global marketing transcription market is projected to witness a growth in revenue from US$ 1.68 Bn in 2021 to US$ 3.71 Bn by 2031. In the past few years, the marketing transcription has gained remarkable interest due to improved turnaround time it offers to help employee focus and increase accessibility.
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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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Key Takeaways of Marketing Transcription Market Study
- Marketing transcription market is set to rise at above 8% CAGR between 2021 and 2031, driven by increasing adoption across various industries
- The U.S. will emerge as an immensely attractive market, accounting for over 82% of revenue generated in North America
- The U.K. is projected to register an impressive 15.3% Y-o-Y growth in 2021
- The demand from Germany and Italy is expected to rise at a fast pace. Italy is forecast to exhibit double-digit growth over the forecast period
- While China continues to dominate East Asia, Japan is set to record double-digit growth in the coming years
“Key players are focusing on continuous developments and implementation of new solutions such as cloud-based transcription services. Also, the emergence of AI-based transcription services is expected to save time and achieve higher accuracy rate for audio and video transcription. This is expected to create lucrative opportunities for growth of the market,” said an FMI analyst.
The introduction of new solution and strategic partnerships are key strategies followed by top players in the marketing transcription market, to increase their business revenue. Marketing transcription providers are focusing on innovation in software/services to improve their market shares.
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Some of the leading companies operating in the market are:
- Digital Nirvana
- Crimson Interactive Pvt. Ltd
- TranscribeMe Inc
- Way With Words Ltd.
- Elite Office Solutions, Inc.
- GOTRANSCRIPT LTD
- e24 Technologies
- Sonix, Inc.
Key Questions Answered in the Report
What are the key marketing transcription technologies?
Marketing transcription solution providers offer various solutions such as human-based transcription services, AI, and cloud-based solutions to end users. This is creating attractive opportunities for marketing transcription market growth.
What are the major challenges hindering marketing transcription market growth?
Security and privacy issues associated with transcription service providers are expected to hamper market growth. Also, quality concerns of audio files are restricting marketing transcription uptake.
What are the major trends impacting the marketing transcription upatake?
The automating transcription services and automatic speech recognition are highly sought-after within the marketing transcription market. The advent of cloud-based transcription services is creating attractive growth opportunities for marketing transcription software and solution providers.
Which are some of the leading companies offering marketing transcription software and services?
Some of the leading companies offering marketing transcription software and service providers are TranscribeMe Inc., Way With Words Ltd., Rev.com, e24 Technologies, Crimson Interactive Pvt. Ltd, Sonix, Inc., Digital Nirvana, and others.
Which region is expected to be at forefront in the marketing transcription adoption?
According to FMI, the market in South Asia & Pacific is projected to exhibit the highest growth at a CAGR of 13.0% between 2021 and 2031.
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