About the Report
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.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for marketing transcription market. The report tracks the global sales of marketing transcription providers in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the BFSI industry in general, and marketing transcription software and services in particular.
How Does the Historical and Future Outlook of Marketing Transcription Market Compare?
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.
The trend of automatic speech recognition is gaining traction, which is expected to propel the growth of the marketing transcription market during the forecast period. The market is projected to be driven by several factors such as growing demand for automated transcription services, organizations to leverage transcription services for market research, timely delivery, and improved quality of service offered through transcription services.
How are Automating Transcription Services Driving Marketing Transcription?
Transcription services are beneficial for nearly all industries. In the marketing sector, the transcription process is highly complex. The marketing transcription process involves the conversion of audio to written documents.
Organizations do not outsource much of their transcription work to other transcription service providers because of its sensitive and confidential nature. Automated transcription systems securely transcribing information during and after the process. This is achieved with the help of modern AI and speech recognition software.
Thus, automating transcription services are playing a crucial role in the growth of the marketing transcription market. For instance, As per Google’s 2017 Internet Trends Report, the accuracy rate of automated transcription systems is ~95% and it costs around US$ 1/minute. In addition to that, it is way faster to transcribe a 60-minute file is three minutes.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
How is Advent of AI-Based Transcription Services Role Affecting Marketing Transcription?
The ever-rising volume of video and audio content has increased the need for transcription services. Tech companies are rapidly developing tools that can process data more quickly and accurately. With the help of the Artificial Intelligence (AI), transcribers can save much amount of time and achieve a higher accuracy rate for audio and video transcription.
AI applications are developed by analyzing millions of cases in the past to produce accurate results. While the technology will never replace humans, it can assist transcribers by doing most of the part of transcription work, which transcribers have to oversee and edit for errors. AI technologies enable transcription firms to delve deeper into their data to increase efficiency, gain a greater competitive advantage, and boost their business areas.
Why are Strategic Collaborations Popular among Marketing Transcription Providers?
Marketing transcription solutions and service providers are entering into a strategic partnership with other data analysis computer software providers for the development of new technologies and solutions. Partnerships among key players in the market is a major trend observed in the global marketing transcription market. For instance, in January 2019, the company announced a strategic campus collaboration with the University of Arizona, is achieving full accessibility of all electronic and information technology. Through these strategic campus collaborations, both companies can now offer the combined solution to individual department outreach, innovative and collaborative teaching, and the new UA Online degree programs.
Why are Cloud-Based Transcription Services Popular in Marketing Transcription?
In the past 3-5 years, cloud computing has boomed, in turn enabling growth in the transcription service market. Even with limited data control and security concerns related to cloud storage, smaller law firms and independent lawyers are adopting cloud services in their daily usage. Transcription services providers are now mobile and require agile work environments to work from anywhere, any time. Cloud technology has enabled them to run successful marketing practices through mobile devices. Cloud also offers additional benefits of increased security for sensitive information that organizations are handling.
What are the Key Challenges for Marketing Transcription Software and Service Providers?
While transcription, the ideal scenario is to have recordings where the required audio needs to be clear and audible and most probably in the same language, even if there are multiple people present in the recording. Speakers using different languages also make transcription difficult, for which, different persons may be needed to transcribe the recording.
However, background noise including strong wind, overlapping speech, other people screaming or talking, sirens, or various traffic sounds. These are some of the elements that create difficulties in the transcription process. Also, there will always be instances when the recordings are complicated. These are some of the factors that may hamper the quality and accuracy of transcript files and creates the biggest challenge for transcription service providers.
How Big is the Opportunity in US?
North America will be the largest market for marketing transcription, due to the strong presence of marketing transcription solutions and service providers, in the U.S. market. This is attributed to the increase in demand for marketing transcription from various industries such as BFSI, education, media & entertainment, IT & telecom, retail & consumer goods, government, and others. According to the report, the overall sales in the marketing transcription market in the U.S. alone is likely to increase by 7.2% between 2021 and 2031.
Furthermore, the U.S. is the dominant country in the global marketing transcription market accounting for around 55%-60% of the market share in 2021. The increasing number of collaborations with the U.S. government and the presence of various key players in the region are the factors that are driving the growth of the transcription service market in the region. The U.S. based transcription service solution providers focused on offering cost-effectiveness of cloud-based solutions across the U.S. market.
What Drives Germany Marketing Transcription Market?
The emergence of AI-Based transcription services creating aimed at mitigating challenges commonly witnesses in small and medium-sized businesses is driving growth in Germany. Marketing transcription solutions offered in the Germany market are integrated with AI and cloud computing technology, which enables organizations to get actionable insights, thereby focus on reducing organizational risks. The marketing transcription market in Germany is anticipated to exhibit impressive growth over the forecast period.
Digital Transformation Gaining Traction in China Marketing Transcription Market
China is offering increasing growth opportunities to the marketing transcription market owing to the growing adoption of fast, affordable, and high accuracy audio and video transcription services. The BFSI and media & entertainment sectors are growing rapidly in the East Asia region owing to a high number of Tier II & Tier III solution providers, which in-turn has to increase the demand for marketing transcription in the region drastically.
China has built a wide-ranging digital infrastructure to improve engagement with customers and employees and provide an unrivaled customer experience. Digital transformation will reform some of the business activities that will transform business processes and provide new revenue models using digital technologies, which include big data and analytics, cloud technologies, social media, and mobility. Various enterprises are adopting transcription services, which helps them enhance their value of research content and driving traffic and accessibility across all the parts of the enterprise.
What is driving the India Marketing Transcription Market?
Transcription software and service providers in India offer many services such as medical transcription, general transcription, legal transcription, video transcription, audio transcription, and multilingual transcription. The enterprises in India have started adopting and deploying the cloud-based application to deliver better breakthrough experience and improve mobility applications, business productivity, and deliver quality and speedy result, which is a major factor responsible for the positive growth of the marketing transcription market.
India-based marketing transcription solution providers focus on constantly improving their workflow systems and service offerings to support faster turnarounds, more format options, and completely custom-designed packages for users that require tailored audio to text support or solutions. It also offers the best transcription solutions in the world through a combination of people and technology. The organization is committed to delivering reliable and dependable audio-text services and solutions for clients worldwide.
The market share of the marketing transcription market in terms of industry varies in key regions. The above figure shows the view of marketing transcription market share in the key regions including, North America, Europe, East Asia, South Asia & Pacific, Middle East & Africa, and Latin America. Based on industry, the banking, financial services, and insurance (BFSI) hold the largest share of the marketing transcription market due to the owing to the growing need to provide understandable and searchable transcription of audio and video data, which will open new growth avenues. The demand from the retail & consumer goods segment is expected to grow at the fastest rate, owing to the high adoption of marketing transcription software and service for increasing visibility and improving performance, which is facilitating the growth of the marketing transcription market.
What’s the Market Share of Marketing Transcription Services?
Among t solution segment, the transcription service segment is expected to remain dominant over the forecast period. The services segment accounted for the dominant share of 67.2% in 2021. As organizations are continuously outsourcing most of the transcription work to third-party transcription service providers, demand registered in the segment is expected to pick up pace.
The software sub-segment accounted for a relatively higher CAGR of 9.7% during the forecast period, due to increasing innovations in AI, ML, and speech recognition technologies for audio transcription.
Why Consumer Forums Segment Exhibits High Growth?
Among type segment, the consumer forums segment is expected to register a CAGR of 13.2% during the forecast period owing to the increasing demand for consumer forums transcription services within organizations to keep detailed records of online surveys and tests.
Consumer forums type marketing transcription offers various benefits such as preserves important documents, the ability to focus on other business activities saves money and time. The reliability of such features drives the growth of the marketing transcription market during the forecast period.
What is Supporting Marketing Transcription Uptake in BFSI?
In terms of industry, the market is segmented as BFSI, education, media & entertainment, IT & telecom, retail & consumer goods, government and others. The BFSI industry segment dominates the global marketing transcription market and is estimated to account for 32.4% of the total market value share by the end of 2021. Moreover, simplest economic transactions within the industry often involves multiple dull tasks. This has been driving the uptake of marketing transcription in the BFSI segment.
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.
For instance, in October 2019, the Rev.com enhanced speech recognition API with real-time captioning and transcription. This new functionality augments the existing Rev.ai API Track this API and allows users to generate transcripts or captions in real-time.
Also, September 2019, the TRINT announced to introduce realtime transcription and instant translation with the the leading automated transcription and online productivity platform. Trint Realtime transcription provides transcripts of live events
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.
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.
Scope of the Report
Historical Data Available for
USD Million for value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa
Key Segments Covered
Solution, Type, Industry and Region
Key Companies Profiled
Market Forecast, Vendor share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
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.
Enquiry before Buying
Is this research conducted by Future Market Insights?
Yes, the research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst
What research methodology is followed by FMI?
FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions. Request detailed methodology
Who are the respondents for primary research?
FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.
What are the sources of secondary research?
FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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Marketing Transcription Market by Category
- Audio To Text Converter
- Video To Text Converter
- Audio Transcription Services
- Video Transcription Services
- Custom Transcription Services
- Consumer Forums
- Group Recordings
- Phone Recordings
- Marketing Research
- Focus Groups
- Media & Entertainment
- IT & Telecom
- Retail & consumer goods
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)