As per a report by Future Market Insights (FMI), the global marketing transcription market is expected to reach a valuation of US% 1.68 Bn in 2021 and is expected to showcase high growth between 2021 and 2031. Transcription is the process of converting speech (recorded or live) into an electronic text document. The process includes providing an audio or video source file or URL to transcriber.
A transcriber either listens to file or upload it in a speech recognition software or creates a digital or textual transcript. Marketing transcriber’s transcripts consumer forums, group recordings, phone recordings, interviews, marketing research, focus groups, others key types.
These transcripts offer various benefits like SEO visibility, captioning, user experience, maintain detailed records of meetings and group discussions. According to FMI, the demand for marketing transcription services is expected to account for above 67% of revenue generated in the market, while growth exhibited by the solutions segment is likely to be higher.
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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.
Impact of COVID-19 on Marketing Transcription Market
The COVID-19 pandemic outbreak has disrupted many industries, including the marketing transcription market. During a time of crisis, marketing transcription services like audio transcription services, video transcription services, and custom transcription services can be a blessing and disrupt for customers and brands.
However consumers’ usage of marketing transcription is greatly increasing. It is considered important for various applications such as risk and compliance management, fraud detection and prevention, customer management, content transcription, others.
Historically, the market for marketing transcription has grown by almost 6%-7% globally in the past 5 years. In 2020, the total value of marketing transcription is estimated to be nearly US$ 1.7 Bn globally. Due to the COVID-19 outbreak, adoption for marketing transcription is estimated to increase by nearly 8%-9% in Q1-Q2 2021.
Transcription Services to Boost SEO and Online Marketing Practices
Online video marketing has emerged as a major part of content marketing. The strategy of video marketing has been adopted by various businesses that allows marketers to demonstrate the product in more sophisticated manner instead of traditional “static” web content marketing. In 2016, 96% of B2B organizations used video in their marketing campaigns.
Search Engine Optimization (SEO) is a marketing strategy motivated by creating higher page rank and increase more site visits. Search engines do the indexing based on textual contents. Transcription of video provides text that can be indexed by search engines, and enables website to increase the chance of being prominently featured in searches. By increasing traffic, businesses are able to produce more leads towards their product that directly increases sales and eventually revenue for the company. Hence, organizations are continually adopting transcription services to increase their business profits.
More Valuable Insights on Marketing Transcription Market
A new market research report published by Future Market Insights (FMI) on the global marketing transcription market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides valuable insights on the basis of solution ((software (audio to text converter, and video to text converter)), and services (audio transcription services, video transcription services, and custom transcription services), type (consumer forums, group recordings, phone recordings, interviews, marketing research, focus groups, and others), industry (BFSI, education, media & entertainment, IT & telecom, retail & consumer goods, government, and others), across six major regions.
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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.