The global marketing transcription market is estimated at USD 1.9 billion in 2023. The market is projected to reach USD 4.4 billion by 2033, exhibiting a CAGR of 8.6% from 2023 to 2033.
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.
The retail and consumer goods industry is predicted to expand at the fastest rate owing to the widespread use of marketing transcription programs and services for gaining visibility and enhancing productivity. Since many businesses rely on transcription service providers, demand is projected to continue to increase.
| Attributes | Details |
|---|---|
| Marketing Transcription Market Value (2022) | USD 1.8 billion |
| Marketing Transcription Market Value (2023) | USD 1.9 billion |
| Marketing Transcription Market Expected Value (2033) | USD 4.4 billion |
| Marketing Transcription Market Projected CAGR (2023 to 2033) | 8.6% |
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According to the study, the global marketing transcription market is projected to witness a growth in revenue from USD 1.8 billion in 2022 to USD 4.4 billion by 2033.
In the past few years, marketing transcription has gained remarkable interest due to the improved turnaround time it offers to help the employees 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 Automated 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 transcribe information during and after the process. This is achieved with the help of modern AI and speech recognition software.
Thus, automating transcription services is 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 USD 1/minute. In addition to that, it is way faster to transcribe a 60-minute file in three minutes.
How is the 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 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 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.
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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 includes 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.
North America will be the largest market for marketing transcription, due to the strong presence of marketing transcription solutions and service providers, in the United States.
An increase in demand for marketing transcription from various industries such as BFSI, education, media & entertainment, IT & telecom, retail & consumer goods and the government is likely to increase uptake. According to FMI’s report, the demand for marketing transcription in the United States alone are likely to increase by 7.2% between 2023 and 2033.
The United States is the dominant country in the global marketing transcription market accounting for around 59.80% of the market share in 2022. The increasing number of collaborations with the United States 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 United States-based transcription service solution providers focused on offering the cost-effectiveness of cloud-based solutions across the market.
Reliance on AI Tech to diffuse Organization Risks driving growth
The emergence of AI-based transcription services creating aimed at mitigating challenges commonly witnessed in small and medium-sized businesses is driving growth in Germany.
Marketing transcription solutions offered in the German market are integrated with AI and cloud computing technology, which enables organizations to get actionable insights, thereby focusing on reducing organizational risks.
The marketing transcription market in Germany is anticipated to exhibit impressive growth over the forecast period. Germany accounted for the market share of 8.2% in 2022.
Rapid Digitization of Key Industries to sustain demand across the East Asian Giant
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 increased 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 help them enhance their value of research content and drive traffic and accessibility across all parts of the enterprise. The market in China is anticipated to expand at a CAGR of 7.6% from 2023 to 2033.
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Consumer Forums to make high use of Marketing Transcription Services
Among type segments, 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 preserving important documents, and the ability to focus on other business activities saving money and time. The reliability of such features drives the growth of the marketing transcription market during the forecast period.
Need for Streamlining Workflow increasing uptake
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 was estimated to account for 32.6% of the total market value share by the end of 2022.
The simplest economic transactions within the industry often involve multiple dull tasks. For this purpose, the industry is adopting advanced grade transcription software. Such solutions are greatly helping streamline operations across several areas.
The introduction of new solutions 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.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.6% from 2023 to 2033 |
| Market Value in 2023 | USD 1.9 billion |
| Market Value in 2033 | USD 4.4 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Solution, Type, Industry, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, Malaysia, Singapore, Thailand, China, Japan, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | 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. |
| Report Customization & Pricing | Available upon Request |
The adoption of marketing transcription services worldwide could advance at 8.6% CAGR through 2033.
The net worth of the global market could reach close to USD 4.4 billion by 2033.
The introduction of AI-based transcription services has boosted the market growth.
Higher demand for marketing transcription in China could drive its regional market at 7.6% up till 2033.
The consumer forum type segment is in high demand and may exhibit a 13.2% CAGR through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Solution 5.1. Software 5.1.1. Audio To Text Converter 5.1.2. Video To Text Converter 5.2. Service 5.2.1. Audio Transcription Services 5.2.2. Video Transcription Services 5.2.3. Custom Transcription Services 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 6.1. Consumer Forums 6.2. Group Recordings 6.3. Phone Recordings 6.4. Interviews 6.5. Marketing Research 6.6. Focus Groups 6.7. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry 7.1. BFSI 7.2. Education 7.3. Media & Entertainment 7.4. IT & Telecom 7.5. Retail & Consumer Goods 7.6. Government 7.7. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. South Asia 8.5. East Asia 8.6. Oceania 8.7. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Synergy Transcription Services 18.2. Crimson Interactive Pvt. Ltd 18.3. Rev.com 18.4. TranscribeMe Inc. 18.5. Way With Words Ltd. 18.6. Elite Office Solutions, Inc. 18.7. GOTRANSCRIPT LTD 18.8. e24 Technologies 18.9. Voxtab 18.10. Digital Nirvana Inc. 19. Assumptions & Acronyms Used 20. Research Methodology
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Marketing Transcription Market
