The global marketing transcription market is estimated at US$ 1.9 billion in 2023. The market is projected to reach US$ 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) | US$ 1.8 billion |
| Marketing Transcription Market Value (2023) | US$ 1.9 billion |
| Marketing Transcription Market Expected Value (2033) | US$ 4.4 billion |
| Marketing Transcription Market Projected CAGR (2023 to 2033) | 8.6% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
According to the study, the global marketing transcription market is projected to witness a growth in revenue from US$ 1.8 billion in 2022 to US$ 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 US$ 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.
Principal Consultant
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.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
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 | US$ 1.9 billion |
| Market Value in 2033 | US$ 4.4 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Countries Covered |
|
| Key Companies Profiled |
|
| 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 US$ 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 | Marketing Transcription Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018-2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018-2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018-2022 and Forecast 2023 to 2033, By Solution
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Solution, 2018-2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Solution, 2023 to 2033
5.3.1. Software
5.3.1.1. Audio To Text Converter
5.3.1.2. Video To Text Converter
5.3.2. Service
5.3.2.1. Audio Transcription Services
5.3.2.2. Video Transcription Services
5.3.2.3. Custom Transcription Services
5.4. Y-o-Y Growth Trend Analysis By Solution, 2018-2022
5.5. Absolute $ Opportunity Analysis By Solution, 2023 to 2033
6. Global Market Analysis 2018-2022 and Forecast 2023 to 2033, By Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Type, 2018-2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type, 2023 to 2033
6.3.1. Consumer Forums
6.3.2. Group Recordings
6.3.3. Phone Recordings
6.3.4. Interviews
6.3.5. Marketing Research
6.3.6. Focus Groups
6.3.7. Others
6.4. Y-o-Y Growth Trend Analysis By Type, 2018-2022
6.5. Absolute $ Opportunity Analysis By Type, 2023 to 2033
7. Global Market Analysis 2018-2022 and Forecast 2023 to 2033, By Industry
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Industry, 2018-2022
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Industry, 2023 to 2033
7.3.1. BFSI
7.3.2. Education
7.3.3. Media & Entertainment
7.3.4. IT & Telecom
7.3.5. Retail & Consumer Goods
7.3.6. Government
7.3.7. Others
7.4. Y-o-Y Growth Trend Analysis By Industry, 2018-2022
7.5. Absolute $ Opportunity Analysis By Industry, 2023 to 2033
8. Global Market Analysis 2018-2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018-2022
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. South Asia
8.3.5. East Asia
8.3.6. Oceania
8.3.7. MEA
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2018-2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018-2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. U.S.
9.2.1.2. Canada
9.2.2. By Solution
9.2.3. By Type
9.2.4. By Industry
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Solution
9.3.3. By Type
9.3.4. By Industry
9.4. Key Takeaways
10. Latin America Market Analysis 2018-2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018-2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Solution
10.2.3. By Type
10.2.4. By Industry
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Solution
10.3.3. By Type
10.3.4. By Industry
10.4. Key Takeaways
11. Europe Market Analysis 2018-2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018-2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. U.K.
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Europe
11.2.2. By Solution
11.2.3. By Type
11.2.4. By Industry
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Solution
11.3.3. By Type
11.3.4. By Industry
11.4. Key Takeaways
12. South Asia Market Analysis 2018-2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018-2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Malaysia
12.2.1.3. Singapore
12.2.1.4. Thailand
12.2.1.5. Rest of South Asia
12.2.2. By Solution
12.2.3. By Type
12.2.4. By Industry
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Solution
12.3.3. By Type
12.3.4. By Industry
12.4. Key Takeaways
13. East Asia Market Analysis 2018-2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018-2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Solution
13.2.3. By Type
13.2.4. By Industry
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Solution
13.3.3. By Type
13.3.4. By Industry
13.4. Key Takeaways
14. Oceania Market Analysis 2018-2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018-2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. Australia
14.2.1.2. New Zealand
14.2.2. By Solution
14.2.3. By Type
14.2.4. By Industry
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Solution
14.3.3. By Type
14.3.4. By Industry
14.4. Key Takeaways
15. MEA Market Analysis 2018-2022 and Forecast 2023 to 2033, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018-2022
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
15.2.1. By Country
15.2.1.1. GCC Countries
15.2.1.2. South Africa
15.2.1.3. Israel
15.2.1.4. Rest of MEA
15.2.2. By Solution
15.2.3. By Type
15.2.4. By Industry
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Solution
15.3.3. By Type
15.3.4. By Industry
15.4. Key Takeaways
16. Key Countries Market Analysis
16.1. USA
16.1.1. Pricing Analysis
16.1.2. Market Share Analysis, 2022
16.1.2.1. By Solution
16.1.2.2. By Type
16.1.2.3. By Industry
16.2. Canada
16.2.1. Pricing Analysis
16.2.2. Market Share Analysis, 2022
16.2.2.1. By Solution
16.2.2.2. By Type
16.2.2.3. By Industry
16.3. Brazil
16.3.1. Pricing Analysis
16.3.2. Market Share Analysis, 2022
16.3.2.1. By Solution
16.3.2.2. By Type
16.3.2.3. By Industry
16.4. Mexico
16.4.1. Pricing Analysis
16.4.2. Market Share Analysis, 2022
16.4.2.1. By Solution
16.4.2.2. By Type
16.4.2.3. By Industry
16.5. Germany
16.5.1. Pricing Analysis
16.5.2. Market Share Analysis, 2022
16.5.2.1. By Solution
16.5.2.2. By Type
16.5.2.3. By Industry
16.6. U.K.
16.6.1. Pricing Analysis
16.6.2. Market Share Analysis, 2022
16.6.2.1. By Solution
16.6.2.2. By Type
16.6.2.3. By Industry
16.7. France
16.7.1. Pricing Analysis
16.7.2. Market Share Analysis, 2022
16.7.2.1. By Solution
16.7.2.2. By Type
16.7.2.3. By Industry
16.8. Spain
16.8.1. Pricing Analysis
16.8.2. Market Share Analysis, 2022
16.8.2.1. By Solution
16.8.2.2. By Type
16.8.2.3. By Industry
16.9. Italy
16.9.1. Pricing Analysis
16.9.2. Market Share Analysis, 2022
16.9.2.1. By Solution
16.9.2.2. By Type
16.9.2.3. By Industry
16.10. India
16.10.1. Pricing Analysis
16.10.2. Market Share Analysis, 2022
16.10.2.1. By Solution
16.10.2.2. By Type
16.10.2.3. By Industry
16.11. Malaysia
16.11.1. Pricing Analysis
16.11.2. Market Share Analysis, 2022
16.11.2.1. By Solution
16.11.2.2. By Type
16.11.2.3. By Industry
16.12. Singapore
16.12.1. Pricing Analysis
16.12.2. Market Share Analysis, 2022
16.12.2.1. By Solution
16.12.2.2. By Type
16.12.2.3. By Industry
16.13. Thailand
16.13.1. Pricing Analysis
16.13.2. Market Share Analysis, 2022
16.13.2.1. By Solution
16.13.2.2. By Type
16.13.2.3. By Industry
16.14. China
16.14.1. Pricing Analysis
16.14.2. Market Share Analysis, 2022
16.14.2.1. By Solution
16.14.2.2. By Type
16.14.2.3. By Industry
16.15. Japan
16.15.1. Pricing Analysis
16.15.2. Market Share Analysis, 2022
16.15.2.1. By Solution
16.15.2.2. By Type
16.15.2.3. By Industry
16.16. South Korea
16.16.1. Pricing Analysis
16.16.2. Market Share Analysis, 2022
16.16.2.1. By Solution
16.16.2.2. By Type
16.16.2.3. By Industry
16.17. Australia
16.17.1. Pricing Analysis
16.17.2. Market Share Analysis, 2022
16.17.2.1. By Solution
16.17.2.2. By Type
16.17.2.3. By Industry
16.18. New Zealand
16.18.1. Pricing Analysis
16.18.2. Market Share Analysis, 2022
16.18.2.1. By Solution
16.18.2.2. By Type
16.18.2.3. By Industry
16.19. GCC Countries
16.19.1. Pricing Analysis
16.19.2. Market Share Analysis, 2022
16.19.2.1. By Solution
16.19.2.2. By Type
16.19.2.3. By Industry
16.20. South Africa
16.20.1. Pricing Analysis
16.20.2. Market Share Analysis, 2022
16.20.2.1. By Solution
16.20.2.2. By Type
16.20.2.3. By Industry
16.21. Israel
16.21.1. Pricing Analysis
16.21.2. Market Share Analysis, 2022
16.21.2.1. By Solution
16.21.2.2. By Type
16.21.2.3. By Industry
17. Market Structure Analysis
17.1. Competition Dashboard
17.2. Competition Benchmarking
17.3. Market Share Analysis of Top Players
17.3.1. By Regional
17.3.2. By Solution
17.3.3. By Type
17.3.4. By Industry
18. Competition Analysis
18.1. Competition Deep Dive
18.1.1. Synergy Transcription Services
18.1.1.1. Overview
18.1.1.2. Product Portfolio
18.1.1.3. Profitability by Market Segments
18.1.1.4. Sales Footprint
18.1.1.5. Strategy Overview
18.1.1.5.1. Marketing Strategy
18.1.2. Crimson Interactive Pvt. Ltd
18.1.2.1. Overview
18.1.2.2. Product Portfolio
18.1.2.3. Profitability by Market Segments
18.1.2.4. Sales Footprint
18.1.2.5. Strategy Overview
18.1.2.5.1. Marketing Strategy
18.1.3. Rev.com
18.1.3.1. Overview
18.1.3.2. Product Portfolio
18.1.3.3. Profitability by Market Segments
18.1.3.4. Sales Footprint
18.1.3.5. Strategy Overview
18.1.3.5.1. Marketing Strategy
18.1.4. TranscribeMe Inc.
18.1.4.1. Overview
18.1.4.2. Product Portfolio
18.1.4.3. Profitability by Market Segments
18.1.4.4. Sales Footprint
18.1.4.5. Strategy Overview
18.1.4.5.1. Marketing Strategy
18.1.5. Way With Words Ltd.
18.1.5.1. Overview
18.1.5.2. Product Portfolio
18.1.5.3. Profitability by Market Segments
18.1.5.4. Sales Footprint
18.1.5.5. Strategy Overview
18.1.5.5.1. Marketing Strategy
18.1.6. Elite Office Solutions, Inc.
18.1.6.1. Overview
18.1.6.2. Product Portfolio
18.1.6.3. Profitability by Market Segments
18.1.6.4. Sales Footprint
18.1.6.5. Strategy Overview
18.1.6.5.1. Marketing Strategy
18.1.7. GOTRANSCRIPT LTD
18.1.7.1. Overview
18.1.7.2. Product Portfolio
18.1.7.3. Profitability by Market Segments
18.1.7.4. Sales Footprint
18.1.7.5. Strategy Overview
18.1.7.5.1. Marketing Strategy
18.1.8. e24 Technologies
18.1.8.1. Overview
18.1.8.2. Product Portfolio
18.1.8.3. Profitability by Market Segments
18.1.8.4. Sales Footprint
18.1.8.5. Strategy Overview
18.1.8.5.1. Marketing Strategy
18.1.9. Voxtab
18.1.9.1. Overview
18.1.9.2. Product Portfolio
18.1.9.3. Profitability by Market Segments
18.1.9.4. Sales Footprint
18.1.9.5. Strategy Overview
18.1.9.5.1. Marketing Strategy
18.1.10. Digital Nirvana Inc.
18.1.10.1. Overview
18.1.10.2. Product Portfolio
18.1.10.3. Profitability by Market Segments
18.1.10.4. Sales Footprint
18.1.10.5. Strategy Overview
18.1.10.5.1. Marketing Strategy
19. Assumptions & Acronyms Used
20. Research Methodology
Explore Technology Insights
View Reports
Marketing Transcription Market
