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Business Transcription Market Segmented By Solutions - Business Transcription Software | Business Transcription Services
As of 2022, worldwide demand for business transcription accounts for a valuation of US$ 2.95 Bn and is forecasted to transcend a sales revenue of US$ 11.7 Bn by the end of 2032. This huge jump is because, over the course of the next ten years, the global business transcription market is predicted to progress at a prolific CAGR of 14.7%.
Businesses across the world create massive amounts of data and in this data-driven world, these insights could prove crucial to a successful business model and informed decision-making. Business transcription involves transcription of meetings, presentations, seminars, webinars, conferences, etc., and this transcribed data can be used later to develop new strategies or derive other important business tactics.
All of the major and minor organizations across the world are adopting business transcription services to create an effective business management model and procure data in this data-driven modern information age. The availability of this stored data saves money, saves time, and creates an accurate record of business operations as they were carried out.
The use of the transcribed data for SEO (Search Engine Optimization), which is a practice that helps in improving internet visibility for an organization’s online presence is a major factor that is expected to drive market potential in the future. Audio transcription, video transcription, and voice transcription are widely used by almost all organizations across the world.
The increasing adoption of WFH (Work from Home) trend by organizations has also resulted in a hike in demand for remote business transcription services across the world and is expected to witness a bright demand outlook through 2032. All of the aforementioned prospects are anticipated to fuel market development over the next ten years.
On the contrary, the absence of skilled individuals results in incompetence in workflow, which is projected to be a major restraint for the overall business transcription market development throughout the forecast period. Network failure, system outages, lapses in data entry, and other technical challenges are also anticipated to impede business transcription demand in the long run.
In terms of the regional market landscape, the market in North America held a dominant market share of 36.8% in the global landscape in 2021 and is expected to retain its dominant position throughout the forecast period. Meanwhile, demand for business transcription in the South Asia & Pacific region is predicted to rise at a 16% CAGR through 2032, which is the highest of all regions observed in this research report.
| Attribute | Details |
|---|---|
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Business Transcription Market Size (2022) |
US$ 2.95 Bn |
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Projected Market Value (2032) |
US$ 11.72 Bn |
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Global Market Growth Rate (2022-2032) |
14.7% CAGR |
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Public Sector Segment Growth Rate (2022-2032) |
18.1% CAGR |
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China Market Share (2021) |
6.5% |
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Small Offices Segment Growth Rate (2022-2032) |
15.2% CAGR |
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“Start-ups Can Leverage Advanced Technologies to Create Novel Transcription Services & Products”
Aspiring business transcription service providers are expected to solely focus on solving the problems associated with the current transcription process and this is expected to create lucrative business scope for them. These new companies are slated to focus on the integration of machine learning, artificial intelligence, intelligent speech recognition, speech-to-text technologies, etc., to develop innovative business management and transcription systems.
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The U.S. is the most lucrative market for business transcription in the North American region and is expected to maintain this position across the forecast period as well. Demand for business transcription in this country can be ascribed to the integration of advanced technologies, growing demand for automatic & intelligent transcription, rising investments in IT infrastructure development, presence of prime business transcription service providers, and growing popularity of video conferencing in the country are some key factors that influence market development through 2032.
In 2021, the U.S. transcription companies helped the country to account for a dominant share of 20.4% in the global marketplace.
“Growing Digitization Expected to Provide Attractive Business Scope”
Digitization in several Asian countries such as Japan, Korea, India, and China is a prime trend that is expected to propel the demand for business transcription in the future. Japan is expected to emerge as a highly lucrative market owing to the rising adoption of transcription services by organizations and the growing availability of Japanese language transcription services since most companies in the country use the Japanese language.
The Japan business transcription market is estimated to expand at an impressive 21.9% CAGR over the next ten years, which is the second-highest growth rate in the Asian region. Demand for business transcription in Korea is also predicted to rise due to the influence of similar prospects.
Rising investments in the development of healthcare infrastructure are expected to make Japan a highly opportune market for medical transcription service providers over the coming years.
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“Germany & United Kingdom to be Opportune Regional Markets”
The availability of advanced transcription services enabled by artificial intelligence and machine learning in Germany and the U.K. is expected to be a prime factor that is expected to drive market growth in these countries over the next ten years.
Moreover, the rising adoption of business transcription by SMEs to mitigate challenges and create effective business strategies is also expected to boost market potential in these countries across the forecast period. Demand for business transcription in Germany is anticipated to increase at a noteworthy 17.8% CAGR from 2022 to 2032.
Which Solution Spearheads Revenue Generation in This Market?
“Transcription Software Slated to Drive Market at Notable Pace”
Based on solution, the market is segmented into transcription services and transcription software.
In 2021, transcription software accounted for a whopping 55% of the global market share and is expected to maintain a similar stance over the next ten years while rising in demand at a phenomenal CAGR of 20.1%. The deployment of advanced technologies such as machine learning and artificial intelligence to create efficient and intelligent business transcription software is expected to boost market potential in the future.
Demand for transcription services in 2021 held a market share of 45% and is projected to rise at a notable CAGR of 17% from 2022 to 2032. Growing digitization in emerging economies and the rising popularity of remote business transcription services are expected to drive market potential via the services segment in the future.
Major business transcription companies are collaborating and partnering with other organizations to provide more efficient business transcription services.
Business transcription providers are also launching new and innovative products and services that are expected to revolutionize the market by leveraging advanced technologies and boosting revenue generation capacity.
Recent developments related to key players providing business transcription solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
| Attribute | Details |
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Forecast Period |
2022-2032 |
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Historical Data Available for |
2017-2021 |
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Market Analysis |
US$ Bn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
By Solution:
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In 2022, demand for business transcription accounts for a valuation of US$ 2.95 Bn.
The global business transcription market is estimated to advance at a phenomenal 14.7% CAGR through 2032.
The market for business transcription is forecasted to climb to US$ 11.72 Bn by 2032-end.
Demand for business transcription in India is projected to rise at an astronomical CAGR of 24.1% over the next ten years.
In 2021, the North American business transcription market held a dominant market share of 36.8%.
