The Latest research study released by Absolute Markets Insights Business Transcription Market with 100+ pages of analysis on business Strategy taken up by key and emerging industry players and delivers know how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint and status.  Understanding the segments helps in identifying the importance of different factors that aid the market growth. In terms of revenue, the global business transcription market was valued at US$ 1730. 11 Mn in 2022 and is growing at a CAGR of 14. 6% over the forecast period.  Some of the Major Companies covered in this Research are: 3Play Media, CGBiz Corporation (scribie), Crimson Interactive Inc, Digital Nirvana, Focus Forward, GMR Transcription Services, Inc, GoTranscript, Indoswift Transcription Services, NCH Software, TRANSCRIPTION OUTSOURCING, LLC, Rev. com, Sonix, Inc, Tech-Synergy, Temi, TranscribeMe Inc, Transcription Panda, TRINT, and Voice Products amongst others

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Global Business Transcription Market:

• By Component
  • Tools and Apps
    • Technology-Powered
    • Human-Powered
  • Services
• By Enterprise Size
  • Large Enterprises
  • Small and Medium Sized Enterprises
• By Geography
  • North America
    • U. S
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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Businesses or enterprises produce a high volume of content from both internal and external company communication and data.  Now-a-days, these contents are majorly delivered in the form of videos or audios which may be difficult to store, share, follow or translate.  The idea of business transcription assists in transcribing any audio or video recording including interviews, teleseminars, tele classes, webinars, seminars, presentations, workshops, personal notes, meeting notes, conferences and other items that are used for commercial or professional purposes.  Enterprises need important, complete and accurate written records which can be used for reference, sharing ideas, display corporate transparency, and streamline legal compliance.  Thus, growing necessity to maintain written records of all communication and data of organizations is among the key factors anticipating in the growth of business transcription market over the forecast period.

The business transcription market is driven by various factors including rising number of teleconferences and video conferences coupled with growing digitalized business environment.  In addition, enterprises are heavily investing in their research and development activities in order to meet, adapt, and follow the trends associated digitization of businesses.  This is pushing enterprises to fetch data from a number of video and audio content from meetings, conferences and presentations.  These calls and conferences are sometimes very important from the business perspective and therefore requires to be saved for future references.  The advent of new technologies and electronic devices at offices, enterprises are rapidly conducting teleconferences and video conferences meetings in the form of audio and video formats, which are then turned into textual format.  For instance, Sompo Japan Research Institute uses Crimson Interactive Pvt.  Ltd. ’s Voxtab transcription services for keeping in records all research documents for future reference and legal compliance.  These transcripted documents also supports research institute to present their papers on conferences with proper reference material provided to all delegates, thereby making it easier for them to explain about the findings and the basis of conclusions derived by them.

According to the research carried out by Absolute Market Insights the maximum share of revenue for the business transcription market is derived from the services segment of the market.  This is because large enterprises tend to outsource the overall transcription of document to various transcription service providers available in the market.  Organizations tend to outsource this vertical in order to reduce overall recruitment cost to the company and increase the efficiency of existing employees within the organization.  In terms of regional bifurcation, currently North America holds the maximum market share followed by Europe and Asia Pacific regions.  This is owing to the presence of major companies in the region.  For instance, Opal Transcription Services based in North America serves both domestic and international clients and provides a high quality easy to read transcripts in verbatim style and edited as per AP style guidelines.  In addition, companies provides services across all industries including education, corporate, media, and entertainment amongst others.  On the other hand, the increased number of small and medium enterprises and their constantly growing demand of transcription services in North America is contributing to the rapid growth of the business transcription market in the region.

Business Transcription Market Report Highlights:

• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint

NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts.  They do not necessarily reflect formal positions or views of the company.

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