Market Study on Business Transcription: Industry to Expand Nearly 4X by 2032
New York, Dec. 14, 2022 (GLOBE NEWSWIRE) — In 2022, the global business transcription market is valued at US$ 2.95 Bn and is estimated to exhibit expansion at an impressive CAGR of 14.7% over the next ten years.
Rising demand for data moderation, increasing use of data-driven insights, rising investments in business data management, and the growing availability of advanced transcription services are some of the prime factors that drive business transcription market growth over the coming years. Increased use of data for SEO (Search Engine Optimization) and the rising popularity of video conferencing are other factors that could favor market potential in the future.
The absence of skilled individuals strains team collaboration, work funnels, and other aspects of workflow, which hinder market growth potential. Moreover, technical challenges associated with data entry and data transcription are also expected to have a negative impact on market growth in the future. Network or system outages may also hurt business transcription demand over the next ten years.
“Growing use of artificial intelligence & machine learning in business transcription software to create lucrative business scope for new and established market players,” says a Persistence Market Research analyst.
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Key Takeaways from Market Study
At present, the business transcription market enjoys a valuation of US$ 14.5 Bn.
Over the next ten years, demand for business transcription is projected to rise at a stellar 14.7%.
By 2032-end, the business transcription market is forecasted to rake in a revenue value of US$ 11.72 Bn.
From 2022 to 2032, demand for business transcription in India is anticipated to soar high at an astronomical CAGR of 24.1%.
High number of people working from home, the growing popularity of video conferencing, high investments in data moderation, and increasing dependency on data-driven insights-based decision-making in businesses are key factors that could promote market development.
Lack of skilled workforce and technical challenges prove to be major constraints for market development across the forecast period.
Transcription software accounted for 55% of the global market share in 2021.
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Competitive Landscape
The market for business transcription is expected to witness increased demand for advanced and intelligent business transcription services in the future.
Some of the key market players included in the report are Crimson Interactive Inc., RndSofttech.com, Digital Nirvana Inc., TranscribeMe Inc., 3Play Media, Tech-Synergy, Voice Products Inc., NCH Software, Indoswift, Focus Forward, and others.
The above are key market players profiled in this research analysis by Persistence Market Research.
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