Video Conferencing Transcribing Market Report Overview
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The global video conferencing transcribing market size expanded in 2021. As per our research, the market is projected to touch positive growth by 2031, exhibiting a significant CAGR during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with video conferencing transcribing experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
The global video transcribing, also known as live captioning or live transcribing, is a process of converting spoken language in a video conference into text format. It involves software to automatically transcribe the audio content of the meeting and display it in a readable format. The process of video transcribing typically involves several steps namely, audio capturing, audio processing and text display. It is helpful in improving accessibility for individuals who are hard of hearing or deaf. It can also be useful for participants who may not speak the same language. It can be used to create a record of the meeting that can be referred to later.
The video conferencing transcribing market progression can be credited to the upsurge in the demand due to increasing demand for remote communication, language translation and video content. The applications of this service include meeting documentation, accessibility and content creation, these applications are used mostly in healthcare, legal institutions, education, marketing, media and entrepreneurs. These factors created demand for video conferencing transcribing.
COVID-19 Impact: Accelerated the adoption of video conferencing transcribing services
The effects of the COVID-19 pandemic are already being felt on a global level, the global video conferencing transcribing market was significantly influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. The pandemic had a significant impact on the service industry as well. The growing demand for remote communication, need for social distancing, remote learning and education is expected to led affective demand for this service market. Recovery of the market is expected owing to the sale of electronics such as laptops, smartphones, and other devices.
LATEST TRENDS
"Increasing demand for remote work to bolster market growth"
One of the latest trends of video conference transcribing service is increasing demand for remote work. The pandemic has accelerated the shift towards remote work and virtual communication, leading to an increased demand for video conferencing transcribing services to capture and document important information from virtual meetings. It makes it easier for people with hearing impairments to participate in meetings and stay informed. Video conference transcribing can provide written content that can be used for a variety of purposes, such as blogs, articles, and social media posts. Such trend increasing demand for remote work is expected to pose an opportunity for market growth during the forecast period.
Video Conferencing Transcribing Market Segmentation
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- By Type
Based on type, the global video conferencing transcribing market is divided into software and service.
- By Application
Based on application, the market is divided into entrepreneur, healthcare, legal institutions, education, marketing and media.
DRIVING FACTORS
"Increase in adoption of remote learning and education to surge the service demand"
Remote learning and education have become increasingly popular in recent years due to the accessibility and convenience of digital technologies. It can make remote learning more accessible for students who are deaf or hard of hearing. By providing a transcript of the class, these students can access the information and fully participate in the class. It can be beneficial for all students, as it allows them to take more effective notes and refer back to the material later on. This can improve retention and understanding of the material being presented.
"Improvements in speech recognition technology offers various growth opportunities to the market"
The accuracy of speech recognition technology has greatly improved in recent years, making it possible to transcribe conversations with high levels of accuracy. This technology is now able to recognize different accents, dialects, and languages, which is crucial in a global setting where people from different parts of the world may be participating in a video conference. This has led to a significant increase in the use of video conferencing transcribing in various industries, such as healthcare, legal and education, among others.
"Growing need for accessibility to assist in market expansion"
The growing need for accessibility is one of the driving factors of the global video conferencing transcribing. With the increase in remote work, this service has become even more important. Transcriptions can help remote workers stay connected and engaged in meetings, regardless of their location. In some industries, such as healthcare and legal, regulations require transcriptions of video conferences. This ensures that important information is accurately documented and easily accessible.
RESTRAINING FACTORS
"Side Effects associated with the service to Hinder Market Progress"
While the global video conference transcribing market is growing, there are several restraining factors that are influencing the growth and adoption of the technology. Although speech recognition technology has improved significantly, there are still limitations in terms of accuracy and reliability. Background noise, accents and complex technical terms can still pose challenges to the accuracy of the transcriptions. Overall, while the global video conferencing transcribing is growing, these restraining factors can limit the adoption and expansion of this technology. However, as the technology continues to evolve and address these limitations, we may see increased adoption and growth in the future.
Video Conferencing Transcribing Market Regional Insights
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"North America to Lead Market Owing to the rapid Urbanization "
North America holds the largest part of the global video conferencing transcribing market share due to increasing demand for remote work. North America is home to some of the world’s leading technology companies that have invested heavily in developing technologies. North America has a high adoption rate of video conferencing solutions due to factors such as the availability of high-speed internet, the presence of large enterprises, and the need for remote collaboration. This has led to a high demand for this service in the region.
Europe and Asia Pacific are anticipated to have a sizable video conferencing transcribing market share. Due to the strong technology infrastructure, remote work trend, GDPR compliance and large population this service market is booming in these regions. These regions are expected to grow in importance in the coming years.
Key Industry Players
"Market Players to focus on gaining mergers and collaborations to gain Market Growth "
The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Amazon Transcribe (U.S.)
- Nuance (U.S.)
- Google (California, U.S.)
- IBM WATSON (New York, U.S.)
- TranscribeMe (U.S.)
- Verbit.ai (New York, U.S.)
- Otter.ai (California, U.S.)
- Sonix (U.S.)
- Voicea (Washington, U.S.)
- QNAP (Taiwan)
- Trint (United Kingdom, North America)
REPORT COVERAGE
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
Frequently Asked Questions
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Which are the driving factors of the Video Conferencing Transcribing market?
Drivers of this Video Conferencing Transcribing market are heaving demand for adoption of remote learning and education, improvements in speech recognition technology and growing need for accessibility.
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Which are the top companies operating in the Video Conferencing Transcribing market?
Amazon Transcribe, Nuance, Google, IBM WATSON, TranscribeMe, Verbit.ai, Otter.ai, Sonix, Voicea, QNAP and Trint are the top companies operating in the Video Conferencing Transcribing market.
