As per a report by Future Market Insights (FMI), the global marketing transcription market is expected to reach a valuation of US% 1.68 Bn in 2021 and is expected to showcase high growth between 2021 and 2031. Transcription is the process of converting speech (recorded or live) into an electronic text document. The process includes providing an audio or video source file or URL to transcriber.
A transcriber either listens to file or upload it in a speech recognition software or creates a digital or textual transcript. Marketing transcriber’s transcripts consumer forums, group recordings, phone recordings, interviews, marketing research, focus groups, others key types.
These transcripts offer various benefits like SEO visibility, captioning, user experience, maintain detailed records of meetings and group discussions. According to FMI, the demand for marketing transcription services is expected to account for above 67% of revenue generated in the market, while growth exhibited by the solutions segment is likely to be higher.
Key Takeaways of Marketing Transcription Market Study
Marketing transcription market is set to rise at above 8% CAGR between 2021 and 2031, driven by increasing adoption across various industries
The U.S. will emerge as an immensely attractive market, accounting for over 82% of revenue generated in North America
The U.K. is projected to register an impressive 15.3% Y-o-Y growth in 2021
The demand from Germany and Italy is expected to rise at a fast pace. Italy is forecast to exhibit double-digit growth over the forecast period
While China continues to dominate East Asia, Japan is set to record double-digit growth in the coming years
Impact of COVID-19 on Marketing Transcription Market
The COVID-19 pandemic outbreak has disrupted many industries, including the marketing transcription market. During a time of crisis, marketing transcription services like audio transcription services, video transcription services, and custom transcription services can be a blessing and disrupt for customers and brands.
However consumers’ usage of marketing transcription is greatly increasing. It is considered important for various applications such as risk and compliance management, fraud detection and prevention, customer management, content transcription, others.
Historically, the market for marketing transcription has grown by almost 6%-7% globally in the past 5 years. In 2020, the total value of marketing transcription is estimated to be nearly US$ 1.7 Bn globally. Due to the COVID-19 outbreak, adoption for marketing transcription is estimated to increase by nearly 8%-9% in Q1-Q2 2021.
Transcription Services to Boost SEO and Online Marketing Practices
Online video marketing has emerged as a major part of content marketing. The strategy of video marketing has been adopted by various businesses that allows marketers to demonstrate the product in more sophisticated manner instead of traditional “static” web content marketing. In 2016, 96% of B2B organizations used video in their marketing campaigns.
Search Engine Optimization (SEO) is a marketing strategy motivated by creating higher page rank and increase more site visits. Search engines do the indexing based on textual contents. Transcription of video provides text that can be indexed by search engines, and enables website to increase the chance of being prominently featured in searches. By increasing traffic, businesses are able to produce more leads towards their product that directly increases sales and eventually revenue for the company. Hence, organizations are continually adopting transcription services to increase their business profits.
Marketing Transcription Market by Category
Audio To Text Converter
Video To Text Converter
Audio Transcription Services
Video Transcription Services
Custom Transcription Services
Media & Entertainment
IT & Telecom
Retail & consumer goods
South Asia & Pacific
Middle East and Africa (MEA)