Video Transcription Market - Global Forecast to 2027
The global Video Transcription market size is projected to grow from USD XX.X billion in 2022 to USD XX.X billion by 2027, at a compound annual growth rate (CAGR) of XX.X% during the forecast period. The video transcripts make the video content vastly more searchable, and this is driving the market growth.
Market Dynamics
Driver: Increased SEO and video views
By adding transcripts to the video boosts SEO. The search engines don’t check videos, but its mechanism works by identifying transcripts as it allows search engines to sneak the full text of the video content so that can be accurately indexed. Long transcripts can be numerated and optimized for specific keywords to further optimize search rank.
Driver: Increases accessibility with video transcription
More the accessibility from variety of audience increases the view. The other audience such as deaf and hard-of-hearing viewers, viewers in sound-prohibitive environments and non-native English speakers, will be able to understand the content as well with the help of video transcripts.
Challenge: Ensuring security and confidentiality
Transcription is a time-consuming process with many challenging obstacles which determines the reliability of a business, which is the confidentiality and security of the content transcribed. Video content is being created in large amounts daily and also the increasing number of content creators having upload videos on a wide range of platforms at the same time creators face difficulties in managing and developing unique content that attracts a large audience. Therefore, the creators trust language solution companies to handle their videos or audios, security and quality are highly expected. The video files need to be preserved within a secured firewall with proper legal documentation to avoid any difficulties. No backup of the customers files should be retained by the company after the work is submitted and approved.
Key Market Players
Google (US), Microsoft (US), Intelex Technologies (Canada), AWS (US), Voicebase (US), Voci (US), Rev (US), Scribie (US), Otter.ai (US), Trint (UK), Temi.com (US), TranscribeMe (US), GMR Transcription (US), Sonix (US).
Recent Developments:
- In May 2022, Scribie introduced new features such as search and archieve for transcribed files. Therefore, the users can search through the long list of files using this feature and locate the one required file, also the users can archive the transcribed files that they are finished working with.
- In July 2021, Rev collaborates with Zoom by providing real time transcription to enhance video meetings. Rev revealed the launch of Rev Meeting Assistant, a new app for Zoom delivering an embedded transcription experience accessible within Zoom Meetings.
- In January 2020, Otter.ai, has received a strategic investment from new Otter partner, NTT DOCOMO. The two companies collaborated to support Otter’s expansion into the Japanese market, to provide accurate English transcripts, which are then translated into Japanese.
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 23)
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
1.3.2 GEOGRAPHIC SCOPE
1.3.3 INCLUSIONS AND EXCLUSIONS
1.3.4 YEARS CONSIDERED
1.4 CURRENCY CONSIDERED
1.5 LIMITATIONS
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 28)
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Primary interviews with experts
2.1.2.2 List of key primary interview participants
2.1.2.3 Breakdown of primaries
2.1.2.4 Primary sources
2.1.2.5 Key industry insights
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.2.3 VIDEO TRANSCRIPTION MARKET ESTIMATION: DEMAND-SIDE ANALYSIS
2.2.4 MARKET ESTIMATION: SUPPLY-SIDE ANALYSIS
2.2.5 GROWTH FORECAST ASSUMPTIONS
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
2.4.1 RISK ASSESSMENT
3 EXECUTIVE SUMMARY (Page No. - 39)
4 PREMIUM INSIGHTS (Page No. - 42)
4.1 VIDEO TRANSCRIPTION MARKET OVERVIEW
4.2 MARKET, BY COMPONENT
4.3 MARKET, BY TECHNOLOGY
4.4 MARKET, BY VERTICAL
4.5 MARKET, BY REGION
5 MARKET OVERVIEW AND INDUSTRY TRENDS (Page No. - 46)
5.1 MARKET DYNAMICS
5.1.1 DRIVERS
5.1.2 RESTRAINTS
5.1.3 OPPORTUNITIES
5.1.4 CHALLENGES
5.2 INDUSTRY TRENDS
5.2.1 VALUE CHAIN ANALYSIS
5.2.2 ECOSYSTEM
5.2.3 PORTER’S FIVE FORCES MODEL
5.2.3.1 Threat of new entrants
5.2.3.2 Threat of substitutes
5.2.3.3 Bargaining power of buyers
5.2.3.4 Bargaining power of suppliers
5.2.3.5 Degree of competition
5.2.4 AVERAGE SELLING PRICE TREND
5.2.5 TECHNOLOGICAL ANALYSIS
5.2.5.1 AI
5.2.5.2 Cloud services
5.2.6 CASE STUDIES/USE CASES
5.2.7 PATENT ANALYSIS
5.2.7.1 Methodology
5.2.7.2 Document Types
5.2.7.3 Innovation and Patent Applications
5.2.7.3.1 Top applicants
5.2.8 DISRUPTIONS IMPACTING BUYERS/CLIENTS IN VIDEO TRANSCRIPTION MARKET
5.3 KEY CONFERENCES AND EVENTS, 2022-2023
5.4 KEY STAKEHOLDERS AND BUYING CRITERIA
5.4.1 KEY STAKEHOLDERS IN BUYING PROCESS
5.4.2 BUYING CRITERIA
5.5 REGULATORY LANDSCAPE
5.5.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.5.1.1 North America
5.5.1.1.1 United States
5.5.1.1.2 Canada
5.5.1.2 Europe
5.5.1.3 Asia Pacific
5.5.1.3.1 South Korea
5.5.1.3.2 China
5.5.1.3.3 India
5.5.1.4 Middle East and Africa
5.5.1.4.1 United Arab Emirates
5.5.1.4.2 Kingdom of Saudi Arabia
5.5.1.4.3 South Africa
5.5.1.5 Latin America
5.5.1.5.1 Brazil
5.5.1.5.2 Mexico
6 VIDEO TRANSCRIPTION MARKET, BY COMPONENT (Page No. - 76)
6.1 INTRODUCTION
6.1.1 COMPONENT: MARKET DRIVERS
6.2 SOFTWARE
6.4 SERVICES
6.4.2 PROFESSIONAL SERVICES
6.4.2.1 Training and Consulting
6.4.2.2 Deployment and Integrations
6.4.2.3 Support and Maintainance
6.4.3 MANAGED SERVICES
7 VIDEO TRANSCRIPTION MARKET, BY APPLICATION (Page No. - 94)
7.1 INTRODUCTION
7.1.1 APPLICATION: MARKET DRIVERS
7.2 AUTOMATIC SPEECH RECOGNITION (ASR)
7.3 AUDIO RECOGNITION TECHNOLOGY
7.4 LANGUAGE IDENTIFICATIONI
7.5 DIARIZATION
7.6 AI VOCABULARY AND CONTEXT
8 VIDEO TRANSCRIPTION MARKET, BY VERTICAL (Page No. - 109)
8.1 INTRODUCTION
8.1.1 VIDEO TRANSCRIPTION: MARKET DRIVERS
8.2 EDUCATION
8.3 HEALTHCARE
8.4 MEDIA AND ENTERTAINMENT
8.5 LEGAL
8.6 DIGITAL MARKETING
8.7 BFSI
8.8 HOSPITALITY
8.9 OTHER VERTICALS
9 VIDEO TRANSCRIPTION MARKET, BY REGION (Page No. - 126)
9.1 INTRODUCTION
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA: PESTLE ANALYSIS
9.2.2 UNITED STATES
9.2.3 CANADA
9.3 EUROPE
9.3.1 EUROPE: PESTLE ANALYSIS
9.3.2 UNITED KINGDOM
9.3.3 GERMANY
9.3.4 FRANCE
9.3.5 REST OF EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC: PESTLE ANALYSIS
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 REST OF ASIA PACIFIC
9.5 MIDDLE EAST AND AFRICA
9.5.2 MIDDLE EAST
9.5.3 AFRICA
9.6 LATIN AMERICA
9.6.1 LATIN AMERICA: PESTLE ANALYSIS
9.6.2 BRAZIL
9.6.3 MEXICO
9.6.4 REST OF LATIN AMERICA
10 COMPETITIVE LANDSCAPE (Page No. - 189)
10.1 INTRODUCTION
10.2 KEY PLAYER STRATEGIES
10.3 MARKET SHARE ANALYSIS OF TOP PLAYERS
10.4 HISTORICAL REVENUE ANALYSIS
10.5 COMPETITIVE BENCHMARKING
10.6 COMPANY EVALUATION QUADRANT
10.6.1 STARS
10.6.2 EMERGING LEADERS
10.6.3 PERVASIVE PLAYERS
10.6.4 PARTICIPANTS
10.7 STARTUP/SME EVALUATION QUADRANT
10.7.1 PROGRESSIVE COMPANIES
10.7.2 RESPONSIVE COMPANIES
10.7.3 DYNAMIC COMPANIES
10.7.4 STARTING BLOCKS
10.8 COMPETITIVE SCENARIO
10.8.1 PRODUCT LAUNCHES
10.8.2 DEALS
10.8.3 OTHERS
11 COMPANY PROFILES (Page No. - 203)
11.1 MAJOR PLAYERS
11.1.1 GOOGLE
11.1.1.1 Business overview
11.1.1.2 Products/Solutions/Services offered
11.1.1.3 Recent developments
11.1.1.4 MNM VIEW
11.1.1.4.1 Key strengths/Right to win
11.1.1.4.2 Strategic choices made
11.1.1.4.3 Weakness and competitive threats
11.1.2 MICROSOFT
11.1.2.1 Business overview
11.1.2.2 Products/Solutions/Services offered
11.1.2.3 Recent developments
11.1.2.4 MNM VIEW
11.1.2.4.1 Key strengths/Right to win
11.1.2.4.2 Strategic choices made
11.1.2.4.3 Weakness and competitive threats
11.1.3 AWS
11.1.3.1 Business overview
11.1.3.2 Products/Solutions/Services offered
11.1.3.3 Recent developments
11.1.3.4 MNM VIEW
11.1.3.4.1 Key strengths/Right to win
11.1.3.4.2 Strategic choices made
11.1.3.4.3 Weakness and competitive threats
11.1.4 VOICEBASE
11.1.4.1 Business overview
11.1.4.2 Products/Solutions/Services offered
11.1.4.3 Recent developments
11.1.4.4 MNM VIEW
11.1.4.4.1 Key strengths/Right to win
11.1.4.4.2 Strategic choices made
11.1.4.4.3 Weakness and competitive threats
11.1.5 VOCI
11.1.5.1 Business overview
11.1.5.2 Products/Solutions/Services offered
11.1.5.3 Recent developments
11.1.5.4 MNM VIEW
11.1.5.4.1 Key strengths/Right to win
11.1.5.4.2 Strategic choices made
11.1.5.4.3 Weakness and competitive threats
11.1.6 REV
11.1.6.1 Business overview
11.1.6.2 Products/Solutions/Services offered
11.1.6.3 Recent developments
11.2 STARTUP/SMES
11.2.1 SCRIBIE
11.2.2 OTTER.AI
11.2.3 TRINT
11.2.4 TEMI.COM
11.2.5 TRANSCRIBEME
11.2.6 GMR TRANSCRIPTION
11.2.7 SONIX
12 ADJACENT/RELATED MARKETS (Page No. - 271)
12.1 INTRODUCTION
12.2 SPEECH-TO-TEXT API MARKET
12.2.1 SPEECH-TO-TEXT API MARKET: MARKET DEFINITION
12.2.2 SPEECH-TO-TEXT API MARKET: MARKET OVERVIEW
12.2.3 SPEECH-TO-TEXT API MARKET, BY COMPONENT
12.2.4 SPEECH-TO-TEXT API MARKET, BY DEPLOYMENT MODE
12.2.5 SPEECH-TO-TEXT API MARKET, BY APPLICATION
12.2.6 SPEECH-TO-TEXT API MARKET, BY ORGANIZATION SIZE
12.2.7 SPEECH-TO-TEXT API MARKET, BY VERTICAL
12.2.8 SPEECH-TO-TEXT API MARKET, BY REGION
13 APPENDIX (Page No. - 281)
13.1 DISCUSSION GUIDE
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.3 CUSTOMIZATION OPTIONS
13.4 RELATED REPORTS
13.5 AUTHOR DETAILS
Growth opportunities and latent adjacency in Video Transcription Market